NEWPORT BEACH, CA-Griffin-American Healthcare REIT II, formerly known as Grubb & Ellis Healthcare REIT II, has successfully completed the transition of its advisory and dealer manager agreements from Grubb & Ellis Co. and its affiliates to co-sponsorship by American Healthcare Investors and Griffin Capital Corp. Just last week the company crucial approval in the form of a “no objections” letter from federal regulators to change the sponsorship, as GlobeSt.com reported, and final approval from the US Securities & Exchange Commission was the final piece of the puzzle.
The U.S. Securities and Exchange Commission declared the REIT's post-effective amendment to its registration statement, which includes a new prospectus, effective on Jan. 6, 2012. Griffin Capital Securities has assumed its responsibilities as the new dealer manager for the REIT's uninterrupted public offering.
“We are very excited to serve as co-sponsor and dealer manager for Griffin-American Healthcare REIT II,” states Kevin Shields, chief executive officer of Griffin Capital Securities and Griffin Capital Corp., in a prepared statement. “The institutional mindset and investor-first philosophy we share with American Healthcare Investors and the REIT's board of directors makes this an ideal partnership that I am confident will drive the performance of the REIT to even greater heights.”
The REIT's executive management team, led since its inception by chairman and chief executive officer Jeff Hanson and president and chief operating officer Danny Prosky, remains unchanged, as does its board of directors. “We are genuinely humbled by the broad-based and resounding support we've received from our stockholders, independent broker-dealer partners and their registered representatives through a necessary transition,” says Hanson. “Griffin-American Healthcare REIT II remains the REIT they know, managed by the people they trust, delivering the performance they expect and deserve.”
In the statement, Prosky adds, “With the successful conclusion of our transition, we are completely focused on the expansion of our portfolio of clinical healthcare real estate and positioning the company for a successful liquidity event for our stockholders in the future.”
In early Novemeber, as GlobeSt.com reported, Los Angeles-based Griffin Capital was selected, along with American Healthcare Investors, to serve as co-sponsor of Grubb & Ellis Healthcare REIT II by the independent members of its board of directors. Griffin Capital Securities was selected to serve as the dealer manager of the REIT's offering. As a result, on Jan. 3, 2012, the REIT was renamed Griffin-American Healthcare REIT II.
To date, the REIT has made geographically diverse acquisitions comprised of 56 buildings valued at approximately $438.7 million, based on aggregate purchase price, with another $270 million of property acquisitions under contract. Once the pending acquisitions are completed, most of which are expected to close this month, the portfolio will total 73 buildings valued at nearly $710 million, based on purchase price, representing 266 percent growth in the portfolio since the beginning of 2011.
As of Sept. 30, 2011, the company's property portfolio was 97% leased with a weighted average remaining lease term of approximately ten years and leverage of 25.6%. Griffin-American Healthcare REIT II has sold approximately 47,385,380 shares of its common stock, excluding the shares issued under its distribution reinvestment plan, for approximately $472.855 million through its initial public offering, as of Dec. 23, 2011.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
