Carter Validus REIT Begins Selling Shares

Carter Validus Mission Critical REIT has begun selling shares for a stock offering in which it hopes to raise between $200 million and $1.75 billion to purchase data centers and medical facilities. In a regulatory filing Tuesday, the new company said its  registration filing had been declared effective by the Securities and Exchange Commission, allowing Carter Validus to begin selling shares through SC Distributors, which is managing its offering. The firm said it doesn’t have any immediate plans to be listed on a public stock exchange.

Carter Validus is based in Tampa and headed by John Carter, a veteran real estate investor and principal of Carter & Associates. The company joins a growing number of real estate investment trusts focused on the data center business. Existing data center REITs include Digital Realty Trust (DLR), DuPont Fabros Technology (DFT) and CoreSite Realty (COR).

Carter Validus Mission Critical REIT says it hasn’t yet bought any properties or identified specific assets to acquire. “Our acquisition strategy will focus on the sourcing of acquisitions, investments and developments through existing relationships of T5/Carter with data center users, as well as through traditional channels,” the company said in an SEC filing related to its public offering.

Data centers are part of a broader strategy in which Carter Validus hopes to take advantage of opportunities created by health care reform and its pending impact on medical real estate and IT infrastructure.

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About the Author

Rich Miller is the founder and editor at large of Data Center Knowledge, and has been reporting on the data center sector since 2000. He has tracked the growing impact of high-density computing on the power and cooling of data centers, and the resulting push for improved energy efficiency in these facilities.

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  1. As electronic health records become the norm, the ability to house them is paramount which is why I can appreciate the initiative. It's interesting that more hospital and health systems are not following suite and constructing more data centers. As of an ASHE 2010 study only 9% of hospitals are currently constructing data centers and 11% of hospitals are planning a data center in the next three years. In order to stay competitive EHR adoption is useful method which requires a form of storage, often data centers are the answer. The first step is to realize the overwhelming proposition created by healthcare information demands, and then to associate with experienced professionals in multiple disciplines to implement a methodical strategic process.

  2. Sun Khang

    I've worked with many non-traded REITs over the years and this article was forwarded from a friend who knows of the Carter Validus REIT. I do not know who is distributing this fund (since so many REITs now are distributed from companies that remain separate from the sponsor), but I know it is not easy to find financial advisor networks to sell new products to any more! A firm named Inland has worked hard at reclaiming the trust of my B/D lately to no avail! They used to be the trusted name and now they cannot get past our selling agreement process. Data centers are a good concept but I only hope new REITs like this don't set expectations too high when it comes to reaching too many financial advisors! We are no longer in 2007!