Archive for News’ Category

6

Nov
2014

Summit Healthcare REIT, Inc. Acquires Skilled Nursing Facility

Lake Forest, Calif., (Nov. 6, 2014) – Summit Healthcare REIT, Inc. (“Summit”) announced today that it acquired a 55-bed skilled nursing facility in Myrtle Point, Oregon for a purchase price of approximately $4.2 million on Oct. 31, 2014.

The 18,105 square foot facility will be operated by and leased to Dakavia Management Corp. (“Dakavia”) pursuant to a 15-year triple net lease. Dakavia has over twenty years of experience in the skilled nursing industry and operates five other facilities in Summit’s portfolio.

“Dakavia continues to prove a valuable partner in our strategic growth efforts,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc. “We are excited to see our relationship with Dakavia expand, and we look forward to additional opportunities in the future.”

About Summit Healthcare REIT, Inc.
Summit is a publicly registered non-traded REIT that is currently focused on investing in healthcare related senior housing real estate located throughout the United States. The current portfolio includes interests in 15 healthcare facilities.

For more information, please contact Kiersten Mehl 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, 2013, and quarterly reports for the periods ended March 31, 2014, and June 30, 2014. 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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29

Sep
2014

Summit Healthcare REIT, Inc. Expands to Colorado

Lake Forest, Calif., (Sept. 29, 2014) – Summit Healthcare REIT, Inc. (“Summit”) announced today that it acquired two skilled nursing facilities in Colorado for a purchase price of approximately $8 million on Sept. 22, 2014.

The two facilities acquired include Juniper Village at Lamar, which is a 22,000 square foot skilled nursing facility located in Lamar, Colorado, and Juniper Village at Monte Vista, which is a 20,000 square foot skilled nursing facility located in Monte Vista, Colorado. Both of the 60-bed facilities were built in 1972 and renovated in 2008.

The facilities will be operated and leased by Dakavia Management Corp. (“Dakavia”) pursuant to a 15-year triple net lease. Dakavia has over twenty years of experience in the skilled nursing industry and operates three other facilities in Summit’s portfolio.

“We have been pleased with the relationship with Dakavia as they have been a great partner and operator for us,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc. “We look forward to our continued growth with Dakavia.”

“Summit has been a great group to work with and an important part of our strategic growth,” said Kent Emry, President of Dakavia Management Corp.

These acquisitions are Summit’s first since becoming self-managed earlier this year and mark the geographic expansion into the state of Colorado, a strategy consistent with key objectives to grow and diversify Summit’s portfolio.

About Summit Healthcare REIT, Inc.
Summit is a publicly registered non-traded REIT that is currently focused on investing in healthcare related senior housing real estate located throughout the United States. The current portfolio includes interests in 14 long-term triple net leased healthcare facilities.

For more information, please contact Kiersten Mehl 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, 2013, and quarterly reports for the periods ended March 31, 2014, and June 30, 2014. 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

Sep
2014

Summit Healthcare REIT, Inc. Appoints New CFO

Lake Forest, Calif., (September 5, 2014) – Summit Healthcare REIT, Inc. (“Summit”) announced today that Elizabeth A. Pagliarini has been appointed Chief Financial Officer effective September 1, 2014. Ms. Pagliarini joined Summit in June 2014 as its Controller.

Ms. Pagliarini is a seasoned executive with over 20 years of experience in financial services and investment banking. Her background includes experience in finance, accounting, operations, compliance, securities litigation, and executive management.

Since 2008, Ms. Pagliarini has served as a principal at The Elizabeth Group, a company she founded to provide out-sourced chief financial officer services to registered investment advisers and broker-dealers, as well as services relating to securities litigation consulting. From 2005 to 2008, Ms. Pagliarini served as chief financial officer and chief compliance officer of an investment bank. 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.

Ms. Pagliarini received her B.S. in Business Administration with a concentration in Finance from Valparaiso University where she was honored with their highest academic award, the Presidential Scholarship. She is also a Certified Fraud Examiner and studied law and forensic accounting at UCLA.

Ms. Pagliarini proudly serves as Chairwoman of the Board of Directors for Forever Footprints, a non-profit organization that provides support to families that have suffered the loss of a baby during pregnancy or infancy and educates the medical community to improve quality of care and response.

“I am excited and honored to be a part of this executive team,” said Pagliarini. “Summit has executed a remarkable repositioning of its portfolio, and I am pleased to have the opportunity to contribute to the continued efforts for strategic growth and enhanced shareholder value.”

“With her expertise and enthusiasm, Elizabeth is an exemplary choice to fill this role,” said Kent Eikanas, President and Chief Operating Officer. “Since joining Summit, she has become an integral part of our accounting and reporting segments and essential to our smooth transition to self-management.”

Ms. Pagliarini replaces the interim chief financial officer, Dominic J. Petrucci, who has returned his focus to his commercial real estate investment and consulting company.

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 12 long-term triple-net leased healthcare facilities.

For more information, please contact Kiersten Mehl 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, 2013 and quarterly reports for the periods ended March 31, 2014, and June 30, 2014. 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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31

Dec
2013

Redding

redding news newSummit Healthcare REIT, Inc. Completes First Acquisition 

Irvine, Calif., (December 31, 2013) – Summit Healthcare REIT, Inc. (“SH REIT”) announced today that it has completed its first acquisition since changing its name from Cornerstone Core Properties REIT, Inc. in October 2013. On December 18, 2013 for approximately $3.5 million, SH REIT acquired a 40-unit assisted living facility located in Redding, California that was built in 1992.

The 26,000 square foot facility has been triple-net leased to an affiliate of Compass Senior Living, LLC (“Compass”), the new operator of the facility, pursuant to a ten-year term. The principals of Compass have over 30 years of combined experience in the senior housing industry.

“We are very pleased to start a relationship with Compass and confident we will experience a lot of success together in the future” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc.

About Summit Healthcare REIT, Inc. 

SH REIT 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 12 long-term triple-net leased healthcare facilities.

For more information, please contact Juli Davenport 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, 2012 and quarterly reports for the periods ended March 31, 2013, and June 30, 2013. 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. 

CL0335 12/13 

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24

Oct
2013

Summit Healthcare REIT, Inc.

Screen Shot 2013-10-29 at 10.04.06 AMCornerstone Core Properties REIT, Inc. Changes Name to Summit Healthcare REIT, Inc.

Irvine, Calif., (October 24, 2013) – Cornerstone Core Properties REIT, Inc. announced today that it has changed its name to Summit Healthcare REIT, Inc. (the “Company” or “SH REIT”). After a strategic repositioning of the Company’s portfolio into senior housing facilities, the new name is intended to better reflect SH REIT’s investment focus on healthcare real estate.

“With our focus 100% on healthcare, we believe that it is the right time to change our company name to symbolize the start of this new chapter in our story,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc.

“Our acquisitions over the last year have created a solid foundation upon which to grow SH REIT. We are excited about our growth potential and look forward to our future,” said Timothy C. Collins, Chief Financial Officer of Summit Healthcare REIT, Inc.

About Summit Healthcare REIT, Inc.

SH REIT 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 one multi-tenant industrial property and interests in 10 long-term triple net leased healthcare facilities.

For more information, please contact Juli Davenport 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, 2012 and quarterly reports for the periods ended March 31, 2013, and June 30, 2013. 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.

CL0332 10/13

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8

Oct
2013

North Carolina Portfolio

Hamlet-House-Front-Drive-up
Summit Healthcare REIT, Inc.  Acquires Assisted Living Portfolio. 

Irvine, Calif., (October 8, 2013) – Summit Healthcare REIT, Inc. (“Summit”) announced today that it acquired three assisted living facilities in North Carolina for a purchase price of approximately $15.3 million on October 4, 2013.

The three facilities acquired include Carteret House in Newport, N.C., a 29,570 square foot facility with 64 beds built in 1994; Hamlet House in Hamlet, N.C., a 34,638 square foot facility with 60 beds built in 1999; and Shelby House in Shelby, N.C., a 23,074 square foot facility with 64 beds built in 1991.

The facilities were acquired through a sale/leaseback transaction with wholly-owned subsidiaries of Meridian Senior Living, LLC (“Meridian”). Meridian will continue to operate the facilities pursuant to 15-year triple net leases. Meridian currently operates more than 120 facilities with over 4,400 units located throughout 12 states, including 44 facilities in North Carolina and two other facilities owned by Summit.

“We have enjoyed the growth with Meridian and look forward to continued growth,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc.

“Summit and Meridian both bring a commitment to excellence and a history of success to our relationship. The folks at Summit are among the best in their industry, and we are looking forward to working with these outstanding professionals,” said Charlie Trefzger, Chief Executive Officer, Meridian Senior Living, LLC.

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. Since its commencement in 2006, Summit has acquired 23 properties for a total purchase price of $209.5 million. Since 2011, 12 of those properties have been sold. The current portfolio includes one multi-tenant industrial property and interests in 10 long-term triple net leased healthcare facilities.

For more information, please contact Juli Davenport at (800) 978-8136.

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

This release may contain forward-looking statements relating to the business and financial outlook of Summit 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 Summit Healthcare REIT, Inc.’s annual report on Form 10-K for the year ended December 31, 2012 and quarterly reports for the periods ended March 31, 2013, and June 30, 2013. 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. CL0329 10/13

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3

Jul
2013

Aledo

Front Entrance  & Driveway - Larger view -  HW of Aledo, IL
 
Summit Healthcare REIT, Inc.  Acquires Assisted Living Facility  Through Joint Venture

Irvine, Calif., (July 3, 2013) – Summit Healthcare REIT, Inc. (“Summit”) announced today that it acquired on July 2, 2013, a 66-unit assisted living facility built in 2006 located in Aledo, Illinois for approximately $8.6 million. The facility has recently enjoyed an occupancy rate at or above 95%.

The facility has been triple-net leased to an affiliate of Meridian Senior Living, LLC (“Meridian”), the new operator of the facility, pursuant to a fifteen-year term. Meridian currently operates more than 100 facilities in 12 states, including one of the facilities Summit closed on earlier this year as well as others in Illinois.

“We are very pleased to add another property to our Meridian Senior Living portfolio,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc.

About Summit Healthcare REIT, Inc. 

Summit REIT is a publicly registered non-traded REIT that currently invests in senior housing real estate located throughout the United States. Since its commencement in 2006, Summit has acquired twenty properties for a total purchase price of $194.2 million. Since 2011, six of those properties have been sold. The current portfolio includes seven multi-tenant industrial properties and seven long-term triple net leased healthcare facilities.

For more information, please contact Juli Davenport 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 Summit Healthcare REIT, Inc.’s annual report on Form 10-K for the year ended December 31, 2012 and quarterly reports for the periods ended March 31, 2013. 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. 

CL0325 07/13 

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6

Feb
2013

Danby

Danby big
 
Summit Healthcare REIT, Inc. Acquires Skilled Nursing Facility Through Joint Venture

Irvine, Calif., (February 6, 2013) – Summit Healthcare REIT, Inc. (“Summit”) made an investment in a joint venture that acquired a 99-bed assisted living and memory care facility in Winston-Salem, North Carolina in an $9.7 million transaction.

The facility has been leased to the current operator pursuant to a ten-year triple net lease. The operator has operated the facility since March 2011 and currently operates more than 91 facilities in 12 states.

“We are very pleased with the start of our relationship with this large, top-notch assisted living provider,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc.

Through the joint venture entity, Cornerstone Healthcare Partners, LLC, Summit acquired a 95% interest in the Danby House facility while joint venture partner Cornerstone Healthcare Real Estate Fund, Inc. acquired the remaining 5% interest.

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that invests in investment-grade real estate located throughout the United States. Since its commencement in 2006, Summit has acquired nineteen properties for a total purchase price of $185.6 million. Since 2011, five of those properties have been sold. The current portfolio includes eight multi-tenant industrial properties and six long-term triple net leased healthcare facilities.

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 Summit Healthcare REIT, Inc.’s annual report on Form 10-K for the year ended December 31, 2011, and quarterly reports for the periods ended March 31, 2012, June 30, 2012, and September 30, 2012. 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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31

Dec
2012

Pacific

 
Farmington big
Summit Healthcare REIT, Inc. Acquires Skilled Nursing Facility Through Joint Venture

Irvine, Calif., (December 31, 2012) – Summit Healthcare REIT, Inc. (“Summit”)  made an investment in a joint venture that acquired a 78-bed skilled nursing facility in Tigard, Oregon in an $8.2 million transaction.*

The facility has been leased to the current operator, Dakavia Management, pursuant to a 15-year triple net lease. Dakavia Management has over twenty years of experience operating skilled nursing facilities in the Pacific Northwest and currently operates two additional facilities acquired by Summit in August 2012.

“It has been a real pleasure to work with Dakavia and we are glad to be adding another lease to the Dakavia Portfolio,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc.

Through the joint venture entity, Cornerstone Healthcare Partners, LLC, Summit acquired a 95% interest in the facility while joint venture partner Cornerstone Healthcare Real Estate Fund, Inc. acquired the remaining 5% interest. Debt financing was provided by GE Capital, Healthcare Financial Services.

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that invests in investment-grade real estate located throughout the United States. Since its commencement in 2006, Summit has acquired eighteen properties for a total purchase price of $175.9 million. Since 2011, four of those properties have been disposed. The current portfolio includes nine multi-tenant industrial properties and five long-term triple net leased healthcare facilities.

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

 *As a result of this joint venture, the Summit owns a 95% economic interest in the property
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 Summit Healthcare REIT, Inc.’s annual report on Form 10-K for the year ended December 31, 2011, and quarterly reports for the periods ended March 31, 2012, and June 30, 2012. 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. CL0312 12/12 
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19

Sep
2012

Farmington & Friendswood

 

1500-161
Summit Healthcare REIT, Inc. Acquires Memory Care & Skilled Nursing Facilities Through JV

Irvine, Calif., (September 19, 2012) – Summit Healthcare REIT, Inc. (“Summit”) made an investment in a joint venture that acquired a 71-bed memory care facility in Medford, Oregon in an $8.5 million transaction and a 150-bed skilled nursing facility in Galveston County, Texas in a $15.0 million transaction.* Both facilities were acquired through sale/ leaseback transactions and are leased under ten-year triple net leases.

“We are excited about both transactions. Both operators have proven to be industry leaders with an ability to provide high levels of care while maintaining high occupancy rates,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc.

Through the joint venture entity, Cornerstone Healthcare Partners, LLC, Summit acquired a 95% interest in the two facilities, while joint venture partner Cornerstone Healthcare Real Estate Fund acquired the remaining 5% interest. Debt financing was provided by GE Capital, Healthcare Financial Services.

About Summit Healthcare REIT, Inc. 

Summit is a publicly registered non-traded REIT that invests in investment grade real estate located throughout the United States. Since its commencement in 2006, Summit has acquired 17 properties for a total purchase price of $167.7 million. Since 2011, four of those properties have been disposed. The current portfolio includes nine multi-tenant industrial properties and four long-term triple net leased healthcare facilities.

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

 

*As a result of this joint venture, the Summit owns a 95% economic interest in the properties
This material does not constitute an offer to sell or a solicitation of an offer to buy Summit Healthcare REIT, Inc. 
This release contains 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 the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of the Summit Healthcare REIT, Inc.’s annual report on Form 10-K for the year ended December 31, 2011, and quarterly reports for the periods ended March 31, 2012, and June 30, 2012. 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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