American Realty Capital Healthcare Trust today announced that Thomas D'Arcy has joined the real estate investment trust as chief executive officer of the REIT's advisor. D'Arcy was formerly president and CEO for Grubb & Ellis Company. Adding an experienced outside executive is a positive development for ARC Healthcare Trust and American Realty Capital. I don't know the extent of D'Arcy's direct healthcare real estate knowledge, but his tenure at Grubb & Ellis, Inland and other real estate firms more than qualify him for his duties at ARC Healthcare. I wouldn't be surprised, given D'Arcy's background, to see his role within the growing American Realty Capital empire expand beyond ARC Healthcare, even if it's informally.
D'Arcy's Inland Real Estate Corporation (IRC) experience, curiously, was not included in the biography distributed by ARC Healthcare. He is still listed on IRC's website as the chairman of IRC's board of directors. I am not sure how much, if any, management responsibilities D'Arcy had (or has) at IRC, but IRC is a non-traded REIT success story. (D'Arcy joined IRC's board as an independent director in 2005.) I believe IRC offered its shares to investors at $10 per share in the mid- to late-1990s and early 2000s, but I couldn't quickly find the specifics of IRC's offering as I prepared this post. IRC listed its shares in mid-2004 at around $10.00 per share. Until the end of 2008, IRC traded well above $10 per share, and in early 2007, IRC briefly traded over $20 per share, allowing for about four years where original investors could have exited at a profit. Today, it closed at $8.56 per share and is yielding 6.66%. IRC's stock chart since its inception is below, courtesy of yahoo.finance.