Griffin-American Healthcare REIT IV IPO Declared Effective by SEC
Griffin-American Healthcare REIT IV Inc., a publicly registered non-traded real estate investment trust co-sponsored by American Healthcare Investors and Griffin Capital Corporation, announced that its initial public offering of approximately $3.15 billion in common stock was declared effective by the Securities and Exchange Commission on Feb. 16th.
Griffin-American Healthcare REIT IV will offer up to 300 million shares of its common stock for sale at $10.00 per share and up to an additional 15,789,474 shares of its common stock under its distribution reinvestment plan at $9.50 per share.
This is the latest in the popular Griffin-American Healthcare REIT franchise, which has raised approximately $4.7 billion in investor equity since 2011. Griffin-American Healthcare REIT II, which raised roughly $2.8 billion in equity, merged in December 2014 with NorthStar Realty Finance Corp. (NYSE: NRF) in a $4 billion transaction. Griffin-American Healthcare REIT III was launched in February 2014 and raised nearly $1.9 billion within the span of a year – approximately $900 million during a six-week stretch to start 2015, making it the industry’s most successful equity raising non-traded REIT for the year, despite ending its offering in mid-February.
The “first” Griffin-American Healthcare REIT was never actually known by that name. Now a publicly traded REIT known as Healthcare Trust of America (NYSE: HTA), it was launched in 2006 as NNN Healthcare/Office REIT, later to become known as Grubb & Ellis Healthcare REIT. The key executives of American Healthcare Investors, who oversaw the investment management division of the now defunct Grubb & Ellis Company, played important roles in the launch of HTA and the compilation of much of its portfolio before it became self-managed in 2009.
Like its predecessors, Griffin-American Healthcare REIT IV intends to invest in a portfolio of healthcare real estate assets, focusing primarily on medical office buildings, senior housing facilities, skilled nursing facilities and hospitals.
In total, American Healthcare Investors manages an international portfolio of healthcare real estate valued in excess of $8 billion on behalf of multiple investment programs. Griffin Capital oversees a portfolio of commercial real estate valued at more than $4 bilion.
