Griffin-American Healthcare REIT III Inc., a publicly registered non-traded real estate investment trust co-sponsored by American Healthcare Investors and Griffin Capital Company, reported its operating results for the first quarter ended March 31, 2018.
“Since acquiring our first property in June 2014, Griffin-American Healthcare REIT III has built an international portfolio comprised of 208 healthcare properties and real estate-related investments valued at approximately $3 billion,” said Jeff Hanson, chairman and chief executive officer. “Our selective acquisition strategy and active management philosophy has resulted in a portfolio that is performing well across all metrics and we remain very pleased with the progress we’ve made in a remarkably brief timespan.”
First Quarter 2018 Highlights
• Modified funds from operations, as defined by the Institute for Portfolio Alternatives, attributable to controlling interest, equaled $24.9 million for the first quarter of 2018, representing year-over-year growth of approximately 10.7 percent compared to $22.5 million during the first quarter 2017.
• Funds from operations, as defined by the National Association of Real Estate Investment Trusts, attributable to controlling interest, equaled $28.3 million during the first quarter of 2018, as compared to $23.7 million during the first quarter 2017, representing year-over-year growth of approximately 19.3 percent.
• Net income during the first quarter 2018 was $8.4 million, compared to net loss of $(7.5) million during the first quarter 2017.
• Net operating income totaled $51.6 million for the quarter ended March 31, 2018, an increase of approximately 5.5 percent over first quarter 2017 NOI of $48.9 million.
• As of March 31, 2018, the company’s portfolio of senior housing – RIDEA facilities and integrated senior health campuses achieved a leased percentage of 85.5 percent and 82.3 percent, respectively, while the company’s non-RIDEA property portfolio achieved a leased percentage of 93 percent and weighted average remaining lease term of 8.5 years. Portfolio leverage was 38.5 percent.
• The company declared and paid daily distributions equal to an annualized rate of $0.60 per share to stockholders of record from January 1 to March 31, 2018.
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 $3 billion portfolio comprised of 208 properties. The company commenced its initial public offering in February 2014 and closed in March 2015 after raising more than $1.9 billion.