2017 Q1 Form 10-Q Financial Statement

#000163297017000063 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $4.052M $0.00
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 $1.711M $0.00
YoY Change
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit $333.0K -$150.0K
YoY Change -322.0%
Interest Expense $418.0K $0.00
YoY Change
% of Operating Profit 125.53%
Other Income/Expense, Net $418.0K $0.00
YoY Change
Pretax Income
YoY Change
Income Tax $0.00
% Of Pretax Income
Net Earnings -$85.00K -$150.0K
YoY Change -43.33%
Net Earnings / Revenue -2.1%
Basic Earnings Per Share
Diluted Earnings Per Share
COMMON SHARES
Basic Shares Outstanding 20.83K shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.059M $202.0K
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 $23.16M
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 $218.0M $428.0K
YoY Change 50830.84%
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 $58.90M $344.0K
YoY Change 17021.8%
SHAREHOLDERS EQUITY
Retained Earnings -$9.607M -$150.0K
YoY Change 6304.67%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $82.00K
YoY Change
Total Liabilities & Shareholders Equity $218.0M $428.0K
YoY Change 50830.84%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$85.00K -$150.0K
YoY Change -43.33%
Depreciation, Depletion And Amortization $1.711M $0.00
YoY Change
Cash From Operating Activities $1.390M $0.00
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$75.55M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$76.13M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $73.99M $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities $1.390M $0.00
Cash From Investing Activities -$75.55M $0.00
Cash From Financing Activities $73.99M $0.00
Net Change In Cash -$178.0K $0.00
YoY Change -100.0%
FREE CASH FLOW
Cash From Operating Activities $1.390M $0.00
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2017Q1 dei Entity Central Index Key
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dei Entity Incorporation Date Of Incorporation
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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 believe we currently qualify, and 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 ended December 31, 2016, and we intend to continue to be taxed as a REIT.</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 up to </font><font style="font-family:inherit;font-size:10pt;">$3,150,000,000</font><font style="font-family:inherit;font-size:10pt;"> in shares of our Class T common stock, consisting of up to </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 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 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 Class T common stock for </font><font style="font-family:inherit;font-size:10pt;">$9.50</font><font style="font-family:inherit;font-size:10pt;"> per share pursuant to our distribution reinvestment plan, as amended, or the DRIP. Effective June 17, 2016, we reallocated certain of the unsold shares of Class T common stock being offered and began offering shares of Class I common stock, 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 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 in our primary offering, and up to an aggregate of </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 Class T and Class I common stock pursuant to the DRIP, 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;">. The shares of our Class T common stock in our primary offering are being offered 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. The shares of our Class I common stock in our primary offering were being offered 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 prior to March 1, 2017, and are being offered at a price of </font><font style="font-family:inherit;font-size:10pt;">$9.21</font><font style="font-family:inherit;font-size:10pt;"> per share for all shares offered effective March 1, 2017. The shares of our Class T and Class I common stock issued pursuant to the DRIP were sold at a price of </font><font style="font-family:inherit;font-size:10pt;">$9.50</font><font style="font-family:inherit;font-size:10pt;"> per share prior to January 1, 2017, and are sold at a price of </font><font style="font-family:inherit;font-size:10pt;">$9.40</font><font style="font-family:inherit;font-size:10pt;"> per share for all shares issued pursuant to the DRIP effective January 1, 2017. After our board of directors determines an estimated net asset value, or NAV, per share of our common stock, share prices are expected to be adjusted to reflect the estimated NAV per share and, in the case of shares offered pursuant to our primary offering, up-front selling commissions and dealer manager fees other than those funded by Griffin-American Healthcare REIT IV Advisor, LLC, or Griffin-American Healthcare REIT IV Advisor, or our advisor. 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. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</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;">18,867,217</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;">$187,691,000</font><font style="font-family:inherit;font-size:10pt;">, excluding 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 our advisor pursuant to an advisory agreement, or the Advisory Agreement, between us and our advisor. The Advisory Agreement was effective as of February 16, 2016 and had a&#160;</font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;">-year term, subject to successive&#160;</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.&#160;The Advisory Agreement was renewed pursuant to the mutual consent of the parties on February 13, 2017 and expires on February 16, 2018. 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. Our advisor 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 Company, LLC, or Griffin Capital (formerly known as Griffin Capital Corporation), 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 Colony NorthStar, Inc. (NYSE: CLNS), or Colony NorthStar (formerly known as NorthStar Asset Management Group Inc. prior to its merger with Colony Capital, Inc. and NorthStar Realty Finance Corp. on January 10, 2017), 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 Colony NorthStar&#8217;s partners. We are not affiliated with Griffin Capital, Griffin Capital Securities, LLC, or our dealer manager, Colony NorthStar or Mr. Flaherty; 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;">We currently operate through two reportable business segments &#8212; medical office buildings and senior housing. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, we had completed </font><font style="font-family:inherit;font-size:10pt;">11</font><font style="font-family:inherit;font-size:10pt;"> property acquisitions comprising </font><font style="font-family:inherit;font-size:10pt;">14</font><font style="font-family:inherit;font-size:10pt;"> buildings, or approximately </font><font style="font-family:inherit;font-size:10pt;">860,000</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;">$212,370,000</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2017Q1 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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