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From: Anthony J. DeFazio
For: Brian S. Block, EVP & CFO
American Realty Capital Healthcare Trust, Inc.
On April 26, 2013, the Company closed its IPO following the successful achievement of its target equity raise.
For the quarter ended June 30, 2013, the Company acquired four senior living facilities and eight medical office buildings, representing an aggregate purchase price of $136.3 million. As of June 30, 2013, the Company owned a total of 70 properties containing 3.0 million square feet for an aggregate purchase price of $872.9 million and an average age from construction or renovation of 8.9 years. The properties are 95.4% leased on a weighted average basis and have an average remaining lease term of 10.3 years, excluding the senior living facilities operating portfolio.
For the quarter ended June 30, 2013, the Company generated total revenues of $23.9 million (calculated in accordance with generally accepted accounting principles (“GAAP”)) compared to $6.9 million for the second quarter ended June 30, 2012.
As of June 30, 2013, the Company's leverage ratio (total debt divided by base purchase price of acquired assets) was 24.7%.
On July 24, 2013, the Company entered into an amended and restated credit agreement, which provides for aggregate borrowings of up to $755.0 million. Through an “accordion feature,” subject to certain conditions, the Company may increase its borrowings up to $1.2 billion. The Company expects to use some of the financing available under the credit facility along with cash on hand from its recently completed initial public offering to finalize its portfolio acquisitions.
During the period July 1, 2013 to August 12, 2013, the Company acquired 12 senior living facilities, one medical office building and a parcel of land, representing an aggregate purchase price of $176.9 million. As of August 12, 2013, the Company's aggregate portfolio consists of 83 properties with a base purchase price of $1.0 billion.
The following information was filed by American Realty Capital Healthcare Trust Inc on Monday, August 12, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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