American Healthcare Investors Expands Executive Stock Purchase Plan; Introduces Employee Stock Bonus Program
NEWPORT BEACH, Calif., Jan. 11, 2012 /PRNewswire/ — American Healthcare Investors, a commercial real estate investment firm that specializes in the acquisition and management of healthcare-related properties, announced today that it is significantly expanding the stock purchase program applicable to Griffin-American Healthcare REIT II (formerly known as Grubb & Ellis Healthcare REIT II). Under the stock purchase program, principals and key division heads of American Healthcare Investors invest a portion of their annual base salaries and bonuses directly into shares of the REIT.
As part of this program, Jeff Hanson, a principal of American Healthcare Investors who also serves as chairman of the board of directors and chief executive officer of the REIT, and Danny Prosky, a principal of American Healthcare Investors who serves as president and chief operating officer of the REIT, have renewed their executive stock purchase agreements for 2012, which they first entered into in early 2011. Under these plans, 100 percent and 50 percent, respectively, of their after-tax base salary and annual bonus compensation received as employees of American Healthcare Investors will be invested into common stock of the REIT. Mathieu Streiff, the third principal of American Healthcare Investors, has also entered into a stock purchase agreement, whereby 50 percent of his after-tax base salary and annual bonus compensation will be invested into REIT stock.
The company also announced that the stock purchase program is being expanded to include key company division heads. Chris Rooney, senior vice president of asset management, will invest 15 percent of his after-tax base salary and annual bonus into shares of the REIT; and Stefan Oh, senior vice president of acquisitions, as well as Shannon Johnson, senior vice president of finance, and chief financial officer of the REIT, will invest 15 percent of their after-tax base salaries into REIT stock. Each of the executive stock purchase plans is irrevocable and publicly filed with the U.S. Securities and Exchange Commission.
“We share a fundamental belief that the executives responsible for running an investment offering should make considerable personal monetary investments that align their interests with those of their stockholders,” said Hanson. “As such, we are pleased to continue our executive stock purchase program and to expand participation to other members of the senior management team of American Healthcare Investors, where we stand shoulder-to-shoulder with the stockholders we serve.”
In addition to the executive stock purchase program, the company also revealed that it is adopting a company-wide employee stock bonus program wherein American Healthcare Investors will purchase common stock of Griffin-American Healthcare REIT II and award it to employees of the company as a component of their annual bonus compensation, subject to applicable suitability and other legal requirements.
“As studies have shown, investment offerings that are managed by employees who have meaningful personal investment in those offerings typically outperform their peers by a wide margin,” said Prosky. “At the core of our management philosophy is the firm belief that the employees’ interests should be closely aligned with those of our stockholders, and we are accomplishing just that.”
As a result of Hanson’s participation in the stock purchase plan, as well as an additional cash investment of $500,000 made in 2011, he is one of the single largest stockholders, on a cumulative basis, of Griffin-American Healthcare REIT II. Prosky was the REIT’s very first stockholder.
American Healthcare Investors is the co-sponsor of Griffin-American Healthcare REIT II, a publicly registered, non-traded real estate investment trust that invests in medical office buildings and other healthcare-related properties. American Healthcare Investors has established a joint venture with Griffin Capital Corporation and affiliates to advise and manage Griffin-American Healthcare REIT II, which currently owns a portfolio of healthcare properties valued in excess of $438.7 million, based on purchase price, and seeks to raise up to $3.0 billion in equity capital. The REIT has approximately $270 million of property acquisitions currently under contract. Once the pending acquisitions are completed, most of which are expected to close this month, the portfolio will total 73 buildings valued at nearly $710 million, based on purchase price, representing 266 percent growth in the portfolio since the beginning of 2011.
About American Healthcare Investors, LLC
American Healthcare Investors, LLC is an investment management firm that specializes in the acquisition and management of healthcare-related real estate, including medical office buildings, skilled nursing facilities, assisted living facilities and hospitals. The company was founded by nationally recognized real estate investment executives Jeff Hanson, Danny Prosky and Mathieu Streiff, who have completed in excess of $15 billion in aggregate acquisition and disposition transactions during their careers, approximately $5.5 billion of which has been healthcare-related real estate transactions. Approximately $8.0 billion of the $15 billion was completed as a team while they led Grubb & Ellis’ national investment management subsidiary for more than half a decade. American Healthcare Investors is committed to providing investors with access to the potential benefits that healthcare-related real estate ownership can provide. For more information regarding American Healthcare Investors, please visit www.AmericanHealthcareInvestors.com.
About Griffin-American Healthcare REIT II, Inc. (formerly known as Grubb & Ellis Healthcare REIT II)
Griffin-American Healthcare REIT II, Inc. is a real estate investment trust that seeks to preserve, protect and return investors’ capital contributions, pay regular cash distributions, and realize growth in the value of its investments upon the ultimate sale of such investments. Griffin-American Healthcare REIT II currently holds in excess of $438 million in assets, based on purchase price, and is seeking to raise up to approximately $3.0 billion in equity and to acquire a diversified portfolio of real estate assets, focusing primarily on medical office buildings, skilled nursing facilities, hospitals, and assisted living facilities. For more information regarding Griffin-American Healthcare REIT II, please visit www.HealthcareREIT2.com.
About Griffin Capital Corporation
Los Angeles-based Griffin Capital Corporation has a sixteen-year track record sponsoring real estate investment vehicles and managing institutional and retail equity capital. Led by senior executives, each with more than two decades of real estate experience who have collectively closed more than 400 transactions representing over $14.0 billion in transaction value, Griffin Capital has acquired or constructed over 11 million square feet since 1996, and currently manages a portfolio of more than 8.5 million square feet located in 13 states, representing approximately $1 billion in asset value. Griffin Capital is the co-sponsor of Griffin-American Healthcare REIT II and the sponsor of the Griffin Capital Net Lease REIT, publicly registered, non-traded real estate investment trusts. Griffin Capital Securities, Inc. serves as dealer manager of the offerings of both REITs, shares of which are distributed through leading independent broker-dealers. For more information regarding Griffin Capital, please visit www.GriffinCapital.com.
Contact: Damon Elder (714) 356-1460
SOURCE American Healthcare Investors