SANTA ANA, Calif., Dec. 12, 2011 /PRNewswire/ -- Grubb & Ellis
Healthcare REIT II, Inc. announced today that its board of
directors has authorized a daily distribution to stockholders of
record as of the close of business on each day of the period
commencing on January 1, 2012 and
ending on March 31, 2012. The board
unanimously agreed to raise the annualized distribution rate from
6.50 percent to 6.60 percent, based on a $10.00 per share purchase price, the first such
increase since the company began paying distributions during the
first quarter of 2010.
"Consistent with the vision we've shared since the formation of
the REIT in late 2009, we have established and maintained a prudent
and sustainable distribution policy for our investors," explained
Danny Prosky, president, chief
operating officer and a member of the board of directors.
"The operational performance of our company has been
consistently strong, which has allowed us to increase our
distributions while maintaining disciplined fiscal management."
The distributions will be calculated based on 365 days in the
calendar year and will be equal to an annualized distribution rate
of $0.66 per share. These
distributions will be aggregated and paid in cash monthly in
arrears. The distributions declared for each record date in
January, February and March will be paid in February, March and
April, respectively.
"Our approach to building and managing the REIT has resulted in
impressive financial performance to date," said Jeff Hanson, chairman, chief executive officer
and one of the company's largest individual stockholders. "We
will continue the disciplined management approach that has
delivered these results, while seeking further opportunities to
enhance the investor-friendly structural elements that
differentiate us in the industry."
As of Nov. 30, 2011, Grubb &
Ellis Healthcare REIT II has sold approximately 45,245,151 shares
of its common stock, excluding the shares issued under its
distribution reinvestment plan, for approximately $451,495,000 through its initial public
offering.
To date, the REIT has made 24 geographically diverse
acquisitions comprised of 55 buildings valued at approximately
$430.8 million, based on purchase
price in the aggregate, with another $278
million of property acquisitions under contract and expected
to close in the near-term. If these acquisitions are
completed, the portfolio would total 73 buildings valued at nearly
$710 million, based on purchase
price, representing 266 percent growth in the portfolio since the
beginning of 2011.
The company's property portfolio achieved an aggregate average
occupancy of 97 percent, had leverage of 25.6 percent and had an
average remaining lease term of 10 years as of Sept. 30, 2011.
About Grubb & Ellis Healthcare REIT II, Inc. (to be
re-named Griffin-American Healthcare REIT II, Inc.)
Grubb & Ellis Healthcare REIT II, Inc. is a real estate
investment trust that seeks to preserve, protect and return
investors' capital contributions, pay regular cash distributions,
and realize growth in the value of its investments upon the
ultimate sale of such investments. Grubb & Ellis Healthcare
REIT II currently holds in excess of $430
million in assets and is seeking to raise up to
approximately $3 billion in equity
and to acquire a diversified portfolio of real estate assets,
focusing primarily on medical office buildings and other
healthcare-related facilities. For more information regarding Grubb
& Ellis Healthcare REIT II, please visit
www.gbe-reits.com/healthcare2.
Grubb & Ellis Healthcare REIT II is currently transitioning
its sponsorship from Grubb & Ellis Company to a co-sponsorship
arrangement with American Healthcare Investors, LLC and Griffin
Capital Corporation. As part of the transition, which is
expected to end in January 2012, the
company will be renamed "Griffin-American Healthcare REIT II,
Inc."
About American Healthcare Investors, LLC
American Healthcare Investors, LLC is an investment management
firm that specializes in the acquisition and management of
healthcare-related real estate, including medical office buildings,
skilled nursing facilities, assisted living facilities and
hospitals. The company was founded by nationally recognized
real estate investment executives Jeff
Hanson, Danny Prosky and
Mathieu Streiff, who have completed
in excess of $15 billion in aggregate
acquisition and disposition transactions during their careers,
$5.5 billion of which has been
healthcare-related real estate transactions. 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 Capital Corporation
Los Angeles-based Griffin
Capital Corporation has a sixteen-year track record sponsoring real
estate investment vehicles and managing institutional capital. Led
by senior executives, each with more than two decades of real
estate experience who have collectively closed more than 400
transactions representing over $14.0
billion in transaction value, Griffin Capital has acquired
or constructed over 11 million square feet since 1996, and
currently manages a portfolio of more than 8.5 million square feet
located in 13 states, representing approximately $1 billion in asset value. For more information
regarding Griffin Capital, please visit www.GriffinCapital.com.
This press release contains certain forward-looking
statements with respect to the company's operational and financial
performance, its ability to maintain and sustain its distribution
policy and distribution payments to its investors, its ability to
maintain or enhance its economic results and its ability to acquire
properties currently under contract in the near term or at all.
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 and
uncertainties relating to the financial strength of our current and
future real estate investments; uncertainties relating to the local
economies where our real estate investments are located;
uncertainties relating to changes in general economic and real
estate conditions; uncertainties regarding changes in the
healthcare industry; uncertainties relating to the implementation
of recent healthcare legislation; the uncertainties relating to the
implementation of our real estate investment strategy; the
successful transition of advisory and dealer manager services and
the ability of our new co-sponsors to raise significant capital on
our behalf and to successfully deploy it; the uncertainties
regarding certain closing conditions and financings for our
properties currently under contract; and other risk factors as
outlined in the company's prospectus, as amended from time to time,
and as detailed from time to time in our periodic reports, as filed
with the U.S. 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.
THIS IS NEITHER AN OFFER TO SELL NOR AN OFFER TO BUY ANY
SECURITIES DESCRIBED HEREIN. OFFERINGS ARE MADE ONLY BY MEANS OF A
PROSPECTUS.
SOURCE Grubb & Ellis Healthcare REIT II, Inc.