Griffin Capital Essential Asset REIT II Reports 2015 Results
Griffin Capital Essential Asset REIT II Inc., a publicly registered non-traded real estate investment trust that focuses on acquiring single tenant net lease properties, announced its financial results for 2015.
The company declared and paid distributions of $0.55 per common share to stockholders, based on a $10.00 per share purchase price, compared to $0.26 per share for the same period last year. The total amount paid in cash distributions totaled $3.0 million in 2015.
For the year ended December 31, 2015, the company funded 29 percent of its cash distributions from cash flow provided by operating activities and 71 percent from offering proceeds.
Modified funds from operations, or MFFO, as defined by the Investment Program Association equaled $5.7 million for the year ended December 31, 2015.
Funds from operations, or FFO, as defined by the National Association of Real Estate Investment Trusts, or NAREIT, equaled $(4.4 million).
As of December 31, 2015, Griffin Capital Essential Asset REIT II raised $279 million from the sale of 28,025,648 shares of class A and class T common stock, and approximately $4.6 million from issuing 482,971 shares of class A and class T DRIP shares.
In October 30, 2015, the company stopped offering shares of class A common stock, reallocated the remaining shares, and is now offering up to approximately $1.8 billion in shares of class T common stock in the primary offering at a price of $10.00 per share and $9.50 for DRIP shares.
As of December 31, 2015, Griffin Capital Essential Asset REIT II’s real estate 3.2 million-square-foot portfolio consisted of 15 properties (19 buildings) in 11 states comprised of office, industrial, distribution, and data center facilities with a combined acquisition value of $479.2 million. All 15 properties in the company’s real estate portfolio were acquired during 2015.
