The board of Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust co-sponsored by Griffin Capital and American Healthcare Investors, has appointed Colony NorthStar managing director Richard Welch to serve on the board of directors following the resignation of Ronald Lieberman, according to a filing with the Securities and Exchange Commission.
Lieberman resigned after fulfilling his transition service obligations to Colony NorthStar Inc. (NYSE: CLNS), which indirectly owns approximately 45.1 percent of AHI.
Welch, who has also served on the executive committee of American Healthcare Investors since April 2017, is responsible for managing certain financial and operational aspects of Colony NorthStar’s investment portfolio and operating businesses, which have included various healthcare investments. Beginning in April 2017, he assumed oversight of Colony NorthStar’s healthcare portfolio.
Prior to joining the predecessor Colony Capital business in 2005, Welch was a vice president in the investment banking division of Goldman, Sachs & Co., focusing on mergers and acquisitions and debt and equity financings for companies in the real estate, retail, and consumer product industries.
Welch holds a bachelor’s degree in accounting from University of Southern California and a master’s in business administration from The Wharton School, University of Pennsylvania. He is a certified public accountant in the State of California (inactive).
In other company news, American Healthcare Investors LLC’s three founding principals, Jeff Hanson, Danny Prosky, and Mathieu Streiff, recently agreed to invest 100 percent of their net after-tax cash compensation (base salary and annual bonus) directly into shares of Class I common stock of Griffin-American Healthcare REIT IV.
Griffin-American Healthcare REIT IV invests in medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. The company’s portfolio was comprised of 40 medical office buildings and senior housing facilities for a total purchase price of approximately $466.1 million, as of November 2017. The REIT commenced its initial public offering in February 2016, and as of the last quarterly filing, had raised $353.5 million in investor equity.