Griffin-American Healthcare REIT III
Griffin-American Healthcare REIT III seeks to provide real estate investors with preservation of principal, income opportunities and the potential for capital appreciation. The REIT is managed for long-term investment success by a team of real estate professionals with particular expertise in the healthcare real estate sector.
REIT Name: Griffin-American Healthcare REIT III
IPO Date: February 2014
Total Equity Raised: $1.85 billion
Property Focus: Healthcare
Total Properties: 192
Advisor: Griffin-American Healthcare REIT III Advisor LLC
Share Redemption Plan: Yes
Griffin-American Healthcare REIT III. Began IPO in February 2014 and completed this offering in March 2015 upon it becoming fully subscribed with approximately $1.85 billion of gross offering proceeds. Intends to invest in medical office bldgs., senior housing and other healthcare-related facilities. As of June 30, had completed 43 acquisitions consisting of 59 medical office bldgs., two hospitals and 23 senior housing, one skilled nursing facility and 101 integrated senior health campuses for a total purchase price of $2.52 billion. Excluding senior housing, these properties were 94.3 % leased at June 30, with a weighted average remaining lease term of 8.2 years. The senior health care and senior housing facilities were 83.6% and 88.1 % leased, respectively. Total borrowings were 36% of total assets as of June 30. FFO per share for the second quarter was $0.077, with a dividends-to-FPO ratio of 194% for the period. MFFO per shares for the second quarter was $0.112, up 153% from $0.044 for the same period last year. Dividends-to-MFFO ratio for the second quarter was 134%. Cash flow should increase due to acquisitions, including $179 million of purchases during the second quarter. Acquired additional properties in July for $79.2 million. Repurchased $6.0 million of shares in first half of this year.
Data referenced from the Direct Investments Spectrum