Archive for News’ Category

26

Nov
2018

Summit Healthcare REIT, Inc. announces cash dividend

Lake Forest, Calif., (November 26, 2018) – Summit Healthcare REIT, Inc. (“Summit”) announced today that its Board of Directors has declared a cash dividend of $0.0651 per common share. The dividend is payable to common stockholders of record as of the close of business on January 15, 2019. The Company intends to pay the dividend on or about January 31, 2019. “The Board is extremely pleased to be in a position to make this announcement and will continue to focus on what’s best for the shareholders” stated Mr. Eikanas, President and COO.

About Summit Healthcare REIT, Inc.

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 47 long-term triple-net leased healthcare facilities in 14 states. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Chris Kavanagh at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward- looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2017, and the quarterly reports for the periods ended March 31, 2018, June 30, 2018, and September 30, 2018. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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13

Nov
2017

Summit Healthcare REIT, Inc. acquires an interest in six skilled nursing, assisted living, and independent living facilities in Iowa

Lake Forest, Calif., (November 13, 2017) – Summit Healthcare REIT, Inc. (“Summit”) announced that it has acquired an interest in six skilled nursing/assisted living/independent living facilities throughout Iowa on November 8, 2017. The facilities, acquired for a total purchase price of $29.5 million, consist of a total of 551 licensed beds, and will be leased to a third party operator on a NNN lease.

The acquisitions were made through Summit Fantasy Pearl Holdings, LLC, a joint venture among Summit Healthcare Operating Partnership, LP, which is wholly owned by Summit, Atlantis Senior Living 9, LLC, Fantasy Pearl, LLC and Fantasia Investment III, LLC, a U.S. based affiliate of Fantasia Holdings Group Co., Limited (“Fantasia”). Summit has previously partnered with Fantasia in prior acquisitions.

“We are pleased to be working with a top notch operator in a new state,” said Kent Eikanas, President & Chief Operating Officer. “We are focused on continuing to work with regional operators, especially when it comes to skilled nursing.”

About Summit Healthcare REIT, Inc.

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 47 long-term triple-net leased healthcare facilities in 14 states. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Vince Finnegan at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2015, and the quarterly reports for the periods ended March 31, 2016 and June 30, 2016. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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14

Aug
2017

Summit Healthcare REIT, Inc. acquires an interest in nine skilled nursing facilities in the Northeast

Lake Forest, Calif., (August 14, 2017) – Summit Healthcare REIT, Inc. (“Summit”) announced today that it has acquired an interest in nine skilled nursing facilities located in the Northeast on August 10, 2017. The facilities, acquired for a total purchase price of $60 million, consist of a total of 1,285 licensed beds, and will be leased back to the existing operator.

The acquisitions were made through Summit Fantasia Holdings III, LLC, a joint venture between Summit Healthcare Operating Partnership, LP, which is wholly owned by Summit, and Fantasia Investment III LLC (“Fantasia”), a U.S. based affiliate of Fantasia Holdings Group Co., Limited. Summit has previously partnered with Fantasia in prior acquisitions.

“We are very excited about this acquisition and expansion in the Northeast,” said Elizabeth Pagliarini, Chief Financial Officer. “The level of care in these nine facilities is quite impressive and a great fit with our continuing strategy to diversify our portfolio.”

About Summit Healthcare REIT, Inc.

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 41 long-term triple-net leased healthcare facilities in 13 states. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Vince Finnegan at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2015, and the quarterly reports for the periods ended March 31, 2016 and June 30, 2016. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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18

Jul
2017

Summit Healthcare REIT, Inc. acquires an assisted living/memory care facility in Arizona

Lake Forest, Calif., (July 18, 2017) – Summit Healthcare REIT, Inc. (“Summit” or the “REIT”) announced today that it has acquired an assisted living and memory care facility located in Chandler, Arizona on July 17, 2017. The facility, acquired for a total purchase price of $13.4 million, consists of a total of 90 licensed beds, and will be leased to Compass Senior Living (“Compass”), an operator who leases six other facilities in Summit’s portfolio.

The acquisition was made through Summit Chandler, LLC, which is a wholly owned subsidiary of Summit.

“This acquisition is a great fit for Summit,” said Kent Eikanas, President and Chief Operating Officer. “Our continued growth with a great operator like Compass along with the class of the facility makes for an ideal partnership.”

“Summit Healthcare REIT has been an important, positive relationship for us.” said Dennis Garboden, President of Compass Senior Living, LLC. “The Summit team has been instrumental to the steady growth of our company over the past several years, and we’re excited to add Pennington Gardens as our seventh community that we operate in a lease structure with Summit Healthcare REIT.”

About Summit Healthcare REIT, Inc.

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 32 long-term triple-net leased healthcare facilities in 12 states. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Vince Finnegan at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2015, and the quarterly reports for the periods ended March 31, 2016 and June 30, 2016. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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7

Mar
2017

Summit Healthcare REIT, Inc. acquires an interest in two skilled nursing facilities in the Northeast

Lake Forest, Calif., (March 7, 2017) – Summit Healthcare REIT, Inc. (“Summit” or the “REIT”) announced today that it has acquired an interest in two skilled nursing facilities located in the Northeast on February 28, 2017. The facilities, acquired for a total purchase price of $27.0 million, consist of a total of 318 licensed beds, and will be operated by and leased to the existing operator.

The acquisitions were made through Summit Fantasia Holdings II, LLC, a joint venture between Summit Healthcare Operating Partnership, LP (“Summit OP”), which is wholly owned by the REIT and Fantasia Investment III LLC (“Fantasia”), a U.S. based affiliate of Fantasia Holdings Group Co., Limited. Summit OP has previously partnered with Fantasia in a prior acquisition.

“In this competitive market, we were pleased to find an opportunity that is a good fit for Summit,” said Kent Eikanas, President and Chief Operating Officer. “This is an exciting time for the REIT as we continue our expansion and diversification throughout the United States.”

About Summit Healthcare REIT, Inc.

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 31 long-term triple-net leased healthcare facilities in 11 states. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Vince Finnegan at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2015, and the quarterly reports for the periods ended March 31, 2016 and June 30, 2016. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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10

Nov
2016

Summit Healthcare REIT, Inc. acquires an interest in two assisted living and memory care facilities in California and Oregon

Lake Forest, Calif., (November 10, 2016) – Summit Healthcare REIT, Inc. (“Summit” or the “REIT”) announced today that it has acquired a twenty percent interest in a 78-bed assisted living and memory care facility located in Citrus Heights, California and a twenty percent interest in a 48-bed memory care facility located in Corvallis, Oregon, on October 31, 2016. The total purchase price for the two facilities was approximately $23 million, and financing was arranged through Capital One – Healthcare Financial Solutions, LLC.

The two facilities have been triple-net leased pursuant to a 10-year term to an affiliate of Compass Senior Living, LLC (“Compass”) which is headquartered in Eugene, Oregon. The principals of Compass have over 30 years of combined experience in senior housing. Compass leases five other properties in the REIT’s portfolio. Summit serves as the manager of the entity that holds title to each facility.

“This acquisition represents our commitment to continue investing in quality healthcare facilities to meet the demands of the nation’s aging population, and to expand the REIT’s portfolio for the benefit of our shareholders,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc. “It also demonstrates the commitment of Summit’s strategy.”

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 29 long-term triple-net leased healthcare facilities in 11 states. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Vince Finnegan at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2015, and the quarterly reports for the periods ended March 31, 2016 and June 30, 2016. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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6

Sep
2016

Summit Healthcare REIT, Inc. acquires an interest in two skilled nursing facilities in Delaware

Lake Forest, Calif., (September 6, 2016) – Summit Healthcare REIT, Inc. (“Summit” or the “REIT”) announced today that it has acquired an interest in two skilled nursing facilities located in the communities of Millsboro and Smyrna, Delaware, for a total purchase price of $54.1million on September 2, 2016. The facilities consist of a total of 332 licensed beds, and will be operated by and leased to a third party operator.

The acquisition was made through a joint venture between Summit Healthcare Operating Partnership, LP (“Summit OP”), which is wholly owned by the REIT and Best Years, LLC (“Best Years”). Best Years is a U.S. based wholly owned subsidiary of Union Life Insurance Co. Ltd, a Chinese corporation. Summit OP has successfully partnered with Best Years in 15 previous acquisitions.

“The acquisition of an interest in these two skilled nursing facilities is a great fit for Summit and our first acquisition in the state of Delaware,” said Kent Eikanas, President and Chief Operating Officer of Summit. “This is an exciting time for the REIT as we continue our expansion and diversification throughout the United States.”

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 28 long-term triple-net leased healthcare facilities in ten states. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Shelly Taylor at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2015, and the quarterly reports for the periods ended March 31, 2016 and June 30, 2016. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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19

Jan
2016

Company Profile: Summit’s sharp strategic shift

By: Jeff Shaw, Managing Editor

SENIORS HOUSING BUSINESS

Summits Sharp Strategic Shift Summit Healthcare REIT purchased Riverglen House of Littleton, an assisted living community in New Hampshire, for $8.5 million in November. The purchase marked the end of a $53.9 million acquisition spree by the company that month. Non-traded REIT sells off industrial assets in order to invest heavily in seniors housing.

Summit Healthcare REIT survived the Great Recession, but the event caused the company’s executives and board to take a long, hard look at their plans.

At the time, Summit was involved exclusively in industrial real estate, which was particularly hard hit during the recession. The decision was made to shift the company’s focus from industrial properties to senior housing, which the company saw as a more reliable and stable sector.

For the entire article, please click on the link below.

http://www.seniorshousingbusiness.com/from-the-magazine/23-from-the-magazine/company-profile-summit-s-sharp-strategic-shift

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18

Nov
2015

Summit Healthcare REIT, Inc. expands to New Hampshire

Lake Forest, Calif., (November 18, 2015)Summit Healthcare REIT, Inc. (“Summit”) announced today that it has acquired a 50-unit/59-bed assisted living facility in Littleton, New Hampshire, for a purchase price of $8.5 million in a sale-leaseback transaction on November 17, 2015. Summit has assumed the HUD loan collateralized by the property in the amount of approximately $4.7 million.

The 34,684 square foot facility is operated by and leased to an affiliate of Riverglen House of Littleton, LLC (“Riverglen”) pursuant to a 15-year triple net lease. Riverglen was developed by the current operator with the mission to develop and manage assisted living communities within town centers located on uniquely attractive sites.

“Riverglen is a great addition to Summit’s portfolio,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc. “Summit now has ownership in 26 senior housing facilities spanning nine states, and we are proud of the progress we have made toward our goal of expansion and diversification of the REIT.”

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 26 long-term triple-net leased healthcare facilities.

For more information, please contact Shelly Taylor at (800) 978-8136, or visit our website at http://www.summithealthcarereit.com.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2014, and quarterly reports for the periods ended March 31, 2015, June 30, 2015, and September 30, 2015. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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5

Nov
2015

Summit Healthcare REIT, Inc. acquires four assisted living and memory care facilities in Wisconsin

Lake Forest, Calif., (November 5, 2015)Summit Healthcare REIT, Inc.. (“Summit” or the “REIT”) announced today that it has acquired four Wisconsin assisted living and memory care facilities. The properties are located in the cities of Green Bay and Appleton, and were purchased for approximately $18.4 million on November 2, 2015.

The facilities, which have a total of 125 units, have been triple-net leased pursuant to a 12-year term to an affiliate of Compass Senior Living, LLC (“Compass”) which is headquartered in Eugene, Oregon. Its principals, Dennis Garboden and Will Forsyth, have over 30 years of combined experience in senior housing. Compass also operates another property in the REIT’s portfolio.

“We look forward to working again with Compass on these four new acquisitions,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc. “We have been very pleased with the job they have done for us so far.”

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that is currently focused on investing in senior housing real estate located throughout the United States. The current portfolio includes interests in 25 long-term triple-net leased healthcare facilities. Please visit our website at: http://www.summithealthcarereit.com

For more information, please contact Shelly Taylor at (800) 978-8136.

This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 

This release may contain forward-looking statements relating to the business and financial outlook of Summit Healthcare REIT, Inc. that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance. Actual results may differ materially from those expressed in these forward-looking statements, and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from any forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Company’s annual report on Form 10-K for the year ended December 31, 2014, and quarterly reports for the periods ended March 31, 2015, and June 30, 2015. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

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