Griffin-American Healthcare REIT III Q1 net operating income $51.6 millionStaff Writer | Friday May 18, 2018 5:26AM ET
Griffin-American Healthcare REIT III Modified funds from operations were $24.9 million
Griffin-American Healthcare REIT III announced operating results for the company's first quarter ended March 31, 2018.
READ MOREModified funds from operations, as defined by the Institute for Portfolio Alternatives, or the IPA, attributable to controlling interest, or MFFO, equaled $24.9 million for the quarter ended March 31, 2018, representing year-over-year growth of approximately 10.7 percent compared to $22.5 million during the first quarter 2017.
Funds from operations, as defined by the National Association of Real Estate Investment Trusts, or NAREIT, attributable to controlling interest, or FFO, equaled $28.3 million during the first quarter 2018, as compared to $23.7 million during the first quarter 2017, representing year-over-year growth of approximately 19.3 percent.
Net income during the first quarter 2018 was $8.4 million, compared to net loss of $(7.5) million during the first quarter 2017.
Net operating income, or NOI, totaled $51.6 million for the quarter ended March 31, 2018, an increase of approximately 5.5 percent over first quarter 2017 NOI of $48.9 million.
As of March 31, 2018, the company's portfolio of senior housing - RIDEA facilities and integrated senior health campuses achieved a leased percentage of 85.5 percent and 82.3 percent, respectively, while the company's non-RIDEA property portfolio achieved a leased percentage of 93.0 percent and weighted average remaining lease term of 8.5 years. Portfolio leverage was 38.5 percent.
The company declared and paid daily distributions equal to an annualized rate of $0.60 per share to stockholders of record from Jan. 1 to March 31, 2018. ■
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