Archive for News’ Category

1

May
2015

Summit Healthcare REIT, Inc. Announces Joint Venture

Lake Forest, Calif., (May 1, 2015) – Summit Healthcare REIT, Inc. (“Summit” or the “REIT”), announced today that its wholly-owned affiliate Summit Healthcare Operating Partnership (“Summit OP”) entered into a joint venture with Best Years, LLC (“Best Years”). The new joint venture entity will own six properties in the REIT’s portfolio, with 10% of the interests owned by Summit OP and 90% of the interests owned by Best Years. This move is part of an ongoing strategy of the REIT to attract and joint venture with institutional third party capital to continue to grow and diversify the REIT’s senior housing portfolio. The REIT intends to use the proceeds from the contribution of a portion of its interests in the properties to acquire additional healthcare facilities.

“This joint venture 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 is also a strong endorsement 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 17 long-term triple-net leased healthcare facilities.

About Best Years, LLC

Best Years is a Delaware limited liability company which is managed by Union Life Insurance Co., Ltd. (“Union Life”), a Chinese corporation. Union Life is a comprehensive life insurance company with diversified product lines, and is licensed by the China Insurance Regulatory Commission to operate nationwide throughout China with all life and health lines including compulsory products.

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. 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

Jan
2015

Summit Healthcare REIT, Inc. Acquires Two Senior Living Facilities

Lake Forest, Calif., (Jan. 7, 2015) – Summit Healthcare REIT, Inc. (“Summit”) announced today that it acquired two senior living facilities on December 31, 2014, for a total purchase price of approximately $14.2 million.

The two facilities acquired include Gateway Care and Retirement Center, a 38,034 square foot facility located in Portland, Oregon that has 59 beds dedicated to skilled nursing services and 32 independent living private apartments, and Applewood Retirement Community, a 45,563 square foot facility located in Salem, Oregon that has 69 independent living apartments.

The facilities will be operated and leased by Sapphire Health Services (“Sapphire”) pursuant to a 15-year triple net lease. Sapphire is an experienced operator of independent living, assisted living and skilled nursing facilities.

“We are excited to begin a relationship with Sapphire and look forward to working long-term with this exceptional operating team,” said Kent Eikanas, President and Chief Operating Officer of Summit Healthcare REIT, Inc.

“Sapphire is excited about forging a new partnership with Summit. Summit has an experienced team, proven in handling complex acquisitions and lease-back transactions. In our experience, Summit was exceptional in making the transaction as smooth and calm as possible,” said Kevin Ricker, Co-Owner of Sapphire Health Services. “We look forward to our next acquisition together.”

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 16 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, June 30, 2014, and September 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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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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