Skip to content
The DI Wire
Click Here to Subscribe to Our Free Daily News Updates

Griffin-American Healthcare REIT III Increases Net Asset Value

The board of Griffin-American Healthcare REIT III Inc., a publicly registered non-traded REIT sponsored by American Healthcare Investors and Griffin Capital Company, has approved a revised estimated per share net asset value of its common stock of $9.27 calculated as of June 30, 2017. Previously, in October 2016, the board approved an estimated per share NAV of $9.01 calculated as of June 30, 2016.

“We are very pleased with the performance of our assets and the growth in our estimated per share net asset value, which demonstrates the continued maturation of our portfolio and validates our investment thesis, which is to aggregate attractive healthcare real estate assets into a significant portfolio that generates value and income for our stockholders,” said chairman and CEO Jeff Hanson.

Robert A. Stanger & Co., Inc., an independent third-party valuation firm, provided an estimated per share NAV of $9.27 to the company’s audit committee, which was based upon Stanger’s valuation analyses of the company’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.

The methodology complies with the Investment Program Association’s practice guideline regarding valuations of publicly registered non-listed REITs. Following the recommendation of its audit committee, comprised solely of independent directors, the estimated per share NAV was determined by the board of directors.

Consistent with the IPA guidelines, Stanger’s valuation does not include a portfolio premium that may reasonably be expected to accrue in a typical real estate valuation process conducted for transaction purposes, nor does it reflect an enterprise value.

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.

Click here to visit The DI Wire directory page.