{"id":14956,"date":"2017-07-19T12:00:56","date_gmt":"2017-07-19T16:00:56","guid":{"rendered":"https:\/\/qa.bluevaultpartners.com\/?post_type=news&p=14956"},"modified":"2017-07-19T12:05:34","modified_gmt":"2017-07-19T16:05:34","slug":"american-realty-capital-healthcare-trust-iii-inc-approves-17-64-nav-ceases-distributions","status":"publish","type":"post","link":"https:\/\/qa.bluevaultpartners.com\/american-realty-capital-healthcare-trust-iii-inc-approves-17-64-nav-ceases-distributions\/","title":{"rendered":"American Realty Capital Healthcare Trust III, Inc. Approves $17.64 NAV, Ceases Distributions"},"content":{"rendered":"

\"Blue_OrangeNewsAlert_2\"<\/h1>\n

American Realty Capital Healthcare Trust III, Inc. Approves $17.64 NAV, Ceases Distributions<\/strong><\/h1>\n

July 19, 2017 | by James Sprow | Blue Vault<\/p>\n

\"Uptrend<\/p>\n

The following is from an 8-K filed by the nontraded REIT on July 19, 2017:<\/p>\n

On July 18, 2017, the independent directors of the Board, who comprise a majority of the Board, with Edward M. Weil, Jr. abstaining, unanimously approved an estimated per-share net asset value of the Company\u2019s common stock as of July 18, 2017 equal to $17.64 (\u201cEstimated Per-Share NAV\u201d) based on 6,959,059 shares of common stock outstanding on a fully diluted basis as of July 18, 2017 (giving effect to the issuance of 2,666 aggregate total restricted shares of the Company\u2019s common stock (the \u201cRestricted Shares\u201d) required under the Company\u2019s employee and director incentive restricted share plan to be automatically granted to each of the Company\u2019s independent directors in connection with the Annual Meeting).\u00a0\u00a0 This is the first time that the Board has determined an estimated per-share net asset value of the Company\u2019s common stock. The Company anticipates publishing an update to the Estimated Per-Share NAV by July 18, 2018 or earlier, at the discretion of the Board, in connection with material changes including, among others, material liquidating distributions paid pursuant to the Plan of Liquidation.<\/p>\n

On June 19, 2017, American Realty Capital Healthcare Trust III, Inc. (the \u201cCompany\u201d) entered into a purchase agreement (the \u201cPurchase Agreement\u201d) with Healthcare Trust, Inc. (\u201cHTI\u201d) on June 16, 2017. Pursuant to the Purchase Agreement, HTI has agreed to purchase membership interests in the Company\u2019s subsidiaries that collectively own all 19 properties owned by the Company and comprise substantially all of the Company\u2019s assets (together with the other transactions contemplated by the Purchase Agreement, the \u201cAsset Sale\u201d) for a purchase price of $120.0 million (the \u201cPurchase Price\u201d). The Purchase Price will be payable on the date the Asset Sale is consummated (the \u201cClosing Date\u201d), subject to closing adjustments for customary prorations and reduced for debt assumption or repayment, all as provided in the Purchase Agreement. The only indebtedness being assumed or repaid is the loan secured by the Company\u2019s Philip Center property (the \u201cPhilip Center Loan\u201d), which had an outstanding principal balance of approximately $4.9 million as of July 17, 2017.<\/p>\n

Estimated Per-Share NAV\u00a0\u00a0<\/p>\n

In preparing the Liquidation Analysis, the Advisor estimated a range of net liquidation proceeds to be available for distribution to the Company\u2019s stockholders pursuant to the Plan of Liquidation equal to $17.49 to $17.64. The Liquidation Analysis reflects, among other things, the Advisor\u2019s best estimate of:<\/p>\n