Archive for News’ Category

29

May
2019

Summit CFO Elizabeth Pagliarini elected to First Foundation, Inc. Board of Directors

IRVINE, Ca.—May 28, 2019 – First Foundation Inc. (NASDAQ: FFWM), a financial services company with two wholly-owned operating subsidiaries, First Foundation Advisors and First Foundation Bank, announced today the newly elected members to its Board of Directors, Elizabeth Pagliariniand Diane Rubin.

“We are pleased to welcome Elizabeth and Diane to the First Foundation Board of Directors,” said Scott F. Kavanaugh, CEO of First Foundation. “Their knowledge and experience, coupled with their diverse professional backgrounds, will be an asset to our Board and Company. We are fortunate to be able to attract directors who are such accomplished leaders in their fields.”

Ms. Pagliarini brings over 25 years of experience in finance, corporate governance, and executive management. She currently is the Chief Financial Officer and Treasurer for Summit Healthcare REIT, Inc., a publicly registered non-traded REIT that is focused on investing in senior housing real estate located throughout the United States. She previously served as a principal at The Elizabeth Group, a company she founded to provide outsourced chief financial officer services for registered investment advisers and broker-dealers. Prior to that, she founded a boutique investment bank and registered broker-dealer, and served as chief executive officer and chairwoman of a Nasdaq-listed investment brokerage subsidiary. She is on the Emeritus Board of the nonprofit Forever Footprints and is a member of the City of Mission Viejo, California City Council Investment Advisory Commission.

Ms. Rubin brings over 40 years of expertise in the accounting industry. She currently serves as the Vice Chair for the Board of Trustees for the Financial Accounting Foundation. She is a retired Audit Partner and Quality Control Partner at Novogradac & Company LLP, a national public accounting firm offering audit, tax, valuation, and expert witness services with an emphasis on affordable housing, community development, and renewable energy. Prior to that, she owned a diversified auditing, accounting, and tax practice. Her professional experience also includes having served on the California Board of Accountancy and as a member of the Auditing Standards Board.

About First Foundation
First Foundation, (NASDAQ: FFWM), a financial institution founded in 1990, provides private wealth management, personal banking, and business banking. The Company has offices in California, Nevada, and Hawaii with headquarters in Irvine, California. For more information, please visit www.firstfoundationinc.com.

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Contact
First Foundation Inc.
Tyler Resh Director of Marketing and Strategy
949-202-4131
tresh@ff-inc.com

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9

May
2019

The Bottom Line: How Summit REIT CFO Pagliarini Evaluates Skilled Nursing Deals

Summit Healthcare REIT, Inc. has a bullish outlook on skilled nursing properties over the coming years, but that doesn’t mean every property is a winner.

As of the end of 2018, the Lake Forest, Calif.-based real estate investment trust (REIT) owned four skilled nursing properties outright and 27 through various joint ventures — and that was before Summit snapped up 14 more buildings in Indiana through a new JV partnership in a deal that totaled $125 million.

As Summit’s chief financial officer, Elizabeth Pagliarini takes an active role in evaluating deals for the REIT, which she joined as the company pivoted from an industrial focus to seniors housing and care about five years ago.

Skilled Nursing News caught up with Pagliarini for our new Bottom Line interview series, which profiles CFOs in the skilled nursing operations and investment space. In our conversation, Pagliarini discussed her strategies for picking winners in skilled nursing, how working in the senior-care sector differs from the other financial leadership roles she’s held over her career, and why she’s optimistic about the future of the space.

Tell me about your experience, and how you ended up in the health care investment world.

My background is essentially finance. I come from the securities industry and investment banking, so I’m somewhat new — I’ve been at Summit for five years now, but didn’t really have a background in real estate or senior housing. But I was asked by the president of Summit, Kent Eikanas, if I would be interested in joining. The REIT had just been repositioned from an industrial REIT to a health care REIT, specifically focused on senior housing and skilled nursing. They terminated the external advisor that the REIT had and they brought all of the management in house, and so they were looking for a CFO. He and I have known each other for quite a while, and he asked if it was something that I would be interested in, and all the stars aligned and it ended up working out.

I couldn’t be happier. I absolutely love it. I love the industry. I really like all the people. It’s very, very different than investment banking, where everybody is cutthroat and out to get each other. Where in this industry, what I find is with most people — operators and other REITs — even if they’re competitors, they’re still collaborative and very friendly to each other, and it’s a really, really nice change from the finance background that I’ve come from.

“We’re very friendly with so many of our competitors, and I really do like that. We call each other sometimes to bounce around ideas, see what’s going on.”

As someone who’s been covering the industry for about two years now, it’s still surprising to hear competitors praise each other so frequently.

Absolutely. We sent a deal over to one of our competitors that we’re very friendly with last year, and they ended up closing on it, because it was just something that wasn’t working for us at the time. And we would do that again in a heartbeat. We’re very friendly with so many of our competitors, and I really do like that. We call each other sometimes to bounce around ideas, see what’s going on. And I see the same with other operators speaking very highly of each other. It’s just a nice atmosphere. The older I get, that’s the kind of atmosphere I want to be in.

What else have you found interesting about the industry as a relative newcomer?

What has really, I think, struck me the most is the special kind of people that work in this business … [on] the operations side. In senior housing and skilled nursing, specifically, you need a special kind of person to work in that industry, somebody who really cares about their residents and the people they’re taking care of, and their families and their wellbeing.

I tour a lot of our facilities now, and when we’re making acquisitions, I go out and visit all the sites before we do that. And I’m really struck by the amazing people from the top down — from the people who run the company or own the operator, to the nurses and the dietitians and the people in housekeeping. The stories I hear are just amazing, and meeting a lot of those people as you’re going through the facilities — it’s a job that you can take such pride in.

No one goes into skilled nursing for the money. It’s because they have a desire to help people and to take care of people who need it, and I just think that’s so admirable — and again, so very different from any of the other industries I’ve been affiliated with, even in investment banking. I worked for a couple boutique shops, and so our clients were across several industries. And, you know, let’s face it — and I’m not saying skilled nursing providers don’t want to make money — I’m just saying, when you go into this business, I don’t think that’s your number-one goal. Your heart has got to be somewhere else as well.

“No one goes into skilled nursing for the money. It’s because they have a desire to help people and to take care of people who need it, and I just think that’s so admirable.”

There are easier ways to make a lot of money.

Yes, that’s right.

What do you look for when you’re evaluating these properties for potential acquisitions?

There’s a number of things. Usually, before we even get to that point, we’ve done a certain amount of due diligence on the deal, so we know

what the financials look like. We’ve had some conversations with the seller or the owner or the operator, whoever it may be. But we actually go out and look at them. Of course, you’re looking at the physical plant just to see what that looks like, how it’s been kept up, but again, the thing I like to look at is how the administrator, and the people that are in the building or the facilities, interact with the residents.

The biggest thing for us, I think, [that] we look at in the buildings: What kind of activities calendar there is. We just did a very large acquisition with a new JV partner last month. We acquired 14 skilled nursing facilities in Indiana, and I’ve got to tell you, [they had] some of the best activity calendars I’ve ever seen, and every single building we went into, there was a huge group of residents participating in the activities. It’s just so great to see.

The worst thing I’ve ever seen is walking into a skilled nursing facility and seeing seven people in wheelchairs staring at a TV in the lobby. It’s heartbreaking, and that’s always bothered me, and so when I see people being active and doing the activities and engaging with the staff — you can tell what kind of relationship there is just by watching with how they engage with the staff. And when the administrator or the EDs walk around: Do they know the residents by name? Are they engaging with them as they go through the building? It’s amazing how much you can pick up on what’s happening at a facility with a half-hour, 45-minute tour.

How often would you say you leave a building feeling confident in the investment? What’s the hit rate?

For us, it seems to be pretty often, but again, I think we do a significant amount of due diligence before we make our way out to visiting facilities. We don’t really participate in crazy bid processes or anything, where we’re going to go out and look at facilities before we know much. So it means we already would have been speaking to the operators, maybe looking at some of their surveys already, things of that nature. Before we even go, we have a pretty good idea. But even still, you can be surprised. And also if it’s a situation where we’re going to replace the operator, then some of those things don’t matter as much, because you know you’re bringing in an operator you already know and trust, and are comfortable and confident in how they work.

To answer your question, I would say it’s pretty often just based on the amount of due diligence we do before we get out there. But there are surprises.

What are some of the advantages and strengths of the REIT structure? There’s been chatter in the industry recently about the whole REIT-SNF relationship breaking down in the wake of some operators’ financial struggles.

I know there’s been a lot of talk lately, and there’s been some comments made about tenants and operators signing leases with REITs that were unrealistic, and they were being escalated out. I think we’ve been really smart about the leases we’ve put in place. We’re pretty conservative with the lease coverage ratios that we start with from the very beginning, and I think we’re really conservative with our escalators as well.

Believe me, we don’t ever want our tenants to be in a position where they can’t pay rent because of the escalators we put in place. I know we’ve had a few leases where we didn’t even start escalators for three years. Some have been lower than others just based on the market, and what we think is going to happen moving forward with labor costs and other expenses. So I think you just have to be smart about it, and think about the lease specifically as it pertains to each tenant that you have and each location. I have seen some leases that have had ridiculous escalators, and they’ve started out with really low coverage, and I think you can almost anticipate what’s going to happen there.

I don’t think that’s a REIT problem in general. I think that’s just specific to certain REITs that maybe were a little bit too aggressive with their leases, hoping that the operator would be able to keep up. Or, let’s face it, we’ve had some operators — [across] the whole industry — that haven’t done well and haven’t been able to sustain their businesses for one reason or another. No change in escalator or anything is going to help that.

“Believe me, we don’t ever want our tenants to be in a position where they can’t pay rent because of the escalators we put in place.”

Is there an ideal coverage for SNFs, or is it something that depends on each property and market?

We base our lease coverage first on the type of asset, so if it’s assisted or memory care versus skilled — we always try to make our skilled coverage much higher than our senior housing. Again, I think it depends on the operator, what we think is going to happen in the future — if there are certain changes that are coming down the pike. We start with our baseline, and then maybe try to adjust it one way or the other based on what we think the future is going to hold. Of course, we don’t have a crystal ball.

I also think that if we’re looking at a deal, and we’re worried about the coverage out of the gate, that’s just not a deal we’re going to do. We tend to be fairly conservative. I think there’s other REITs out there who take a lot more risks than we do. We’re pretty conservative overall.

What does the future hold for SNFs, at least over the next few years?

I have a very positive outlook on it. I don’t know if we’ll ever get away from all of the headwinds, especially in skilled nursing. Maybe we look out farther than a year — maybe once we start getting into 2022, 2023, where we really start seeing the benefits from the change in demographics, where I think we’ll be having much different conversations than we’re having now. I do believe there’s always going to be a need for skilled nursing. I don’t think that is going to go away for any reason. I think home health is a great option for a lot of people, but I certainly don’t think that is any kind of a true replacement for skilled nursing. No one goes into skilled nursing for the money. It’s because they have a desire to help people and to take care of people who need it, and I just think that’s so admirable.

I have a very positive outlook. Otherwise we wouldn’t be moving in the direction we’re moving. Most of our acquisitions over the past few years have been very heavy in skilled nursing, because we believe it’s a really good asset class to continue to acquire.

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Alex Spanko
aspanko@skillednursingnews.com

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9

May
2019

Summit Healthcare REIT, Inc. To Participate At The 7th Annual IMN Real Estate CFO & COO Forum (West)

LAKE FOREST, Calif., May 9, 2019 — Summit Healthcare REIT, Inc. (“Summit”) announced today that Elizabeth Pagliarini, the company’s Chief Financial Officer, will participate in a CFO Roundtable discussion at the 7th Annual Information Management Network (IMN) Real Estate CFO & COO Forum (West) on Thursday, May 16 at The Fairmont Miramar Hotel in Santa Monica, California. The roundtable panel will discuss how they are driving transformation within their organizations and share predictions for the year ahead.

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 57 Senior Housing 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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20

Mar
2019

Summit Healthcare REIT, Inc. acquires an interest in 14 skilled nursing/assisted living facilities in Indiana

LAKE FOREST, Calif., March 20, 2019 — Summit Healthcare REIT, Inc. (“Summit”) announced that it has acquired an interest in 14 skilled nursing/assisted living facilities throughout Indiana on March 13, 2019. The facilities, acquired for $125 million, consist of a total of over 1,100 licensed beds and will be leased back to the seller on a triple net basis. The acquisition was made through a newly formed joint venture among a wholly-owned subsidiary of Summit, a real estate holding company, and a global institutional asset management firm. Summit holds a 15% membership interest in the joint venture.

“The new joint venture will continue to focus on quality regional operators, but on a larger scale,” said Kent Eikanas, President & Chief Operating Officer.

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 57 Senior Housing 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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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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