|[March 20, 2013]
Sentio Healthcare Properties Increases Annual Distribution Rate to 5.0% and Announces New Directors on Board
ORLANDO, Fla. --(Business Wire)--
Sentio Healthcare Properties, Inc. ("Sentio" or the "Company"), a real
estate investment trust focused on healthcare-related real estate, today
announced that effective April 1st of this year, the Company is
increasing its expected daily distribution to an amount that, if
declared and paid each day for a 365 day period, would equate to an
annualized rate of 5.0% (based on a $10.00 share price). Distributions
are made at the discretion of our Board of Directors and are currently
declared and paid quarterly. Distribution payments for the quarter
beginning April 1, 2013 will be made in July 2013. This represents the
second distribution increase for Sentio shareholders since the third
quarter of 2012.
Sentio also announces the addition of two new directors to its Board of
Directors. Billy Butcher and Daniel Decker both joined the Company's
Board pursuant to the KKR equity commitment announced last month.
Sentio's Board of Directors was increased in size from seven to nine
members, and the Board elected Mr. Billy Butcher and Mr. Daniel Decker
to fill the resulting vacancies. Mr. Butcher joined KKR in 2004 and is
currently a Director in KKR's real estate investment business. Before
KKR established a dedicated real estate investment business, Mr. Butcher
worked in KKR's corporate private equity business, both in the United
States and internationally. Prior to joining KKR, Mr. Butcher was
employed with Goldman Sachs & Co. Mr. Decker is the President and owner
of CoastWood Senior Housing Partners, LLC, an investment firm
specializing in seniors housing and related services, which he founded
in 2005. He has been investing in the senior housing industry for nearly
20 years. During that period, Mr. Decker has been involved in the
investment of approximately $2 billion across a spectrum of independent
living, assisted living, memory care, and skilled nursing facilities.
Both Mr. Butcher and Mr. Decker bring significant investment and
industry experience to the Company and its shareholders.
John Mark Ramsey, President and CEO of Sentio, commented, "We are very
pleased that portfolio cash flow continues to increase as anticipated,
supporting an increase in the Company's distribution rate. The strength
of the Company's portfolio is also evidenced by the recently announced
increase in net asset value to $10.02 per share. The Company's
management and its Board of Directors are committed to a policy of
distributions that are covered by sustainable portfolio performance." He
continued, "Our Directors are very pleased to have Billy Butcher and Dan
Decker join the Company's board. Their knowledge, expertise and
relationships within the industry will be beneficial as Sentio continues
to develop and implement value enhancement strategies."
About Sentio Healthcare Properties, Inc.
Sentio Healthcare Properties, Inc. is a public, non-listed, real
estate investment trust which invests exclusively in healthcare-related
real estate, and is committed to delivering strong and reliable returns
to investors. The Company features a diversified portfolio of senior
housing and medical properties throughout the United States. Their
portfolio offers diversity in many areas including asset type,
geographic location, operators and payor mix. The Company is led by a
team of healthcare real estate industry veterans at Sentio Investments,
LLC, the Company's advisor. Their core objective is to tailor a capital
structure that complements the operating platform of developers and
owner/operators, recognizing that each is unique in its approach and
service to the healthcare industry. (www.sentiohealthcareproperties.com)
Forward-Looking Statements and Securities Act Legends
Certain statements contained in this press release, including, without
limitation, statements containing the words "believes," "anticipates,"
"intends," "expects," "will," "may," "might" and words of similar
import, constitute "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other facts that may cause the actual results,
performance or achievements of Sentio or industry results to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such factors include, among others, the following: economic and business
conditions, both national and in the regions in which Sentio will
operate, relating to healthcare-related real estate; the availability of
suitable investments at the relevant time; whether all conditions to any
drawdown of the committed funding can be satisfied at the relevant time;
and existing laws and government regulations and changes in, or the
failure to comply with, such laws and regulations. Given these
uncertainties, you are cautioned not to place undue reliance on such
forward-looking statements. Sentio disclaims any obligation to update
any such factors or to publicly announce the result of any revisions to
any of the forward-looking statements contained herein to reflect future
events or developments.
Please see Sentio's SEC (News - Alert) filings for further important information about
this transaction, including additional terms of these securities.
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