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AR Global’s Healthcare Trust Lowers Net Asset Value

The board of Healthcare Trust Inc., a publicly registered non-traded real estate investment trust sponsored by AR Global (the successor business to AR Capital), approved an estimated net asset value of $21.45 per share, as of December 31, 2016.

The company’s previous NAV was $22.27 per share, as of December 31, 2015. In a filing with the Securities and Exchange Commission, the company said that the decline was due to selling three properties in 2016 and a higher share count. The company noted that the total value of the current portfolio increased by $11.5 million from December 31, 2015 to December 31, 2016.

Duff & Phelps, an independent third-party real estate advisory firm, assisted with the valuation and provided a range of $19.44 – $21.45 per share. The midpoint in the range was $20.41.

The NAV per share is based on the estimated fair value of the company’s assets less the estimated fair value of the its liabilities, divided by the number of shares outstanding on a fully diluted basis.

Healthcare Trust invests in multi-tenant medical office buildings and owns an 8.4 million-square-foot portfolio of 163 properties with a total purchase price of $2.3 billion. The company’s primary offering went effective in February 2013 and closed in November 2014 after raising $2.2 billion in investor equity.

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