American Healthcare Investors, the co-sponsor of Griffin-American Healthcare REIT III Inc. and Griffin-American Healthcare REIT IV Inc., completed $59 million in acquisitions and developments on behalf of the two non-traded REITs during the fourth quarter of 2019.
The two REITs purchased four medical office buildings, one integrated senior health campus and one land parcel for approximately $44 million and completed developments for approximately $15 million. During 2019, the REITs’ acquisitions and developments totaled $262 million.
The REITs are co-sponsored by AHI and Griffin Capital Company and invest in healthcare real estate assets, focusing primarily on medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities.
“It was another active year of acquisitions on behalf of Griffin-American Healthcare REIT IV, which acquired an excess of $201 million of aggregate acquisitions, based on contract purchase price, during the year and has established a mature portfolio valued at approximately $1.17 billion,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors. “For Griffin-American Healthcare REIT III…we were able to identify attractive acquisition opportunities that complement the already impressive group of assets.”
Griffin-American Healthcare REIT III purchased its first property in June 2014 and currently oversees an international portfolio comprised of 220 healthcare properties and real estate-related investments purchased for nearly $3.1 billion and which has an estimated value of approximately $3.7 billion. As of December 31, 2019, the portfolio has a weighted average remaining lease term of 7.5 years and leased percentage of 91.9 percent.
Griffin-American Healthcare REIT IV purchased its first property in June 2016 and has since built a portfolio of 87 healthcare properties, including an interest in a joint venture, purchased for more than $1.1 billion, and which has an estimated value of roughly $1.2 billion. As of the fourth quarter 2019, the portfolio has a weighted average remaining lease term of 8.6 years and leased percentage of 95.5 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 commenced its initial public offering in February 2016 raised $754.1 million in investor equity prior to closing the offering in February 2019.