Griffin-American Healthcare REIT III Announces Estimated Per Share Value of $9.01
Friday, October 7, 2016 4:25 PM UTC | EconoTimes Business
IRVINE, Calif., Oct. 07, 2016 — Griffin-American Healthcare REIT III, Inc., announced today that its board of directors has approved an estimated per share net asset value (“NAV”) of its common stock of $9.01 as of June 30, 2016.
“We are very pleased with the growth and performance of Griffin-American Healthcare REIT III, which acquired its first property just 28 months ago and has since built a premier international healthcare portfolio purchased for approximately $2.7 billion1 located throughout the United States and the United Kingdom,” said Jeff Hanson, chairman and CEO of Griffin-American Healthcare REIT III.
Following the recommendation of its audit committee, composed solely of independent directors, the estimated per share NAV was determined by the board of directors. Robert A. Stanger & Co., Inc. (“Stanger”), an independent third-party valuation firm, provided an estimated per share NAV of $9.01 to the company’s board of directors, which was based upon Stanger’s valuation analyses of Griffin-American Healthcare REIT III’s property portfolio plus cash and other assets, less the estimated value of outstanding mortgage debt and other liabilities, divided by the number of shares issued and outstanding on an adjusted fully diluted basis. This methodology complies with the Investment Program Association’s practice guideline regarding valuations of publicly registered non-listed REITs (“IPA guidelines”).
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