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Located at 11900 Ramona Blvd. in El Monte and 1955 Lomita Blvd., inLomita, each of the California properties comprises one single-story skillednursing facility. The two properties total approximately 71,000 square feetof gross leasable area and are 100 percent leased to North AmericanHealthcare. In total, the California properties include 219 licensed patientbeds.
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"These two properties complete the addition of Senior Care Portfolio 1 tothe Grubb & Ellis Healthcare REIT portfolio," said Danny Prosky, ExecutiveVice President of Acquisitions for Grubb & Ellis Healthcare REIT. "With theseassets, the REIT continues to diversify its quickly expanding portfolio."
The two California properties of Senior Care Portfolio 1 were acquiredfrom HCP, Inc. (NYSE: HCP). Grubb & Ellis Healthcare REIT financed thisacquisition through an unsecured note from an affiliate and cash on hand.
As of June 20, 2008, Grubb & Ellis Healthcare REIT has sold approximately37.4 million shares of its common stock, excluding the shares issued under itsdistribution reinvestment plan, for approximately $374 million through itsinitial public offering, which began in the third quarter of2006.
Grubb & Ellis Healthcare REIT offers a monthly distribution of 7.25percent per annum and, as of June 30, 2008, has made 36 geographically-diverseacquisitions for a total of 109 buildings valued at approximately $790million, based on purchase price.
About Grubb & Ellis
Grubb & Ellis Company (NYSE: GBE), one of the largest and most respectedcommercial real estate services companies, is the sponsor of Grubb & EllisHealthcare REIT, Inc. With more than 130 owned and affiliate officesworldwide, Grubb & Ellis offers property owners, corporate occupants andinvestors comprehensive integrated real estate solutions, includingtransaction, management, consulting and investment advisory services supportedby proprietary market research and extensive local market expertise.
Grubb & Ellis and its subsidiaries are leading sponsors of real estateinvestment programs that provide individuals and institutions the opportunityto invest in a broad range of real estate investment vehicles, includingtax-deferred 1031 tenant-in-common (TIC) exchanges; public non-traded realestate investment trusts (REITs) and real estate investment funds. As of March31, 2008, more than $3.4 billion in investor equity has been raised for theseinvestment programs. The company and its subsidiaries currently manage agrowing portfolio of more than 218 million square feet of real estate. In2007, Grubb & Ellis was selected from among 15,000 vendors as MicrosoftCorporation's Vendor of the Year. For more information regarding Grubb & EllisCompany, please visit http://www.grubb-ellis.com.
FORWARD-LOOKING LANGUAGE
This press release contains certain forward-looking statements withrespect to the importance and diversity that the property adds to the Grubb &Ellis Healthcare REIT portfolio. Forward-looking statements are statementsthat are not descriptions of historical facts and include statements regardingmanagement's intentions, beliefs, expectations, plans or predictions of thefuture, within the meaning of Section 27A of the Securities Act of 1933, asamended, and Section 21E of the Securities Exchange Act of 1934, as amended.Because such statements include risks, uncertainties and contingencies, actualresults may differ materially from those expressed or implied by suchforward-looking statements. These risks, uncertainties and contingenciesinclude, but a
