Healthcare Trust launches $25-par preferreds via four bookrunners

By Wendy Van Sickle

Columbus, Ohio, Sept. 29 – Healthcare Trust, Inc. launched its offering of $25-par series B cumulative redeemable perpetual preferred stock, according to a news release on Wednesday.

The company previously reported in an S-11 filed with the Securities and Exchange Commission that it planned to offer up to $50 million of the preferreds.

B. Riley Securities, Janney Montgomery, Ladenburg Thalmann and William Blair are the underwriters, according to Wednesday’s update. The offering will include a 30-day greenshoe.

Dividends will be payable quarterly, beginning Jan. 18.

The preferreds will be callable in whole or in part at par beginning in 2026. The preferreds will also be callable upon the occurrence of a delisting event or within 120 days of a change of control.

If a change of control occurs during a continuing delisting event, holders will also have a conversion right.

The company will contribute proceeds to its operating partnership in exchange for preferred units of its operating partnership. Proceeds from this contribution will in turn be used to repay amounts outstanding under the company’s revolving credit facility. Any remaining amounts will be used for general corporate purposes, including purchases of additional properties.

The company has applied to list the series B preferreds on the Nasdaq Global Market under the symbol “HTIBP.”

The New York-based real estate investment trust is focused on medical office buildings, health care properties leased on a triple net basis and senior housing operating properties.

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