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, announced the operating results for the company’s third quarter ended September 30, 2019.
“Griffin-American Healthcare REIT IV enjoyed strong financial and portfolio performance during the third quarter, a consistent trend we have achieved throughout 2019,” stated Danny Prosky, president and chief financial officer. “We continue to experience high occupancy, lengthy remaining lease terms and very strong year-over- growth in key financial metrics, including new operating income and modified funds from operations.”
The company reported the following third quarter 2019 highlights:
- Modified funds from operations equaled $7.9 million for the quarter, representing year-over-year growth of 19.3 percent compared to MFFO of $6.6 million during the third quarter 2018.
* Funds from operations equaled $8.5 million, compared to FFO of $7.3 million for the third quarter 2018, representing year-over-year growth of 16.2 percent.
- Net operating income totaled $16.3 million, representing an increase of 46.8 percent over third quarter NOI of $11.1 million.
- Net loss during the quarter ended September 30, 2019 equaled $1.9 million, compared to net loss of $1.7 million during the third quarter 2018.
- The company completed third quarter acquisitions comprised of five medical office buildings totaling 246,000 square feet in Illinois, Kansas, Massachusetts, Ohio and Tennessee for $84.4 million.
- The company declared and paid daily distributions equal to $0.60 per share annualized to its stockholders of record for the third quarter 2019.
Griffin-American Healthcare REIT IV invests in medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. The REIT commenced its initial public offering in February 2016 had raised $526.4 million in investor equity as July 2, 2018. Griffin-American Healthcare REIT IV oversees a 4.4 million-square-foot portfolio of 83 properties, as well as an interest in a joint venture which owns a portfolio of integrated senior health campuses and ancillary businesses, acquired for approximately $1.07 billion.