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Griffin Capital Essential Asset REIT II Increases Net Asset Values for All Share Classes

Griffin Capital Essential Asset REIT II Inc., a publicly registered non-traded real estate investment trust, has updated net asset values from the month of June for all of its classes of shares of common stock.

Griffin Capital Essential Asset REIT II Inc., a publicly registered non-traded real estate investment trust, has updated net asset values from the month of June for all of its classes of shares of common stock.

Class A (Ticker: ZGEAAX), Class AA (Ticker: ZGEAQX), and Class AAA (ZGEAPX) all reported a net asset value per share of $9.61—an increase of approximately 1.5 percent since their September 20, 2017 net asset value of $9.47.

Class I shares (Ticker: ZGEAIX) reported a net asset value per share of $9.64—an increase of approximately 1.8 percent since the September 20, 2017 net asset value of $9.47.

Class T shares (Ticker: ZGEATX) reported a net asset value per share of $9.66—an increase of 2.0 percent since the September 20, 2017 net asset value of $9.47.

Class S shares (Ticker: ZGEASX) have a net asset value per share of $9.65—an increase of 1.9 percent since the September 20, 2017 net asset value of $9.47.

Class D shares (Ticker: ZGEADX) reported a net asset value per share of $9.64—an increase of approximately 1.8 percent since the September 20, 2017 net asset value of $9.47

The company said that the NAV growth was largely attributable to the “robust fundamentals inherent in the REIT’s underlying real estate portfolio including a weighted average remaining lease duration of approximately 10 years, fortified by cash flow that is over 82 percent attributable to tenants with an investment grade credit rating and contractual annual rental rate increases of over 2 percent.”

During the first half of 2018, the REIT refinanced $250 million of its floating rate debt with 10-year, fixed rate debt. The REIT’s debt currently consists of approximately 97 percent fixed rate financing.

Griffin Capital Essential Asset REIT II focuses on acquiring a portfolio consisting primarily of single tenant business essential properties throughout the United States and has acquired 35 office and industrial buildings for approximately $1.1 billion.

The offering was declared effective by the SEC in July 2014 and closed in January 2017 after raising $746 million in investor equity. The REIT commenced a follow-on offering as a perpetual life REIT in September 2017.

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