A Griffin-American Healthcare REIT IV Inc. subsidiary agreed to purchase eight skilled nursing facilities across Missouri for $88.2 million, plus closing costs.
The portfolio comprises about 384,000 square feet of gross leasable area and 1,112 licensed beds. It will be 100% leased at the time of acquisition under a 15-year absolute net lease that carries two 10-year renewal options and annual rent escalators.
The properties are in Kansas City, Salisbury, Florissant, Sedalia, Milan, Trenton, Moberly and St. Elizabeth, Mo.
Griffin-American plans to finance the deal with funds raised through its IPO and debt.