2016 Q4 Form 10-Q Financial Statement

#000163297016000182 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $2.818M $214.0K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.00K
YoY Change
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit -$2.161M -$2.036M $0.00
YoY Change
Interest Expense $56.00K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $458.0K $56.00K
YoY Change
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$2.619M -$2.092M $0.00
YoY Change
Net Earnings / Revenue -92.94% -977.57%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 7.784M shares 2.844M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.237M $2.575M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles $19.67M $6.866M
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $142.8M $65.66M
YoY Change 70572.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities
Total Long-Term Liabilities
Total Liabilities $50.50M $22.70M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$7.351M -$3.453M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $92.26M $42.95M
YoY Change
Total Liabilities & Shareholders Equity $142.8M $65.66M
YoY Change 70572.28%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$2.619M -$2.092M $0.00
YoY Change
Depreciation, Depletion And Amortization $40.00K
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
dei Document Period End Date
DocumentPeriodEndDate
2016-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001632970
CY2016Q4 dei Entity Common Stock Shares Outstanding
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dei Entity Filer Category
EntityFilerCategory
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dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2015-01-23
dei Entity Registrant Name
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Griffin-American Healthcare REIT IV, Inc.
dei Trading Symbol
TradingSymbol
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gahr Other Amortization
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gahr Other Amortization
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1. Organization and Description of Business</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"> </font></div><div style="line-height:120%;padding-top:10px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Griffin-American Healthcare REIT IV, Inc., a Maryland corporation, was incorporated on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">January&#160;23, 2015</font><font style="font-family:inherit;font-size:10pt;"> and therefore we consider that our date of inception. We were initially capitalized on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">February&#160;6, 2015</font><font style="font-family:inherit;font-size:10pt;">. We invest in a diversified portfolio of real estate properties, focusing primarily on medical office buildings, hospitals, skilled nursing facilities, senior housing and other healthcare-related facilities. We may also originate and acquire secured loans and real estate-related investments on an infrequent and opportunistic basis. We generally seek investments that produce current income. We intend to elect to be treated as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, for federal income tax purposes beginning with our taxable year ending December 31, 2016.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 16, 2016, we commenced our initial public offering, or our offering, in which we were offering to the public a minimum of </font><font style="font-family:inherit;font-size:10pt;">$2,000,000</font><font style="font-family:inherit;font-size:10pt;"> in shares of our Class T common stock, or the minimum offering, and a maximum of </font><font style="font-family:inherit;font-size:10pt;">$3,000,000,000</font><font style="font-family:inherit;font-size:10pt;"> in shares of our Class T common stock in our primary offering at a purchase price of </font><font style="font-family:inherit;font-size:10pt;">$10.00</font><font style="font-family:inherit;font-size:10pt;"> per share. Effective June 17, 2016, we reallocated certain of the unsold shares being offered, such that we are currently offering up to approximately </font><font style="font-family:inherit;font-size:10pt;">$2,800,000,000</font><font style="font-family:inherit;font-size:10pt;"> in shares of Class T common stock at a price of </font><font style="font-family:inherit;font-size:10pt;">$10.00</font><font style="font-family:inherit;font-size:10pt;"> per share and </font><font style="font-family:inherit;font-size:10pt;">$200,000,000</font><font style="font-family:inherit;font-size:10pt;"> in shares of Class I common stock at a price of </font><font style="font-family:inherit;font-size:10pt;">$9.30</font><font style="font-family:inherit;font-size:10pt;"> per share in our primary offering, and up to </font><font style="font-family:inherit;font-size:10pt;">$150,000,000</font><font style="font-family:inherit;font-size:10pt;"> in shares of our common stock pursuant to our distribution reinvestment plan, or the DRIP, at a purchase price of </font><font style="font-family:inherit;font-size:10pt;">$9.50</font><font style="font-family:inherit;font-size:10pt;"> per share, aggregating up to </font><font style="font-family:inherit;font-size:10pt;">$3,150,000,000</font><font style="font-family:inherit;font-size:10pt;">, or the maximum offering. We reserve the right to reallocate the shares of common stock we are offering between the primary offering and the DRIP, and among classes of stock.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The conditions of our minimum offering were satisfied on April&#160;12, 2016, and we admitted our initial public subscribers as stockholders, excluding shares purchased by residents of Ohio, Washington and Pennsylvania (who were subject to higher minimum offering amounts). Having raised the minimum offering, the offering proceeds were released by the escrow agent to us on April 13, 2016 and were made available for the acquisition of properties and other purposes as disclosed in our prospectus dated February 16, 2016, or our prospectus, as filed with the United States Securities and Exchange Commission, or the SEC (provided that subscriptions from residents of Ohio, Washington and Pennsylvania were to continue to be held in escrow until we had received and accepted subscriptions aggregating at least </font><font style="font-family:inherit;font-size:10pt;">$10,000,000</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$20,000,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$150,000,000</font><font style="font-family:inherit;font-size:10pt;">, respectively). The conditions of our minimum offering in Ohio and Washington were satisfied on June 14, 2016 and July 8, 2016, respectively, and as of such dates we were able to admit Ohio and Washington subscribers as stockholders.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, we had received and accepted subscriptions in our offering for </font><font style="font-family:inherit;font-size:10pt;">5,374,861</font><font style="font-family:inherit;font-size:10pt;"> aggregate shares of our Class T and Class I common stock, or approximately </font><font style="font-family:inherit;font-size:10pt;">$53,443,000</font><font style="font-family:inherit;font-size:10pt;">, excluding subscriptions from residents in Pennsylvania (who will not be admitted as stockholders until we have received and accepted subscriptions aggregating at least </font><font style="font-family:inherit;font-size:10pt;">$150,000,000</font><font style="font-family:inherit;font-size:10pt;">) and shares of our common stock issued pursuant to the DRIP. </font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We conduct substantially all of our operations through Griffin-American Healthcare REIT IV Holdings, LP, or our operating partnership. We are externally advised by Griffin-American Healthcare REIT IV Advisor, LLC, or Griffin-American Healthcare REIT IV Advisor, or our advisor, pursuant to an advisory agreement, or the Advisory Agreement, between us and our advisor that has a </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;">-year term that expires on February&#160;16, 2017 and is subject to successive </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;">-year renewals upon the mutual consent of the parties. Our advisor uses its best efforts, subject to the oversight and review of our board of directors, to, among other things, research, identify, review and make investments in and dispositions of properties and securities on our behalf consistent with our investment policies and objectives. Our advisor performs its duties and responsibilities under the Advisory Agreement as our fiduciary. </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">Our a</font><font style="font-family:inherit;font-size:10pt;">dvisor is </font><font style="font-family:inherit;font-size:10pt;">75.0%</font><font style="font-family:inherit;font-size:10pt;"> owned and managed by American Healthcare Investors, LLC, or American Healthcare Investors, and </font><font style="font-family:inherit;font-size:10pt;">25.0%</font><font style="font-family:inherit;font-size:10pt;"> owned by a wholly owned subsidiary of Griffin Capital Corporation, or Griffin Capital, or collectively, our co-sponsors. Effective March&#160;1, 2015, American Healthcare Investors is </font><font style="font-family:inherit;font-size:10pt;">47.1%</font><font style="font-family:inherit;font-size:10pt;"> owned by AHI Group Holdings, LLC, or AHI Group Holdings, </font><font style="font-family:inherit;font-size:10pt;">45.1%</font><font style="font-family:inherit;font-size:10pt;"> indirectly owned by NorthStar Asset Management Group Inc. (NYSE: NSAM), or NSAM, and </font><font style="font-family:inherit;font-size:10pt;">7.8%</font><font style="font-family:inherit;font-size:10pt;"> owned by James F. Flaherty III, one of NSAM&#8217;s partners. NSAM has announced its intention to merge with Colony Capital, Inc. (NYSE:CLNY) and NorthStar Realty Finance Corp. (NYSE: NRF) to form a new combined company, Colony NorthStar, Inc. The proposed merger is subject to substantial closing conditions, including the required approval from each respective company&#8217;s stockholders, governmental and regulatory agencies and third parties. We are not affiliated with Griffin Capital, Griffin Capital Securities, LLC, or Griffin Capital Securities, or our dealer manager, NSAM, Mr. Flaherty, Colony Capital, Inc. or NorthStar Realty Finance Corp.; however, we are affiliated with Griffin-American Healthcare REIT IV Advisor, American Healthcare Investors and AHI Group Holdings.</font></div><div style="line-height:120%;padding-top:10px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, we had completed </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> property acquisitions comprising </font><font style="font-family:inherit;font-size:10pt;">five</font><font style="font-family:inherit;font-size:10pt;"> buildings, or approximately </font><font style="font-family:inherit;font-size:10pt;">211,000</font><font style="font-family:inherit;font-size:10pt;"> square feet of gross leasable area, or GLA, for an aggregate contract purchase price of </font><font style="font-family:inherit;font-size:10pt;">$59,670,000</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:10px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of our accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as the disclosure of contingent assets and liabilities, at the date of our condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates are made and evaluated on an on-going basis using information that is currently available as well as various other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates, perhaps in material adverse ways, and those estimates could be different under different assumptions or conditions.</font></div></div>

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