Everest REIT Investors I LLC and Everest REIT Investors II LLC, private real estate investment companies, have launched a $6.5 million tender offer for up to one million shares of non-traded real estate investment trust Griffin-American Healthcare REIT III for $6.50 per share. The offer expires on March 30, 2018.
Griffin-American Healthcare REIT III’s most recent net asset value per share was $9.27 as of June 30, 2017. Shares were originally sold for $10.00 each.
Everest and its affiliates currently own 19,700 shares of the REIT. If all of the shares in the current offer are tendered, the company would own approximately 0.5 percent of the outstanding shares.
Griffin-American Healthcare REIT III invests in healthcare real estate assets, focusing primarily on medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities, and owns a $2.9 billion portfolio comprised of 206 properties. The company commenced its initial public offering in February 2014 and closed in March 2015 after raising more than $1.9 billion.