Griffin-American Acquires 1,112-Bed Skilled Nursing Portfolio in Missouri for $88.2M

ST. LOUIS — Griffin-American Healthcare REIT IV Inc., which is co-sponsored by American Healthcare Investors and Griffin Capital Company LLC, has acquired a portfolio of skilled nursing facilities located throughout the state of Missouri for $88.2 million.

The portfolio comprises eight facilities totaling 1,112 licensed beds and approximately 385,000 square feet. Affiliates of Reliant Care Management Group sold the properties, and will continue to operate them under a 15-year absolute net lease with two 10-year renewal options. The lease includes annual rent escalators tied to the consumer price index with a floor of 2 percent and a cap of 3 percent.

“The facilities enjoy high bed occupancy and 1.8 times year-one rent coverage,” said Stefan Oh, executive vice president of acquisitions for American Healthcare Investors and Griffin-American Healthcare REIT IV. “Additionally, Reliant Care Management is one of the premier skilled nursing operators in the state of Missouri and a strong new partner for the REIT.”

Griffin-American Healthcare REIT IV financed the acquisition using cash on hand and borrowings under its revolving line of credit with Bank of America NA and Keybank, National Association.

The specific names and locations of the properties were not disclosed.