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Griffin Capital Company, LLC (“Griffin Capital”) announced today the operating partnership of Griffin Capital Essential Asset REIT, Inc. (the “GCEAR”) entered into a loan agreement with Bank of America, N.A., UBS AG and KeyBank National Association for an aggregate loan amount of $375,000,000 (the “Loan”).
The approximately 80,000-square-foot Fairfield County Medical Office Building Portfolio is currently 94.6 percent leased to 15 tenants with an average remaining lease term of more than seven years. The portfolio is anchored by affiliates of Advanced Radiology Consultants, which occupy an aggregate of approximately 29 percent of the leasable space and have recently executed new agreements to extend their leases to 2029.
“Since the acquisition of its first property in June 2014, Griffin-American Healthcare REIT III has grown from its first single medical office building investment into a premier international healthcare portfolio valued in excess of $2.9 billion,1” said Jeff Hanson, chairman and CEO of Griffin-American Healthcare REIT III. “We are very pleased with the performance of our assets and the growth in our estimated per share net asset value, which demonstrates the continued maturation of our portfolio and validates our investment thesis, which is to aggregate attractive healthcare real estate assets into a significant portfolio that generates value and income for our stockholders.”
El Segundo, Calif. (October 3, 2017) - Griffin Capital Company, LLC, on behalf of Griffin Institutional Access Credit Fund (the “Credit Fund,” a ’40 Act continuously-offered closed end fund commonly referred to as an interval fund) announced today the completion of a reorganization of Griffin Capital BDC Corp. (“Griffin BDC”) assets into the Credit Fund.
Griffin Capital Company, LLC announced today on behalf of Griffin Institutional Access Real Estate Fund (NASDAQ: GIREX, GCREX, GRIFX, GLREX, GMREX) the third quarter distribution of $0.351 for Class A, $0.345 for Class C, $0.352 for Class I, $0.351 for Class L, and $0.349 for Class M, or a 5.22% annualized distribution rate.
“During the second quarter, Griffin-American Healthcare REIT IV continued its rapid portfolio growth with the acquisition of approximately $129 million1 of new healthcare real estate assets,” said Jeff Hanson, chairman and chief executive officer. “Year-to-date, we have acquired more than $200 million1 of accretive acquisitions and remain focused on adding value to the portfolio of Griffin-American Healthcare REIT IV as we build what we anticipate will be a nationwide collection of premium healthcare properties.”
“During the second quarter of 2017, Griffin-American Healthcare REIT III experienced impressive operational growth across a number of important financial performance metrics compared to the second quarter of 2016,” said Jeff Hanson, chairman and chief executive officer. “Funds from operations grew by 79 percent, while both modified funds from operations and net operating income expanded by approximately 15 percent. Needless to say, we are very pleased with our performance and hope to continue to generate additional value on behalf of our fellow stockholders.”
By “investment grade” we mean that we intend to invest in properties leased to blue chip tenants and/or companies with investment grade credit ratings. There is no guarantee all of our properties will be leased to blue chip tenants or companies with investment grade credit ratings. Blue chip companies are well-known publicly traded companies that typically make up the Dow Jones Industrial Average or the S&P 500 Index. Blue chip and investment grade descriptions are those of either tenants and/ or guarantors with investment grade credit ratings or whose non-guarantor parent companies have investment grade credit ratings or what management believes are generally equivalent ratings.
By “Invest Like an Institution,” we mean that Griffin Institutional Access® Real Estate Fund allows individual investors access to portfolio strategies, investment vehicles, and sub-advisers that are typically only available to large institutional investors such as banks, insurance companies, endowments, and pensions.
By “Your Public and Private Real Estate Investment Solution,” we mean that Griffin Institutional Access® Real Estate Fund, which offers investors a blend of public and private real estate investments selected and managed by leading institutions (the Fund’s sub-advisers) delivers an investment solution. This Fund, because it provides an array of potential benefits from current income to less volatility and modest market correlation to pricing transparency and periodic liquidity, is a ’solution.’
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