Item 8.01. Other Events

Commencement of Tender Offers

On January 9, 2020, Healthcare Trust, Inc. (the "Company") commenced a self-tender offer (the "Company Offer") for up to 200,000 Shares at a price of $8.50 per Share. The Company Offer is being made in response to an unsolicited offer (the "MacKenzie Offer") commenced by MacKenzie Capital Management, LP and certain of its affiliates (collectively, "MacKenzie") to stockholders of the Company to purchase up to 200,000 shares of the Company's common stock, par value $0.01 per share ("Shares"), at a price of $7.99 per Share in cash, less any distributions paid by the Company after December 5, 2019 on the Shares that are tendered. The expiration date of the MacKenzie Offer is February 7, 2020 (unless extended). The Company Offer is being made in order to deter MacKenzie and other potential future bidders that may try to exploit the illiquidity of the Shares and acquire them from the Company's stockholders at prices substantially below their Estimated Per-Share NAV.

The Company's board of directors (the "Board") believes that the MacKenzie Offer is not in the best interests of stockholders. This belief is based on, among other things, the most recent estimated net asset value per Share (the "Estimated Per-Share NAV") of $17.50 as of December 31, 2018 approved by the Board on April 1, 2019. The purchase price in the MacKenzie Offer is $9.51 per Share, or 54.3%, lower than the Estimated Per-Share NAV. In addition, MacKenzie will reduce the actual price paid for tendered Shares by any distributions paid on such Shares by the Company after December 5, 2019. Distributions are currently paid at a rate of $0.85 per year per Share, or a rate of approximately $0.07 per month per Share. As a result, if you tender your Shares to MacKenzie, the per Share price you will actually be paid will be no more than $7.85 per share. The actual amount could be less depending on when MacKenzie accepts the tendered Shares. The Board also believes that the MacKenzie Offer avoids important investor protections, including the stockholder's right to withdraw or rescind the stockholder's tender, even if the MacKenzie Offer is extended. As a result, once MacKenzie receives a stockholder's tender, such tender is irrevocable.

The Company Offer will be paid in cash, less the withholding of any applicable taxes and without interest, as further described in the Offer to Purchase, the Letter of Transmittal and other related materials filed with the Securities and Exchange Commission (the "SEC") by the Company as exhibits to an issuer tender offer statement on Schedule TO. Unless extended or withdrawn, the Company Offer will expire at 11:59 p.m., Eastern time, on February 7, 2020. Upon expiration, payment for the Shares accepted for purchase in the Company Offer will occur promptly in accordance with applicable law. Unlike the MacKenzie Offer, the Company Offer price will not be reduced by any distributions paid on the Shares that a stockholder tenders. However, the Board believes that the offer price under the Company Offer is still well below the current Estimated Per-Share NAV of the Shares. The Company Offer provides stockholders who desire immediate liquidity an alternative to the MacKenzie Offer at an 8.3% premium to what stockholders would receive from MacKenzie.

Because the offer price under the Company Offer is still well below the current Estimated Per-Share NAV of the Shares, the Company's board of directors recommends that stockholders DO NOT tender their Shares in the Company Offer or the lower MacKenzie Offer.

The Board acknowledges that each stockholder must evaluate whether to tender his or her Shares in either the Company Offer or the MacKenzie Offer and that, because there is no trading market for the Shares, an individual stockholder may determine to tender based on, among other considerations, such stockholder's individual liquidity needs. In addition, the Board believes that in making a decision as to whether to tender Shares in either offer, each stockholder should keep in mind that (a) the Board has the right to amend, suspend or terminate the Company's share repurchase program ("SRP") at any time (which program has significant limitations and is suspended during the Company Offer in accordance with applicable securities laws), (b) the Board has the right to amend, extend or, upon certain specified conditions, terminate the Company Offer and (c) the Board makes no assurances with respect to (i) future distributions (which can change periodically) or (ii) the timing of providing liquidity to the stockholders. The Company expects to publish a new Estimated Per-Share NAV as of December 31, 2019 on or around April 3, 2020. There can be no assurance as to whether the new Estimated Per-Share NAV will be higher or lower than the current Estimated Per-Share NAV.

On or about January 9, 2020, the Company began mailing a letter to its stockholders with respect to the foregoing recommendations and other matters related to the MacKenzie Offer and the Company Offer (the "Stockholder Letter"), a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference herein.

The Company Offer is further described in, and will be conducted in accordance with the terms and conditions set forth in, the Offer to Purchase, the Letter of Transmittal and other related materials that are being mailed to stockholders together with the Stockholder Letter. Each stockholder must make his, her or its own decision whether to tender Shares and how many Shares to tender. In doing so, the Company urges stockholders to read carefully the information in or incorporated by reference into the Offer to Purchase, the Letter of Transmittal and other related materials that are filed with the SEC by the Company as exhibits to an issuer tender offer statement on Schedule TO. Questions and requests for assistance or requests for additional copies of the Offer to Purchase, the Letter of Transmittal and other related materials may be directed to Company's Investor Relations department by calling (866) 902-0063. The Company will promptly furnish to stockholders additional copies of the materials at its own expense.




Share Repurchase Program

The Board has approved an amendment to the SRP solely with respect to the date on which repurchases are to be made in respect of requests made during the period commencing July 1, 2019 up to and including December 31, 2019 to on or before March 16, 2020, rather than on or before January 31, 2020. This SRP amendment will become effective on January 10, 2020.

All other terms of the SRP remain in effect, including that repurchases pursuant to the SRP are at the sole discretion of the Board.

The foregoing summary of the SRP amendment is qualified by the text of the SRP amendment, which is filed as Exhibit 99.2 to this Current Report on Form 8-K. A copy of the notice with respect to the SRP amendment provided to each stockholder who participated in the SRP during the period commencing July 1, 2019 up to and including December 31, 2019 is attached hereto as Exhibit 99.3.

In addition, the Board has suspended the SRP. The Company will not accept any repurchase requests or make any repurchases under the SRP during the pendency of the Company Offer or for 10 business days thereafter.





Forward-Looking Statements

The foregoing contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts included in this Current Report on Form 8-K, including statements concerning the Company's plans, objectives, goals, beliefs, business strategies, future events, business conditions, the Company's results of operations, financial position and the Company's business outlook, business trends and other information are forward-looking statements. When used in this Current Report on Form 8-K, the words "estimate", "anticipate", "expect", "believe", "intend", "may", "will", "should", "seek", "approximately" or "plan", or the negative of these words and phrases, or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters are intended to identify forward-looking statements. Stockholders can also identify forward-looking statements by discussions of strategy, plans or intentions of management.

Forward-looking statements are not historical facts, and are based upon the Company's current expectations, beliefs, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond the Company's control. The Company's expectations, beliefs, estimates and projections are expressed in good faith and the Company believes there is a reasonable basis for them. However, there can be no assurance that management's expectations, beliefs, estimates and projections will result or be achieved and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. There are a number of risks, uncertainties and other important factors, many of which are beyond the Company's control, that could cause the Company's actual results to differ materially from the forward-looking statements contained in this Current Report on Form 8-K. Such risks, uncertainties and other important factors include, among others, the risks and uncertainties described under the Risk Factors included in the Company's most recent Annual Report on Form 10-K for the year ended December 31, 2018 filed on March 14, 2019 and all other filings with the SEC after that date. The Company cautions stockholders not to place undue reliance on any forward-looking statements, which are made as of the date of this Current Report on Form 8-K. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If the Company updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

Item 9.01. Financial Statements and Exhibits






  (d) Exhibits




Exhibit No.                                Description
  99.1          Letter to Stockholders dated January 9, 2020
  99.2          Fifth Amendment to Second Amended and Restated Share Repurchase
              Program
  99.3          Letter to SRP Participants dated January 9, 2020
104           Cover Page Interactive Data File - the cover page XBRL tags are
              embedded within the Inline XBRL document

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