Griffin Capital Essential Asset REIT II Inc. filed a registration statement for a best-efforts offering of a maximum of $2.2 billion of shares of common stock.
The offer comprises up to $2.0 billion of shares in a primary offering and up to $200 million of shares pursuant to the company's distribution reinvestment plan.
The company will use proceeds from the offering to make investments in single-tenant net-lease properties, to provide liquidity to stockholders and for general corporate purposes.
Griffin Capital is offering to the public Class T, Class S, Class D and Class I common shares in the primary offering, which have their own selling commissions, dealer manager fees and ongoing distribution fees and eligibility requirements. Class A, Class AA, Class T, Class S, Class D and Class I shares are being offered under the distribution reinvestment plan.
As of March 31, the company had raised roughly $749.2 million from its initial public offering, with 75,410,597 shares outstanding.
The company has adopted a share redemption program whereby, subject to certain limitations, stockholders may request on a quarterly basis redemption of all or any portion of their shares. The redemption price per share for each class of common stock will be equal to the company's net asset value per share for the class on the 15th of the month immediately prior to the end of the applicable quarter.
Griffin Capital Essential Asset Advisor II LLC and Griffin Capital Securities LLC are the REIT's adviser and dealer manager, respectively.