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| Jeff Hanson |
IRVINE, CA (Dec. 3, 2014) – American Healthcare Investors
and Griffin Capital Corporation, the co-sponsors of Griffin-American Healthcare
REIT II (“Griffin-American”), announced today the completion of the previously
announced merger between Griffin-American and NorthStar Realty Finance Corp.
(“NorthStar Realty”).
Pursuant to the terms of the merger agreement, NorthStar
Realty acquired all of the outstanding shares of Griffin-American in a stock
and cash transaction valued at $4 billion.
Merger proceeds to Griffin-American stockholders will be
comprised of approximately two-thirds cash and one-third common stock of
NorthStar Realty (NYSE: NRF).
“From the acquisition of our first asset in 2010, we were
completely focused on the eventual exit and ultimate outcome for our
stockholders,” said Jeff Hanson, former chairman, chief executive
officer, and largest stockholder of Griffin-American Healthcare REIT II.
“We executed our strategy in a disciplined manner, building
a premium international portfolio of diversified healthcare assets and
delivering an attractive total return to our investors. We are very pleased
with the results.”
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| Danny Prosky |
The Griffin-American Healthcare REIT II portfolio is
comprised of 289 buildings diversified across 32 states, the United Kingdom and
all four clinical asset classes: medical office buildings, senior housing,
skilled nursing facilities and hospitals.
As of Sept. 30,
2014, the REIT’s non-RIDEA portfolio was approximately 95 percent leased with a
weighted average remaining lease term of 9.2 years and leverage (total debt
divided by total assets, based upon aggregate acquisition price) of just 18.6
percent.
“The REIT experienced tremendous growth, particularly during
2012 and 2013 when it raised in excess of $600 million and $1.7 billion in
equity capital, respectively,” said Danny Prosky, former president and
chief operating officer of the REIT.
“This industry-leading capital formation fueled the
acquisition of more than $2.3 billion of institutional-grade acquisitions
internationally over the same period, positioning the REIT with the size and
scale necessary to execute such an accretive exit for stockholders so quickly.”
For a complete copy of the company’s news release, please
contact:
Damon Elder
(949) 270-9207
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