Healthcare Trust Inc. plans to rebrand as National Healthcare Properties as it transitions to self-management and internalizes its management functions, the New York-based real estate investment trust said Monday.
The moves come in anticipation of a potential listing of HTI’s common stock on a national securities exchange as early as 2025.
HTI said that it expects to complete the management internalization by the end of the fourth quarter. HTI CEO Michael Anderson called it a “milestone event” for the REIT.
“We look forward to working with the adviser [Healthcare Trust Advisors] to consummate this internalization and better position ourselves for a potential listing, which we believe would provide HTI with access to additional capital and liquidity for our existing stockholders,” he said in a press release.
As of May 30, HTI owned 46 senior living properties across 13 states, comprising 25% of its holdings. The REIT is largely focused on medical office buildings, having streamlined its senior housing operating portfolio, or SHOP, to only four operators, including Senior Lifestyle and Discovery Senior Living, compared with more than 15 operators in 2019, HTI noted during a first-quarter earnings call with investors in late May.
HTI did not declare a cash dividend for the first quarter “as the board continues to consider a potential listing or another liquidity event for the company and its shareholders,” Anderson said during the May 30 call. The REIT announced June 21 that it will pay a dividend of $0.46 per share on a quarterly basis.
