August 1, 2018, Maggie Flynn, Skilled Nursing News - Griffin-American Healthcare REIT IV Inc. agreed to purchase a 24-facility portfolio consisting of 23 skilled nursing facilities and one assisted living facility for $78.5 million, plus closing costs. The DI Wire first reported on the deal, which Griffin-American entered on July 24.
Griffin-American is a publicly registered, non-traded real estate investment trust (REIT) sponsored by American Healthcare Investors and Griffin Capital Company, LLC.
The Songbird SNF Portfolio, which includes 2,104 beds, includes 21 skilled nursing facilities and one assisted living facility in Illinois and two SNFs in Missouri. The REIT said the portfolio will be 100% leased at the time of the acquisition.
Griffin-American expects to close the acquisition in the third quarter of this year, according to a July 30 filing with the Securities and Exchange Commission.
If the transaction — which Griffin noted in the filing is “subject to substantial conditions to closing” — is completed, the portfolio would be operated under a 15-year, triple-net lease with two 10-year renewal options and annual rent escalators of 2.5%.
It’s not the first portfolio deal this year for Griffin-American; the REIT agreed to purchase an eight-SNF portfolio in Missouri for $88.2 million in June.