Griffin Institutional Access Real Estate Fund Announces Second Quarter Distribution
El Segundo, California (June 21, 2019) – Griffin Capital Company, LLC announced today on behalf of Griffin Institutional Access Real Estate Fund (NASDAQ: GIREX, GCREX, GRIFX, GLREX, GMREX) the second quarter distribution of $0.361 for Class A, $0.351 for Class C, $0.365 for Class I, $0.360 for Class L, and $0.357 for Class M, or a 5.22% annualized distribution rate. The distribution will be payable on June 28, 2019 to shareholders of record as of June 20, 2019, with an ex-dividend date of June 21, 2019.
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About Griffin Institutional Access Real Estate Fund
Griffin Institutional Access Real Estate Fund (the “Fund,” tickers: GIREX, GCREX, GRIFX, GLREX, GMREX), a closed-end, interval fund registered under the Investment Company Act of 1940, is an actively-managed portfolio of private real estate funds and public real estate securities, diversified by property type and geography, offering daily pricing and periodic liquidity at net asset value. The Fund will make quarterly offers to repurchase between five percent and 25 percent of its outstanding shares at net asset value. The Fund began reporting on NASDAQ on June 30, 2014 with an initial share price of $25.00 and reported a share price of $27.69 for Class A, $26.91 for Class C, $27.96 for Class I, $27.57 for Class L, and $27.34 for Class M as of June 20, 2019. The Fund is advised by Griffin Capital Advisor, LLC (“GCA”). GCA is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to the provisions of the Investment Advisers Act of 1940, as amended. GCA is an indirect majority owned subsidiary of Griffin Capital Company, LLC. Registration with the SEC does not constitute an endorsement by the SEC nor does it imply a certain level of skill or training.
About Griffin Capital Company, LLC
Griffin Capital Company, LLC (“Griffin Capital”) is a leading alternative investment asset manager that, for more than two decades, has established a reputation for leadership, innovation, and consistent results in the alternative investments industry.
Griffin Capital’s alternative investment solutions include three groups of complementary products: actively managed interval funds in the company’s Institutional Access® fund family, non-listed real estate investment trusts (REITs) and tax-advantaged private strategies including Delaware Statutory Trusts (DSTs) and a Qualified Opportunity Zone Fund (QOF). The firm’s investment strategies include diversified core real estate and global corporate credit securities, as well as direct real estate ownership in sector-specific portfolios focused on net leased essential office and industrial assets, clinical healthcare properties, and multifamily real estate assets. These solutions include: Griffin Institutional Access Credit Fund, Griffin Institutional Access Real Estate Fund, Griffin Capital Essential Asset® REIT, Griffin Institutional Property Exchange DSTs, and a QOF. Griffin Capital Securities, LLC, Member FINRA/SIPC, is the dealer manager for non-traded programs sponsored by Griffin Capital Company, LLC and the exclusive wholesale marketing agent for the Company’s interval funds distributed to investors through independent and insurance broker-dealers, national wirehouses and registered investment advisors.
Additional information is available at www.griffincapital.com.
This is neither an offer to sell nor a solicitation to purchase any security. Investors should carefully consider the investment objectives, risks, charges and expense of Griffin Institutional Access Real Estate Fund (the “Fund”). This and other important information about the Fund is contained in the prospectus, which can be obtained by visiting www.griffincapital.com. Please read the prospectus carefully before investing.
Griffin Institutional Access Real Estate Fund Risk Considerations
The inception date of the Fund’s Class A shares was 6/30/2014. As of May 31, 2019, the Fund’s load-waived Class A shares returned 7.14% (annualized) since inception and had a one year return of 7.32% (source: Morningstar Direct). The maximum sales charge is 5.75% for Class A shares and 4.25% for Class L shares. Class C shareholders may be subject to a contingent deferred sales charge equal to 1.00% of the original purchase price of Class C shares redeemed during the first 365 days after their purchase. Performance reflects the reinvestment of dividends and distributions. Due to financial statement adjustments, returns may differ. Past performance is not a guarantee of future results and investment returns and principal value of the Fund will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted. Visit www.griffincapital.com for current performance. As per the Fund’s prospectus dated February 1, 2019, the total expense ratio after fee waiver, reimbursement and recoupment is 2.11% for Class A, 2.86% for Class C, 1.86% for Class I, 2.35% for Class L, and 2.59% for Class M. The Fund has contractually agreed to waive its fees (including offering expenses, but excluding taxes, interest, brokerage commissions, acquired fund fees and expenses and extraordinary expenses) to the extent that they exceed 1.91% for Class A, 2.66% for Class C, 1.66% for Class I, 2.16% for Class L, and 2.41% for Class M until February 1, 2020. The Fund’s return does not reflect the deduction of all fees and if the Fund return reflected the deduction of such fees, the performance would be lower.
The Fund’s distribution policy is to make quarterly distributions to shareholders. A portion of the distribution includes a return of capital. Please refer to the Fund’s most recent Section 19(a) notice, available at www.griffincapital.com, and the Fund’s semi-annual or annual reports filed with the SEC for additional information regarding the composition of distributions. Shareholders should not assume that the source of a distribution from the Fund is net profit. Although such distributions are not currently taxable, such distributions will have the effect of lowering a shareholder’s tax basis in the shares which will result in a higher tax liability when the shares are sold, even if they have not increased in value, or, in fact, have lost value. Distributions are not guaranteed.
The Fund distribution rate is the amount, expressed as a percentage, a Fund investor would receive in distributions if the most recent Fund distribution stayed consistent going forward. It is calculated by annualizing the Fund’s most recent distribution. The percentage represents a single distribution from the Fund and does not represent the total return of the Fund.
The Fund will not invest in real estate directly, but, because the Fund will concentrate its investments in securities of REITs and other real estate industry issuers, its portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio. The value of companies engaged in the real estate industry is affected by: (i) changes in general economic and market conditions; (ii) changes in the value of real estate properties; (iii) risks related to local economic conditions, overbuilding and increased competition; (iv) increases in property taxes and operating expenses; (v) changes in zoning laws; (vi) casualty and condemnation losses; (vii) variations in rental income, neighborhood values or the appeal of property to tenants; (viii) the availability of financing and (ix) changes in interest rates and leverage.
Investors in the Fund should understand that the NAV of the Fund will fluctuate, which may result in a loss of the principal amount invested. The Fund provides liquidity to shareholders quarterly between 5% and 25% of its outstanding shares at net asset value.
Griffin Institutional Access Real Estate Fund is distributed by ALPS Distributors, Inc. (1290 Broadway, Suite 1100, Denver, CO 80203, Member FINRA). ALPS Distributors, Inc. is not affiliated with either Griffin Capital or any of its affiliates.