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At A Glance

REIT Name: Summit Healthcare REIT

IPO Date: September 2005

Total Equity Raised: $167 million

Property Focus: Healthcare

Total Properties: 31

Self-Managed: Yes

Advisor: NI A

Share Redemption Plan: Suspended

Website: www.shreit.com

Balance Sheet (as of 12/31/16) (in thousands except share data)

Total Assets $89,403

Total Liabilities $56,160

Shareholders' Equity $32,499

Shares Outstanding 23,027,978

Operating Data (01/01/16 through 12/31/16)

Total Revenues $16,506

Total Expenses $20,104

Net Income (Loss) $(801)

Net Income (Loss) Per Share $(0.03)

Cash Provided by Operations $663

Dividends Declared $0

Dividends Per Share $0

Funds From Operations (FPO) $210

FPO Per Share $0.009

Summary

Began IPO for up to $355 million shares of common stock in September 2005; began second public offering in June 2009. Suspended sale of shares effective November 23, 2010, after raising $167.l million in both offerings. As of December 31, portfolio includes interests in 10 healthcare facilities, all of which are 100% leased to operators on a triple-net basis. These properties consist of 4 skilled nursing facilities with 337 beds, 5 assisted living facilities with 327 beds and one assisted living/memory care facility with 100 beds. Company also owns a 10% interest in a joint venture that owns 17 properties consisting of skilled nursing, assisted living and independent living facilities totalling 1,408 beds, and a 20% interest in a joint venture that owns two senior housing facilities. Total borrowings were 58% of total assets at end of 2016. FFO per share for 2016 was $0.009, down 87% from $0.073 for 2015. MFFO per share for 2016 was a deficit of $(0.01), down from $0.05 for 2015. Company ceased paying distributions in 2011 and has suspended share redemptions indefinitely. Company reported an updated share value of $2.53, as of December 31, 2016. In February a joint venture in which the company owns a 20 % interest purchased two senior housing facilities for $2. 7 million.


Data referenced from the Direct Investments Spectrum
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