Healthcare Trust of America Inc., a Scottsdale, Ariz.-based nonlisted real estate investment trust, said it is looking to start trading its Class A common stock over the New York Stock Exchange. The planned listing date is June 6.
"HTA is listing at a time when publicly traded health-care-focused REITs are trading at premiums to consensus net asset values, which HTA believes could unlock value for stockholders. HTA believes that the listing will also enhance its ability to continue to expand its enterprise capabilities. In addition, HTA believes the liquidity provided by trading on the NYSE will allow HTA to lower its overall cost of capital and gain access to previously untapped institutional investors," the company said in a press release.
In conjunction with the listing, HTA will conduct a Dutch auction to purchase $150 million worth of the Class A common stock at a price between $10.10 and $10.50 per share.
Realty Capital Securities, the broker/dealer subsidiary of American Realty Capital, is the advisor for HTA on the listing. This is the company's first transaction not involving an affiliate. Last September it advised American Realty Capital Properties and in March American Realty Capital Trust on the common stock from those companies becoming listed.
Another ARC affiliate, ARC Advisory Services LLC, is the depository for the Dutch auction. Part of its duties include conducting webinars to assist financial advisors with the procedures surrounding the listing, the movement of shares to brokerage accounts and the tender offer.
