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Griffin-American Healthcare REIT IV Q1 Results Show Expanded Portfolio

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Irvine, CA-based Griffin-American Healthcare REIT IV Inc. recently revealed operating results for the company’s first quarter.

“During the first quarter, Griffin-American Healthcare REIT IV expanded its portfolio by more than 50 percent with the completion of acquisitions totaling approximately $73.6 million,” said Jeff Hanson, chairman and chief executive officer. “We are keenly focused on accretive portfolio growth and on adding significant value to Griffin-American Healthcare REIT IV with each acquisition.”

Chief financial officer Brian Peay added, “In addition to portfolio growth, we also remain focused on high level performance. We are pleased to report that at the end of the first quarter, our portfolio continued to enjoy high occupancy, an attractive average remaining lease term and low portfolio leverage.2

According to Q1 numbers, the company declared and paid daily distributions equal to $0.001643836 per share, which is equal to $0.60 per share annualized, to its stockholders of record for the first quarter 2017.

As of March 31, 2017, the company’s property portfolio achieved a leased percentage of 93.4% and weighted average remaining lease term of 7 years, while portfolio leverage was 18.1%. The weighted average portfolio capitalization rate was 6.9%.

Modified funds from operations, as defined by the Investment Program Association, or the IPA, attributable to controlling interest, or MFFO, equaled approximately $1.4 million for the quarter ended March 31, 2017, representing quarter-over-quarter growth of approximately 57% compared to MFFO of $884,000 during the fourth quarter 2016.

Net operating income, or NOI, totaled approximately $2.9 million for the quarter ended March 31, 2017, representing an increase of approximately 40% over fourth quarter 2016 NOI of approximately $2.0 million.