Griffin-American Healthcare REIT IV Declares Q1 2020 Distributions
December 20, 2019 | James Sprow | Blue Vault
On December 17, 2019, the board of directors of Griffin-American Healthcare REIT IV, Inc. authorized a daily distribution to Class T and Class I stockholders of record as of the close of business on each day of the period commencing on January 1, 2020, and ending on March 31, 2020. The daily distributions will be calculated based on 365 days in the calendar year and will be equal to $0.001643836 per share of common stock, which is equal to an annualized distribution of $0.60 per share. These distributions will be aggregated and paid in cash or shares of common stock pursuant to the distribution reinvestment plan monthly in arrears. The distributions declared for each record date in the January 2020, February 2020 and March 2020 periods will be paid in February 2020, March 2020 and April 2020, respectively, only from legally available funds.
The Company closed its public offering on February 15, 2019, having raised approximately $785.1 million, including DRIP proceeds. The distribution rate is 6.00% annualized based for Class T shares and 6.51% annualized for Class I shares, based upon the original offering prices. Class I shares were offered originally at $9.30 per share and Class T shares were offered at $10.00 per share. The most recent NAVs per share were $9.54 for both Class I and Class T shares, approved as of April 4, 2019.
As of September 30, 2019, the Company had completed 41 property acquisitions whereby it owned 78 properties, comprising 83 buildings, or approximately 4,359,000 square feet of gross leasable area for an aggregate contract purchase price of $981,689,000. As of September 30, 2019, the Company also owned a 6.0% interest in a joint venture which owns a portfolio of integrated senior health campuses and ancillary businesses.
During the three months ended September 30, 2019, the Company completed the acquisition of five buildings for an aggregate contract purchase price of approximately $84.4 million.
For the nine months ended September 30, 2019, the Company paid total distributions of $34.502 million, including cash distributions totaling $15.446 million and $19.056 million of distributions reinvested. 84.4% of distributions were funded by cash flows from operations and 15.6% were funded by offering proceeds.
Sources: SEC, Blue Vault
