NEW YORK CITY—American Realty Capital Healthcare Trust II said Monday that it had completed a $2.1-billion non-listed initial public offering. The non-traded REIT has made $1.84 billion of investments, including those under contract, and expects to invest the balance of the IPO's net proceeds by the end of the first quarter.

“We believe the depth and experience of the entire ARC HT II team, coupled with our deep relationships within the healthcare industry, have played a key part in the company's ability to deploy capital in a disciplined and highly effective manner,” says CEO Thomas D'Arcy. He cites a “substantial pipeline” of new investments, and points to “a balanced and highly diversified portfolio' of acquisitions thus far, including medical office buildings, seniors housing and other healthcare-related facilities.

In SEC filings, ARC HT II spells out some of the acquisitions it has made with proceeds from the ongoing IPO, which commenced in February 2013 and concluded this past November. For example, it bought the fee simple interest in 12 senior living properties in Iowa for $164.2 million this past August, and a quintet of seniors properties in Florida and Kentucky for $172.5 million, a deal that closed on Sept. 30, 2014.

The company had registered a maximum of 82,736,842 shares of its common stock, or $2.1 billion, including those under its distribution reinvestment plan, based on a public offering price of $25 per share. in connection with its primary offering. By the time the IPO closed this past Nov. 17, ARC HT II had raised $2.1 billion in total equity resulting from the sale of 83.5 million shares, including those through its DRIP.

Last month, the company named William Kahane to replace Nicholas Schorsch as its executive chairman, following Schorsch's resignation from the board of ARC HT II and 12 other companies. In an SEC filing, ARC HT II notes that Schorsch “did not resign pursuant to any disagreement with the company.”

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.