American Healthcare Investors, the co-sponsor of Griffin-American Healthcare REIT III Inc. and Griffin-American Healthcare REIT IV Inc., has completed the acquisition of five medical office buildings, one integrated senior health campus and one land parcel for a total purchase price of approximately $99.5 million during the third quarter of 2019, on behalf of the two non-traded real estate investment trusts.
Griffin-American Healthcare REIT III acquired an 86,000-square-foot integrated senior health campus in Indiana for approximately $14.1 million and a land parcel for approximately $1 million, while Griffin-American Healthcare REIT IV acquired five medical office buildings totaling 246,000 square feet in Illinois, Kansas, Massachusetts, Ohio and Tennessee for approximately $84.4 million.
The third quarter acquisitions bring total acquisition volume completed by American Healthcare Investors during 2019 to approximately $192.1 million on behalf of the two REITs, which are also co-sponsored by Griffin Capital Company.
“American Healthcare Investors continues to identify attractive healthcare real estate and healthcare-related investment opportunities on behalf of Griffin-American Healthcare REIT III and IV,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors. “In the current marketplace, we are employing a strategically selective approach to ensure the acquisitions we complete are accretive to each REIT and offer the highest opportunity for value creation for their investors.”
Griffin-American Healthcare REIT III purchased its first property in June 2014 and has since built an international portfolio comprised of 215 healthcare properties and real estate-related investments purchased for $3.04 billion and which has an estimated value in excess of $3.67 billion. As of September 30, 2019, the company’s portfolio has a weighted average remaining lease term of 8.4 years and leased percentage of 92.4 percent.
Griffin-American Healthcare REIT IV purchased its first property in June 2016 and has since built a portfolio of 83 healthcare properties purchased for $1.07 billion, and which has an estimated value in excess of $1.13 billion. As of September 30, 2019, the company’s portfolio has a weighted average remaining lease term of 8.9 years and leased percentage of 95.4 percent.
Griffin-American Healthcare REIT III launched its initial public offering in February 2014 and closed in March 2015 after raising more than $1.9 billion.
Griffin-American Healthcare REIT IV launched its initial public offering in February 2016 and has raised approximately $754 million in investor equity. The offering closed on February 15, 2019.