ST. LOUIS, June 13, 2018 /PRNewswire/ -- American
Healthcare Investors and Griffin Capital Company, LLC, the
co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced
today that the REIT has entered into an agreement to acquire a
portfolio of skilled nursing facilities located throughout the
state of Missouri for $88.2 million. The acquisition is subject to
customary closing conditions and the satisfaction of other
requirements as detailed in the agreement, and therefore, no
assurance can be given regarding the closing of this
acquisition.
Missouri Skilled Nursing Facility Portfolio is comprised of
eight properties totaling 1,112 licensed beds and approximately
384,000 square feet. The portfolio will be 100 percent leased under
a 15-year absolute net lease with two 10-year renewal options and
with annual rent escalators tied to the consumer price index with a
floor of 2 percent and a cap of 3 percent.
"This portfolio of skilled nursing facilities adds greater
diversification to the Griffin-American Healthcare REIT IV
portfolio in terms of geography, asset class and revenue," said
Stefan Oh, executive vice president
of acquisitions for American Healthcare Investors and
Griffin-American Healthcare REIT IV. "This potential acquisition is
especially attractive as the portfolio is comprised of
well-performing skilled nursing facilities in desirable locations
that are subject to a long-term absolute net lease."
Griffin-American Healthcare REIT IV purchased its first property
in June 2016 and as of June 13, 2018, has acquired a 2.7
million-square-foot portfolio of 45 medical office buildings,
senior housing facilities and skilled nursing facilities located in
16 states for an aggregate contract purchase price of approximately
$536.1 million. Additionally, the
company is pursuing approximately $334.8
million in additional pending acquisitions1 which
would result in a total portfolio of approximately 90 healthcare
buildings located in 22 states comprised of approximately 4.3
million square feet of gross leasable area upon the successful
completion of these potential acquisitions.
1
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Comprised of
prospective real estate acquisitions for which the company has
executed letters of intent and/or purchase and sale agreements as
of May 24, 2018. These prospective acquisitions are subject to
substantial closing conditions and the satisfaction of other
requirements as detailed in the agreements. Accordingly, the
closing of some or all of these pending transactions may not
occur.
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About American Healthcare Investors, LLC
American
Healthcare Investors is an investment management firm that
specializes in the acquisition and management of healthcare-related
real estate. One of the world's largest managers of healthcare real
estate, the company oversees an approximately 31
million-square-foot portfolio valued at approximately $8.9 billion, based on aggregate purchase price,
on behalf of multiple investment programs that include thousands of
individual and institutional investors. As of March 31, 2018, this international portfolio
includes approximately 600 buildings comprised of medical office
buildings, hospitals, senior housing, skilled nursing facilities
and integrated senior health campuses located throughout
the United States and the
United Kingdom. The company and
its principals have completed approximately $26 billion in aggregate acquisition and
disposition transactions, approximately $16
billion of which have been healthcare-related. American
Healthcare Investors is committed to providing investors with
access to the potential benefits that healthcare-related real
estate ownership can provide. For more information regarding
American Healthcare Investors, please visit
www.AmericanHealthcareInvestors.com.
About Griffin-American Healthcare REIT IV,
Inc.
Griffin-American Healthcare REIT IV intends to build a
balanced and diversified portfolio of healthcare real estate
assets, focusing primarily on medical office buildings, hospitals,
skilled nursing facilities, senior housing and other
healthcare-related facilities. Griffin-American Healthcare REIT IV
also seeks to provide: portfolio diversification, preservation of
capital, monthly distributions and capital appreciation by
increasing the value of its properties for its stockholders.
Griffin-American Healthcare REIT IV qualified to be taxed as a real
estate investment trust for federal income tax purposes beginning
with its taxable year ended December 31,
2016, and it intends to continue to qualify to be taxed as a
REIT. The REIT is co-sponsored by American Healthcare Investors and
Griffin Capital Company, LLC. For more information regarding
Griffin-American Healthcare REIT IV, please visit
www.healthcarereitiv.com.
About Griffin Capital Company, LLC
Griffin Capital
Company, LLC ("Griffin Capital") is a leading alternative
investment asset manager with approximately $10.3 billion in assets under management as of
March 31, 2018. Founded in 1995, the
privately-held firm is led by a seasoned team of senior executives
with more than two decades of investment and real estate experience
and who collectively have executed more than 650 transactions
valued in excess of $22 billion. The
firm manages, sponsors or co-sponsors a suite of carefully curated,
institutional quality investment solutions distributed by Griffin
Capital Securities, LLC to retail investors through a community of
partners, including independent and insurance broker-dealers,
wirehouses, registered investment advisory firms and the financial
advisors who work with these enterprises. Additional information
about Griffin Capital is available at www.griffincapital.com.
This release contains certain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, or the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, or the Exchange Act, including
statements with respect to the acquisition of Missouri Skilled
Nursing Facility Portfolio and its attractiveness, growth of our
portfolio and the completion of pending acquisitions. We intend for
all forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in Section 27A
of the Securities Act and Section 21E of the Exchange Act, as
applicable by law. Because such statements include risks,
uncertainties and contingencies, actual results may differ
materially from those expressed or implied by such forward-looking
statements. These risks, uncertainties and contingencies include,
but are not limited to, the following: our strength and financial
condition; the strength and financial condition of Missouri Skilled
Nursing Facility Portfolio and its operator; the uncertainties
relating to changes in general economic and real estate conditions
in Missouri; the substantial
closing conditions and satisfaction of other requirements detailed
in the letters of intent and purchase and sale agreements for
pending acquisitions; the uncertainties regarding changes in the
healthcare industry; the uncertainties relating to the
implementation of Griffin-American Healthcare REIT IV's real estate
investment strategy; and other risk factors as detailed from time
to time in Griffin-American Healthcare REIT IV's periodic reports,
as filed with the Securities and Exchange Commission.
Forward-looking statements in this document speak only as of the
date on which such statements were made, and we undertake no
obligation to update any such statements that may become untrue
because of subsequent events.
Contact:
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Damon
Elder
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Spotlight Marketing
Communications
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(949) 427-5172 ext.
702
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damon@spotlightmarcom.com
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SOURCE American Healthcare Investors