The board of Griffin-American Healthcare REIT III Inc., a publicly registered non-traded real estate investment trust, has approved an updated estimated net asset value per share of the company’s common stock of $9.40 as of June 30, 2019. The REIT’s previous NAV per share was $9.37 as of June 30, 2018.
Griffin-American Healthcare REIT III’s previous NAVs per share were $9.27 as of June 30, 2017 and $9.01 as of June 30, 2016.
“In June 2014, Griffin-American Healthcare REIT III acquired its first property, and has since completed more than $3 billion worth of acquisitions,” said Jeff Hanson, chairman and chief executive officer. “Our premier portfolio of international healthcare real estate investments has consistently performed well, as our quarterly results and annual valuation of our portfolio continue to demonstrate.”
He added, “Indeed, as this most recent annual valuation demonstrates, the estimated net asset value of our shares has grown each year and we continue to successfully pursue our strategic plan on behalf of our fellow stockholders.”
The valuation is based on the REIT’s property portfolio plus cash and other assets, less the value of outstanding mortgages and other liabilities, divided by the number of shares issued and outstanding on an adjusted fully diluted basis, as of June 30, 2019.
Robert A. Stanger & Co. Inc., an independent third-party valuation firm, assisted with the valuation, which was performed in accordance with Institute for Portfolio Alternatives’ practice guidelines.
Griffin-American Healthcare REIT III, co-sponsored by American Healthcare Investors and Griffin Capital Company, invests in healthcare real estate assets, focusing primarily on medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities.
The company commenced its initial public offering in February 2014 and closed in March 2015 after raising more than $1.9 billion. As of June 30, 2019, the REIT owned a $3 billion portfolio of 211 assets, which include 98 properties (102 buildings) and 113 integrated senior health campuses. In addition, the REIT had invested $60.4 million in real estate-related investments.