Griffin-American Healthcare REIT IV Acquires Senior Housing Portfolio in Lafayette, Louisiana
LAFAYETTE, LA (Dec. 6, 2016) – American Healthcare Investors and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced today that the REIT has acquired the 107-unit Lafayette Assisted Living Portfolio in Lafayette, Louisiana.
Built in 1997 and 2015, respectively, the two buildings of Lafayette Assisted Living Portfolio total approximately 80,000 square feet of senior housing space comprised of 107 licensed beds, 37 of which are dedicated to memory care residents. The portfolio is 100 percent private pay and operated by Colonial Oaks Senior Living, LLC (“Colonial Oaks”) and leased to its affiliate under a 15-year absolute net lease with two 10-year renewal options and annual rent escalators of 6.3 percent after the first year and 2.5 percent thereafter. Founded in 1977, Colonial Oaks, whose executives have more than 120 years of combined experience in the senior living industry, operates a portfolio of nine senior housing facilities located in Texas, Georgia and Louisiana.
“The acquisition of Lafayette Assisted Living Portfolio adds diversification to the growing portfolio of Griffin-American Healthcare REIT IV with well-performing senior housing facilities leased to a proven operator under a long-term absolute net lease,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV.
Lafayette Assisted Living Portfolio was acquired from Hannie Development, Inc. and Cedar Crest, LLC, both of which are unaffiliated third parties represented by Sean McNee of Cushman & Wakefield, Inc. Griffin-American Healthcare REIT IV financed the acquisition using cash proceeds from its initial public offering and borrowings under its line of credit with Bank of America, N.A. and KeyBank, National Association.
Griffin-American Healthcare REIT IV purchased its first property in June 2016 and has since acquired a portfolio of nine medical office buildings and two senior housing facilities for an aggregate contract purchase price of approximately $128 million.
About American Healthcare Investors, LLC
American Healthcare Investors is an investment management firm that specializes in the acquisition and management of healthcare-related real estate. One of the world’s largest managers of healthcare real estate, the company oversees an approximately 30 million-square-foot portfolio valued at more than $8.7 billion, based on aggregate purchase price, on behalf of multiple investment programs that include thousands of individual and institutional investors. As of September 30, 2016, this international portfolio includes more than 600 buildings comprised of medical office buildings, hospitals, senior housing, skilled nursing facilities and integrated senior health campuses located throughout the United States and the United Kingdom. The company and its principals have completed approximately $25 billion in aggregate acquisition and disposition transactions, approximately $15 billion of which have been healthcare-related. American Healthcare Investors is committed to providing investors with access to the potential benefits that healthcare-related real estate ownership can provide. For more information regarding American Healthcare Investors, please visit www.AmericanHealthcareInvestors.com.
About Griffin-American Healthcare REIT IV, Inc.
Griffin-American Healthcare REIT IV, Inc. intends to elect to be taxed as a real estate investment trust for federal income tax purposes beginning with its taxable year ending December 31, 2016, and it intends to continue to qualify to be taxed as a REIT. Griffin-American Healthcare REIT IV intends to build a balanced and diversified portfolio of healthcare real estate assets, focusing primarily on medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. The REIT is co-sponsored by American Healthcare Investors and Griffin Capital Corporation. For more information regarding Griffin-American Healthcare REIT IV, please visit www.healthcarereitiv.com.
About Griffin Capital Corporation
Griffin Capital Corporation (“Griffin Capital”) is a privately-held, Los Angeles headquartered investment and asset management company with a 21-year track record sponsoring real estate investment vehicles and managing institutional capital. Led by senior executives with more than two decades of real estate experience who have collectively closed transactions representing over $22 billion in value, Griffin Capital and its affiliates have acquired or constructed approximately 55 million square feet of space since 1995. Griffin Capital and its affiliates own, manage, sponsor and/or co-sponsor a portfolio consisting of approximately 38 million square feet of space, located in 30 states and the United Kingdom, representing approximately $6.9* billion in asset value, based on purchase price, as of September 30, 2016. Additional information about Griffin Capital is available at www.griffincapital.com.
*Includes the property information related to interests held in certain joint ventures.
This release contains certain forward-looking statements, including statements with respect to the growth of the company’s portfolio, the quality of the operator of Lafayette Assisted Living Portfolio and the performance of the senior housing facilities that comprise Lafayette Assisted Living Portfolio. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: the uncertainties relating to the medical needs and local economy of Lafayette, Louisiana; the strength and financial condition of Lafayette Assisted Living Portfolio and its tenant; the uncertainties relating to changes in general economic and real estate conditions; the uncertainties regarding changes in the healthcare industry; the uncertainties relating to the implementation of Griffin-American Healthcare REIT IV’s real estate investment strategy; and other risk factors as detailed from time to time in Griffin-American Healthcare REIT IV’s periodic reports, as filed with the Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.