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Griffin-American Healthcare REIT III CFO steps down; company discloses other updates

Griffin-American Healthcare REIT III Inc. in a March 30filing disclosed its CFO's resignation and other recent developments in thecompany.

CFO Shannon Johnson resigned, effective March 29, afterbeing on maternity leave since August 2015. Danny Prosky, president, , interim CFO, principalfinancial officer and principal accounting officer, will continue to serve inthe said roles until a permanent CFO is appointed.

The company also said in the filing that subsequent to Dec.31, 2015, it completed an $89.6 million acquisition of eight buildings fromunaffiliated parties. The acquired assets comprise five medical offices inIllinois, Indiana, Pennsylvania, Georgia and Connecticut, and a senior housingportfolio in Palmyra, Pa.

In connection with its merger with Trilogy Investors LLC, the company addedthat on Dec. 1, 2015, through Trilogy PropCo Finance LLC, it and certain of itssubsidiaries entered into a loan agreement to obtain a line of credit with anaggregate maximum principal amount of $300 million. It has a four-year term andwill mature on Dec. 1, 2019, unless extended for another year, subject tocertain conditions.

Proceeds from the line of credit may be used for workingcapital, capital expenditures, acquisition of properties and fee interests inleasehold properties and general corporate purposes. On the date of theagreement, the borrowers took out $270 million from the credit line torefinance certain indebtedness.

The loan bears interest at a floating rate based on anadjusted LIBOR rate plus an applicable margin of 4.25% or an alternate baserate plus an applicable margin of 3.25%.

In February, the company said that it obtained credit facilities in the aggregateprincipal amount of $500 million.