Griffin-American Healthcare REIT III Completed Acquisitions Totaling More Than $500 Million During 2016
January 24, 2017 | by James Sprow | Blue Vault
American Healthcare Investors, LLC and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT III, Inc., announced on January 20 that during 2016 the REIT completed property acquisitions totaling approximately $509.5 million and real estate-related investments of $1.9 million. The acquisitions were comprised of 13 medical office buildings, six skilled nursing facilities, four senior housing facilities, expansion of the company’s investment in its portfolio of integrated senior health campuses and an increase of a debt investment. Aggregate acquisitions activity during the year resulted in the addition of approximately two million square feet of gross leasable area and approximately 2,670 licensed beds to the Griffin-American Healthcare REIT III portfolio.
“It was an active year for Griffin-American Healthcare REIT III as we worked to add value and further mature the portfolio,” said Danny Prosky, president, chief operating officer and one of the largest stockholders of the REIT. “As we begin 2017, our portfolio is valued at more than $2.9 billion, and while we have largely completed our portfolio build-out, we may complete additional acquisitions if strategic opportunities arise that complement our existing portfolio.”
As of January 20, 2017, Griffin-American Healthcare REIT III owned a diversified portfolio of 201 medical office buildings, hospitals, senior housing facilities, skilled nursing facilities, integrated senior health campuses and real estate-related investments located throughout the United States and the United Kingdom valued at approximately $2.9 billion, based on aggregate contract purchase price.