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Griffin-American Healthcare REIT IV Enters Agreement to Acquire Portfolio of Skilled Nursing Facilities in Missouri for $88.2 Million

ST. LOUIS, Mo. (June 13, 2018) – American Healthcare Investors and Griffin Capital Company, LLC, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced today that the REIT has entered into an agreement to acquire a portfolio of skilled nursing facilities located throughout the state of Missouri for $88.2 million. The acquisition is subject to customary closing conditions and the satisfaction of other requirements as detailed in the agreement, and therefore, no assurance can be given regarding the closing of this acquisition.

Missouri Skilled Nursing Facility Portfolio is comprised of eight properties totaling 1,112 licensed beds and approximately 384,000 square feet. The portfolio will be 100 percent leased under a 15-year absolute net lease with two 10-year renewal options and with annual rent escalators tied to the consumer price index with a floor of 2 percent and a cap of 3 percent.

“This portfolio of skilled nursing facilities adds greater diversification to the Griffin-American Healthcare REIT IV portfolio in terms of geography, asset class and revenue,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “This potential acquisition is especially attractive as the portfolio is comprised of well-performing skilled nursing facilities in desirable locations that are subject to a long-term absolute net lease.”

Griffin-American Healthcare REIT IV purchased its first property in June 2016 and as of June 13, 2018, has acquired a 2.7 million-square-foot portfolio of 45 medical office buildings, senior housing facilities and skilled nursing facilities located in 16 states for an aggregate contract purchase price of approximately $536.1 million. Additionally, the company is pursuing approximately $334.8 million in additional pending acquisitions1 which would result in a total portfolio of approximately 90 healthcare buildings located in 22 states comprised of approximately 4.3 million square feet of gross leasable area upon the successful completion of these potential acquisitions.

Comprised of prospective real estate acquisitions for which the company has executed letters of intent and/or purchase and sale agreements as of May 24, 2018. These prospective acquisitions are subject to substantial closing conditions and the satisfaction of other requirements as detailed in the agreements. Accordingly, the closing of some or all of these pending transactions may not occur.

 

Posted in Press Release on Jun 13, 2018