Griffin-American Healthcare REIT III, Inc., a public, non-traded REIT co-sponsored by American Healthcare Investors and Griffin Capital Corporation, recently announced the completion of 19 acquisitions for an aggregate cost of about $340 million. These transactions add 17 medical office buildings, a senior housing facility, and an acute care hospital to the REIT’s portfolio.
“These latest acquisitions represent high-quality assets leased by very strong tenants and operators with whom we look forward to sharing mutually rewarding business partnerships,” said Danny Prosky, president, chief operating officer and one of the largest stockholders of the REIT. “They also add tremendous diversification to our rapidly growing portfolio.”
After acquiring its first property in June, the REIT has been quickly locating quality properties to purchase.
Griffin-American Healthcare REIT III, Inc. has also executed letters of intent and/or purchase and sale agreements valued in aggregate of about $530 million which would allow it to purchase 31 more healthcare related properties.
“We couldn’t be more pleased with the rate at which we’re achieving size and scale in an institutional-grade portfolio while continuing to demonstrate the discipline that our stockholders have grown to expect from us,” said Jeff Hanson, chairman, chief executive officer.
Hanson, also one of the largest stockholders of the REIT, says that once all pending acquisitions are complete, its portfolio will be valued at about $1.0 billion, based on aggregate acquisition costs.