Griffin-American Healthcare REIT IV Reports Significant Portfolio Growth in 2nd Quarter
Griffin-American Healthcare REIT IV 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 second quarter of 2017.
“During the second quarter, Griffin-American Healthcare REIT IV continued its rapid portfolio growth with the acquisition of approximately $129 million of new healthcare real estate assets,” said Jeff Hanson, chairman and chief executive officer. “Year-to-date, we have acquired more than $200 million of accretive acquisitions and remain focused on adding value to the portfolio of Griffin-American Healthcare REIT IV as we build what we anticipate will be a nationwide collection of premium healthcare properties.”
Second Quarter 2017 Highlights
• Net operating income totaled approximately $4.6 million for the quarter ended June 30, 2017, representing an increase of approximately 60 percent over first quarter 2017 NOI of approximately $2.9 million.
• Net income during the quarter was approximately $621,000, compared to an approximate net loss of $(85,000) during the first quarter 2017.
• Modified funds from operations equaled approximately $2.9 million for the first quarter of 2017 representing quarter-over-quarter growth of approximately 109 percent compared to MFFO of $1.4 million during the first quarter 2017.
• Funds from operations equaled approximately $3.1 million for the quarter ended June 30, 2017, compared to FFO of approximately $1.6 million for the first quarter 2017.
• The company declared and paid daily distributions equal to $0.60 per share annualized to its stockholders of record for the second quarter 2017, equal to an annualized distribution rate of 6.0 percent for Class T stockholders and 6.51 percent for Class I stockholders, assuming a purchase price of $10.00 per share for Class T shares and $9.21 per share for Class I shares.
• As of June 30, 2017, the company’s property portfolio achieved a leased percentage of 95.8 percent and weighted average remaining lease term of 8.8 years, while portfolio leverage was 23.7 percent. The weighted average portfolio capitalization rate was 6.8 percent.
Griffin-American Healthcare REIT IV invests in healthcare real estate assets, focusing primarily on medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. The REIT commenced its initial public offering in February 2016 and has raised approximately $281 million in investor equity since inception. The company’s portfolio consists of 28 medical office buildings and senior housing facilities purchased for a total of approximately $341.2 million.
