Griffin Capital Essential Asset REIT Reports Second Quarter 2016 Results
Griffin Capital Essential Asset REIT, a publicly registered non-traded real estate investment trust, announced its operating results for the second quarter 2016.
As of June 30, 2016, the REIT’s portfolio consisted of 76 assets totaling approximately 18.9 million square feet of space in 20 states with a total acquisition value of $3.1 billion.
“We’re pleased to deliver to our shareholders another quarter of strong financial results, encompassing robust growth in terms of both revenues and modified funds from operations,” said Michael Escalante, president and chief investment officer. “Looking beyond the numbers, we continue to be excited about the quality of the REIT’s assets and tenant base, which reflect our expertise not only as real estate investors, but as focused real estate operators who are committed to a disciplined approach in how we create long-term value for our shareholders.”
According to Summit Investment Research, Griffin Capital Essential Asset REIT covered its 6.75 distribution in the second quarter with a 128 percent distribution coverage ratio. Last year, the REIT had a 121 percent distribution coverage ratio.
Results and Accomplishments for the Second Quarter 2016
• Net income attributable to common stockholders was approximately $0.04 per diluted share for the quarter.
• Total revenue for the quarter was approximately $85.6 million, representing year-over-year growth of 39 percent for the same period in 2015.
• The total capitalization of the REIT’s portfolio as of June 30, 2016 was $3.4 billion.
• Debt to total real estate acquisition value as of June 30, 2016 was 49.0 percent.
• Weighted average remaining lease term was approximately 7.4 years with average annual rent increases of approximately 2.0 percent.
• Modified funds from operations was approximately $37.2 million for the quarter, representing year-over-year growth of approximately 41 percent for the same period in 2015.
• Funds from operations was approximately $38.1 million and approximately $1.4 million for the quarters ended June 30, 2016 and 2015, respectively.
• On April 27, 2016, the REIT acquired the remaining 90 percent beneficial ownership interest of Griffin Capital (Nashville) Investors DST for $41.3 million.
Griffin Capital Essential Asset REIT went effective in November 2009 and closed its offering in April 2014 after raising $1.4 billion in investor equity.
