Company Quick10K Filing
Griffin-American Healthcare REIT III
Price-0.00 EPS-0
Shares197 P/E0
MCap-0 P/FCF-0
Net Debt745 EBIT52
TEV745 TEV/EBIT14
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-16
10-Q 2020-09-30 Filed 2020-11-13
10-Q 2020-06-30 Filed 2020-08-13
10-Q 2020-06-30 Filed 2020-08-14
10-Q 2020-03-31 Filed 2020-05-14
10-Q 2020-03-31 Filed 2020-05-15
10-K 2019-12-31 Filed 2020-03-26
10-K 2019-12-31 Filed 2020-03-19
10-Q 2019-09-30 Filed 2019-11-14
10-Q 2019-06-30 Filed 2019-08-14
10-Q 2019-03-31 Filed 2019-05-15
10-K 2018-12-31 Filed 2019-03-21
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-15
10-K 2017-12-31 Filed 2018-03-16
10-Q 2017-09-30 Filed 2017-11-14
10-Q 2017-06-30 Filed 2017-08-14
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-03-15
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-15
10-Q 2016-03-31 Filed 2016-05-13
10-K 2015-12-31 Filed 2016-03-30
10-Q 2015-09-30 Filed 2015-11-13
10-Q 2015-06-30 Filed 2015-08-13
10-Q 2015-03-31 Filed 2015-05-14
10-K 2014-12-31 Filed 2015-03-19
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-07
8-K 2021-02-11
8-K 2021-02-01
8-K 2021-01-01
8-K 2020-12-21
8-K 2020-12-01
8-K 2020-11-25
8-K 2020-11-24
8-K 2020-11-01
8-K 2020-10-01
8-K 2020-08-27
8-K 2020-08-27
8-K 2020-08-24
8-K 2020-08-19
8-K 2020-08-01
8-K 2020-07-28
8-K 2020-07-01
8-K 2020-06-10
8-K 2020-06-10
8-K 2020-06-09
8-K 2020-06-09
8-K 2020-06-01
8-K 2020-05-29
8-K 2020-05-28
8-K 2020-05-22
8-K 2020-05-22
8-K 2020-04-24
8-K 2020-04-23
8-K 2020-04-08
8-K 2020-04-07
8-K 2020-03-31
8-K 2020-03-31
8-K 2020-02-12
8-K 2020-02-11
8-K 2020-01-29
8-K 2020-01-29
8-K 2019-12-17
8-K 2019-11-20
8-K 2019-10-29
8-K 2019-10-03
8-K 2019-09-25
8-K 2019-09-05
8-K 2019-08-22
8-K 2019-06-12
8-K 2019-05-28
8-K 2019-05-22
8-K 2019-05-16
8-K 2019-03-29
8-K 2019-03-19
8-K 2019-02-13
8-K 2019-01-25
8-K 2018-12-20
8-K 2018-12-11
8-K 2018-12-10
8-K 2018-10-03
8-K 2018-10-01
8-K 2018-09-26
8-K 2018-08-31
8-K 2018-08-16
8-K 2018-06-20
8-K 2018-06-11
8-K 2018-05-17
8-K 2018-03-26
8-K 2018-03-19
8-K 2018-02-14

GAHR 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 ex311-gahr4x10xq2020xq3.htm
EX-31.2 ex312-gahr4x10xq2020xq3.htm
EX-32.1 ex321-gahr4x10xq2020xq3.htm
EX-32.2 ex322-gahr4x10xq2020xq3.htm

Griffin-American Healthcare REIT III Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
3.22.61.91.30.60.02014201620182020
Assets, Equity
0.40.30.20.10.0-0.12014201620182020
Rev, G Profit, Net Income
0.90.50.2-0.2-0.5-0.92014201620182020
Ops, Inv, Fin

gahr-20200930
false2020Q3000163297012/3100016329702020-01-012020-09-30xbrli:shares0001632970gahr:CommonClassTMember2020-11-060001632970gahr:CommonClassIMember2020-11-06iso4217:USD00016329702020-09-3000016329702019-12-31iso4217:USDxbrli:shares0001632970gahr:CommonClassTMember2020-09-300001632970gahr:CommonClassTMember2019-12-310001632970gahr:CommonClassIMember2020-09-300001632970gahr:CommonClassIMember2019-12-3100016329702020-07-012020-09-3000016329702019-07-012019-09-3000016329702019-01-012019-09-300001632970us-gaap:CommonStockMember2020-06-300001632970us-gaap:AdditionalPaidInCapitalMember2020-06-300001632970us-gaap:RetainedEarningsMember2020-06-300001632970us-gaap:ParentMember2020-06-300001632970us-gaap:NoncontrollingInterestMember2020-06-3000016329702020-06-300001632970us-gaap:AdditionalPaidInCapitalMember2020-07-012020-09-300001632970us-gaap:ParentMember2020-07-012020-09-300001632970us-gaap:CommonStockMember2020-07-012020-09-300001632970us-gaap:NoncontrollingInterestMember2020-07-012020-09-300001632970us-gaap:RetainedEarningsMember2020-07-012020-09-300001632970us-gaap:CommonStockMember2020-09-300001632970us-gaap:AdditionalPaidInCapitalMember2020-09-300001632970us-gaap:RetainedEarningsMember2020-09-300001632970us-gaap:ParentMember2020-09-300001632970us-gaap:NoncontrollingInterestMember2020-09-300001632970us-gaap:CommonStockMember2019-06-300001632970us-gaap:AdditionalPaidInCapitalMember2019-06-300001632970us-gaap:RetainedEarningsMember2019-06-3000016329702019-06-300001632970us-gaap:CommonStockMember2019-07-012019-09-300001632970us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300001632970us-gaap:RetainedEarningsMember2019-07-012019-09-300001632970us-gaap:CommonStockMember2019-09-300001632970us-gaap:AdditionalPaidInCapitalMember2019-09-300001632970us-gaap:RetainedEarningsMember2019-09-3000016329702019-09-300001632970us-gaap:CommonStockMember2019-12-310001632970us-gaap:AdditionalPaidInCapitalMember2019-12-310001632970us-gaap:RetainedEarningsMember2019-12-310001632970us-gaap:ParentMember2019-12-310001632970us-gaap:NoncontrollingInterestMember2019-12-310001632970us-gaap:AdditionalPaidInCapitalMember2020-01-012020-09-300001632970us-gaap:ParentMember2020-01-012020-09-300001632970us-gaap:CommonStockMember2020-01-012020-09-300001632970us-gaap:NoncontrollingInterestMember2020-01-012020-09-300001632970us-gaap:RetainedEarningsMember2020-01-012020-09-300001632970us-gaap:CommonStockMember2018-12-310001632970us-gaap:AdditionalPaidInCapitalMember2018-12-310001632970us-gaap:RetainedEarningsMember2018-12-3100016329702018-12-310001632970us-gaap:CommonStockMember2019-01-012019-09-300001632970us-gaap:AdditionalPaidInCapitalMember2019-01-012019-09-300001632970us-gaap:RetainedEarningsMember2019-01-012019-09-3000016329702015-01-232020-09-3000016329702015-02-062020-09-3000016329702016-02-160001632970us-gaap:CommonStockMember2016-02-160001632970gahr:DistributionReinvestmentPlanMember2016-02-160001632970gahr:CommonClassTMember2016-06-170001632970gahr:CommonClassIMember2016-06-170001632970gahr:DistributionReinvestmentPlanMember2016-06-1700016329702016-06-170001632970us-gaap:CommonStockMember2016-02-162019-02-1500016329702016-02-162019-02-150001632970gahr:DRIPS3PublicOfferingMember2019-01-180001632970gahr:DRIPS3PublicOfferingMember2019-01-182020-09-3000016329702016-02-162017-02-16xbrli:pure0001632970gahr:AmericanHealthcareInvestorsMember2016-02-160001632970gahr:GriffinCapitalCorporationMember2016-02-160001632970gahr:AHIGroupHoldingsLLCMember2015-03-010001632970gahr:ColonyCapitalInc.Member2015-03-010001632970gahr:JamesF.FlahertyIIIMember2015-03-01gahr:segment00016329702020-09-302020-09-30gahr:Acquisitiongahr:Propertygahr:Buildingutr:sqft0001632970gahr:GriffinAmericanHealthcareREITIVInc.Member2020-09-300001632970gahr:GeneralPartnershipMember2019-01-012019-12-310001632970gahr:GeneralPartnershipMember2020-01-012020-09-300001632970gahr:LimitedPartnershipMember2019-01-012019-12-310001632970gahr:LimitedPartnershipMember2020-01-012020-09-300001632970us-gaap:TransferredAtPointInTimeMembergahr:SeniorHousingRIDEAMember2020-07-012020-09-300001632970us-gaap:TransferredOverTimeMembergahr:SeniorHousingRIDEAMember2020-07-012020-09-300001632970gahr:SeniorHousingRIDEAMember2020-07-012020-09-300001632970us-gaap:TransferredAtPointInTimeMembergahr:SeniorHousingRIDEAMember2019-07-012019-09-300001632970us-gaap:TransferredOverTimeMembergahr:SeniorHousingRIDEAMember2019-07-012019-09-300001632970gahr:SeniorHousingRIDEAMember2019-07-012019-09-300001632970us-gaap:TransferredAtPointInTimeMembergahr:SeniorHousingRIDEAMember2020-01-012020-09-300001632970us-gaap:TransferredOverTimeMembergahr:SeniorHousingRIDEAMember2020-01-012020-09-300001632970gahr:SeniorHousingRIDEAMember2020-01-012020-09-300001632970us-gaap:TransferredAtPointInTimeMembergahr:SeniorHousingRIDEAMember2019-01-012019-09-300001632970us-gaap:TransferredOverTimeMembergahr:SeniorHousingRIDEAMember2019-01-012019-09-300001632970gahr:SeniorHousingRIDEAMember2019-01-012019-09-300001632970gahr:ResidentFeesandServicesMembergahr:PrivateandOtherPayorsMember2020-07-012020-09-300001632970gahr:ResidentFeesandServicesMembergahr:PrivateandOtherPayorsMember2019-07-012019-09-300001632970gahr:ResidentFeesandServicesMembergahr:PrivateandOtherPayorsMember2020-01-012020-09-300001632970gahr:ResidentFeesandServicesMembergahr:PrivateandOtherPayorsMember2019-01-012019-09-300001632970gahr:ResidentFeesandServicesMembergahr:MedicaidMember2020-07-012020-09-300001632970gahr:ResidentFeesandServicesMembergahr:MedicaidMember2019-07-012019-09-300001632970gahr:ResidentFeesandServicesMembergahr:MedicaidMember2020-01-012020-09-300001632970gahr:ResidentFeesandServicesMembergahr:MedicaidMember2019-01-012019-09-300001632970gahr:ResidentFeesandServicesMember2020-07-012020-09-300001632970gahr:ResidentFeesandServicesMember2019-07-012019-09-300001632970gahr:ResidentFeesandServicesMember2020-01-012020-09-300001632970gahr:ResidentFeesandServicesMember2019-01-012019-09-300001632970gahr:ResidentFeesandServicesMembergahr:MedicaidMember2020-01-010001632970gahr:ResidentFeesandServicesMembergahr:PrivateandOtherPayorsMember2020-01-010001632970gahr:ResidentFeesandServicesMember2020-01-010001632970gahr:ResidentFeesandServicesMembergahr:MedicaidMember2020-09-300001632970gahr:ResidentFeesandServicesMembergahr:PrivateandOtherPayorsMember2020-09-300001632970gahr:ResidentFeesandServicesMember2020-09-300001632970srt:ScenarioForecastMember2020-07-012021-06-300001632970us-gaap:BuildingAndBuildingImprovementsMember2020-09-300001632970us-gaap:BuildingAndBuildingImprovementsMember2019-12-310001632970us-gaap:LandMember2020-09-300001632970us-gaap:LandMember2019-12-310001632970us-gaap:FurnitureAndFixturesMember2020-09-300001632970us-gaap:FurnitureAndFixturesMember2019-12-31gahr:facility0001632970us-gaap:LongLivedAssetsHeldForSaleNameDomain2020-07-012020-09-300001632970us-gaap:LongLivedAssetsHeldForSaleNameDomain2020-01-012020-09-300001632970us-gaap:LongLivedAssetsHeldForSaleNameDomain2020-09-300001632970us-gaap:LongLivedAssetsHeldForSaleNameDomain2019-01-012019-09-300001632970us-gaap:LongLivedAssetsHeldForSaleNameDomain2019-07-012019-09-300001632970gahr:MedicalOfficeBuildingMember2020-07-012020-09-300001632970gahr:MedicalOfficeBuildingMember2020-01-012020-09-300001632970gahr:SeniorHousingRIDEAMember2020-07-012020-09-300001632970gahr:SeniorHousingRIDEAMember2020-01-012020-09-300001632970gahr:SkilledNursingFacilitiesMember2020-07-012020-09-300001632970gahr:SkilledNursingFacilitiesMember2020-01-012020-09-300001632970gahr:SeniorHousingMember2020-01-012020-09-300001632970gahr:SeniorHousingMember2020-07-012020-09-3000016329702020-06-012020-06-300001632970gahr:AdvisorMember2020-06-012020-06-300001632970gahr:A2020AcquisitionsMember2020-01-012020-09-300001632970gahr:CatalinaWestHavenALFMember2020-01-012020-09-300001632970gahr:LouisianaSeniorHousingPortfolioMember2020-01-012020-09-300001632970gahr:CatalinaMaderaALFMember2020-01-012020-09-300001632970gahr:AdvisorMember2020-01-012020-09-300001632970gahr:CatalinaWestHavenALFandCatalinaMaderaALFMember2020-09-300001632970gahr:LouisianaSeniorHousingPortfolioMember2020-09-300001632970gahr:A2020AcquisitionsMember2020-09-300001632970us-gaap:LeasesAcquiredInPlaceMember2020-09-300001632970us-gaap:LeasesAcquiredInPlaceMember2019-12-310001632970us-gaap:LeasesAcquiredInPlaceMember2020-01-012020-09-300001632970us-gaap:LeasesAcquiredInPlaceMember2019-01-012019-12-310001632970us-gaap:AboveMarketLeasesMember2020-09-300001632970us-gaap:AboveMarketLeasesMember2019-12-310001632970us-gaap:AboveMarketLeasesMember2020-01-012020-09-300001632970us-gaap:AboveMarketLeasesMember2019-01-012019-12-310001632970gahr:CertificatesOfNeedMember2020-09-300001632970gahr:CertificatesOfNeedMember2019-12-310001632970us-gaap:AboveMarketLeasesMember2020-07-012020-09-300001632970us-gaap:AboveMarketLeasesMember2019-07-012019-09-300001632970us-gaap:AboveMarketLeasesMember2019-01-012019-09-3000016329702019-01-012019-12-31gahr:MortgageLoan0001632970srt:MinimumMember2020-09-300001632970srt:MaximumMember2020-09-300001632970gahr:MortgageLoansPayableNetMember2020-09-300001632970srt:MinimumMember2019-12-310001632970srt:MaximumMember2019-12-310001632970gahr:MortgageLoansPayableNetMember2019-12-310001632970gahr:A2018LineofCreditMember2018-11-200001632970us-gaap:RevolvingCreditFacilityMember2018-11-200001632970gahr:TermLoanFacilityMember2018-11-2000016329702018-11-200001632970gahr:TermLoanMember2019-11-012019-11-010001632970us-gaap:RevolvingCreditFacilityMember2019-11-012019-11-010001632970gahr:A2018LineofCreditMember2019-11-010001632970us-gaap:LineOfCreditMembergahr:A2018LineofCreditMember2018-11-200001632970us-gaap:LineOfCreditMemberus-gaap:EurodollarMembersrt:MinimumMember2018-11-202018-11-200001632970us-gaap:LineOfCreditMembersrt:MaximumMemberus-gaap:EurodollarMember2018-11-202018-11-200001632970us-gaap:LineOfCreditMembergahr:FederalFundsRateMember2018-11-202018-11-200001632970us-gaap:LineOfCreditMembergahr:OneMonthEurodollarMember2018-11-202018-11-200001632970us-gaap:BaseRateMemberus-gaap:LineOfCreditMember2018-11-202018-11-200001632970us-gaap:BaseRateMemberus-gaap:LineOfCreditMembersrt:MinimumMember2018-11-202018-11-200001632970us-gaap:BaseRateMemberus-gaap:LineOfCreditMembersrt:MaximumMember2018-11-202018-11-200001632970us-gaap:LineOfCreditMember2018-11-202018-11-200001632970us-gaap:LineOfCreditMember2020-09-300001632970us-gaap:LineOfCreditMember2019-12-310001632970us-gaap:NondesignatedMembergahr:NotionalAmount1395Member2020-01-012020-09-300001632970us-gaap:NondesignatedMembergahr:NotionalAmount1395Member2020-09-300001632970gahr:Swap2.49InterestRateMemberus-gaap:NondesignatedMembergahr:NotionalAmount1395Member2020-09-300001632970us-gaap:NondesignatedMembergahr:NotionalAmount1395Member2019-12-310001632970us-gaap:NondesignatedMembergahr:NotionalAmount588Member2020-01-012020-09-300001632970us-gaap:NondesignatedMembergahr:NotionalAmount588Member2020-09-300001632970gahr:Swap2.49InterestRateMemberus-gaap:NondesignatedMembergahr:NotionalAmount588Member2020-09-300001632970us-gaap:NondesignatedMembergahr:NotionalAmount588Member2019-12-310001632970us-gaap:NondesignatedMembergahr:NotionalAmount450Member2020-01-012020-09-300001632970us-gaap:NondesignatedMembergahr:NotionalAmount450Member2020-09-300001632970gahr:Swap020InterestRateMemberus-gaap:NondesignatedMembergahr:NotionalAmount450Member2020-09-300001632970us-gaap:NondesignatedMembergahr:NotionalAmount450Member2019-12-310001632970us-gaap:NondesignatedMembergahr:NotionalAmount367Member2020-01-012020-09-300001632970us-gaap:NondesignatedMembergahr:NotionalAmount367Member2020-09-300001632970gahr:Swap2.49InterestRateMemberus-gaap:NondesignatedMembergahr:NotionalAmount367Member2020-09-300001632970us-gaap:NondesignatedMembergahr:NotionalAmount367Member2019-12-310001632970gahr:NotionalAmount150Memberus-gaap:NondesignatedMember2020-01-012020-09-300001632970gahr:NotionalAmount150Memberus-gaap:NondesignatedMember2020-09-300001632970gahr:NotionalAmount150Memberus-gaap:NondesignatedMembergahr:Swap2.53InterestRateMember2020-09-300001632970gahr:NotionalAmount150Memberus-gaap:NondesignatedMember2019-12-310001632970us-gaap:NondesignatedMember2020-09-300001632970us-gaap:NondesignatedMember2019-12-310001632970gahr:BelowMarketLeaseMember2020-09-300001632970gahr:BelowMarketLeaseMember2019-12-310001632970us-gaap:LimitedPartnerMember2020-01-012020-09-300001632970us-gaap:LimitedPartnerMember2019-01-012019-12-310001632970gahr:GeneralPartnershipMember2019-12-310001632970gahr:GeneralPartnershipMember2020-09-300001632970gahr:LimitedPartnershipMember2019-12-310001632970gahr:LimitedPartnershipMember2020-09-300001632970gahr:MeridianMember2020-09-300001632970gahr:AvalonMember2020-09-300001632970gahr:CommonClassTMembergahr:GriffinAmericanAdvisorMember2015-02-060001632970us-gaap:CommonStockMember2016-04-132020-09-3000016329702016-04-132020-09-300001632970gahr:DistributionReinvestmentPlanMember2016-02-160001632970gahr:DistributionReinvestmentPlanMember2018-04-060001632970gahr:DistributionReinvestmentPlanMember2019-04-040001632970gahr:DistributionReinvestmentPlanMember2020-04-020001632970us-gaap:ParentMember2019-07-012019-09-300001632970us-gaap:ParentMember2019-01-012019-09-3000016329702016-04-132019-12-3100016329702018-02-162020-09-300001632970us-gaap:SubsequentEventMember2020-10-312020-10-310001632970gahr:TwoThousandFifteenIncentivePlanMemberus-gaap:CommonStockMember2016-02-120001632970gahr:ReelectedorNewlyElectedIndependentDirectorsMembergahr:TwoThousandFifteenIncentivePlanMemberus-gaap:RestrictedStockMember2020-01-012020-09-300001632970gahr:ReelectedorNewlyElectedIndependentDirectorsMembergahr:TwoThousandFifteenIncentivePlanMemberus-gaap:RestrictedStockMember2019-01-012019-09-300001632970gahr:TwoThousandFifteenIncentivePlanMemberus-gaap:CommonStockMember2019-09-300001632970gahr:TwoThousandFifteenIncentivePlanMemberus-gaap:CommonStockMember2020-09-300001632970gahr:ReelectedorNewlyElectedIndependentDirectorsMembergahr:TwoThousandFifteenIncentivePlanMemberus-gaap:RestrictedStockMember2016-04-130001632970gahr:TwoThousandFifteenIncentivePlanMemberus-gaap:RestrictedStockMember2020-07-012020-09-300001632970gahr:TwoThousandFifteenIncentivePlanMemberus-gaap:RestrictedStockMember2019-07-012019-09-300001632970gahr:TwoThousandFifteenIncentivePlanMemberus-gaap:RestrictedStockMember2020-01-012020-09-300001632970gahr:TwoThousandFifteenIncentivePlanMemberus-gaap:RestrictedStockMember2019-01-012019-09-300001632970gahr:AdvisorMember2018-02-162020-09-3000016329702016-02-162017-02-280001632970gahr:AdvisorMember2016-02-162017-02-280001632970gahr:CommonClassIMember2017-03-012020-09-300001632970gahr:ContingentAdvisorPaymentIncurredMembergahr:DealermanagerfeesMember2019-01-012019-09-300001632970gahr:OtherorganizationalandofferingexpensesMembergahr:ContingentAdvisorPaymentIncurredMember2019-01-012019-09-300001632970gahr:AdvisorMember2016-02-160001632970gahr:BaseAcquisitionFeePaidMember2020-07-012020-09-300001632970gahr:BaseAcquisitionFeePaidMember2019-07-012019-09-300001632970gahr:BaseAcquisitionFeePaidMember2020-01-012020-09-300001632970gahr:BaseAcquisitionFeePaidMember2019-01-012019-09-300001632970gahr:ContingentAdvisorPaymentIncurredMember2019-01-012019-12-310001632970gahr:ContingentAdvisorPaymentIncurredMember2020-01-012020-09-300001632970gahr:DevelopmentFeesMember2020-07-012020-09-300001632970gahr:DevelopmentFeesMember2019-07-012019-09-300001632970gahr:DevelopmentFeesMember2020-01-012020-09-300001632970gahr:DevelopmentFeesMember2019-01-012019-09-300001632970gahr:ReimbursementofacquisitionexpensesMember2020-01-012020-09-300001632970gahr:ReimbursementofacquisitionexpensesMember2020-07-012020-09-300001632970gahr:ReimbursementofacquisitionexpensesMember2019-07-012019-09-300001632970gahr:ReimbursementofacquisitionexpensesMember2019-01-012019-09-300001632970gahr:AdvisorMember2016-02-162020-09-300001632970us-gaap:AssetManagement1Member2020-07-012020-09-300001632970us-gaap:AssetManagement1Member2019-07-012019-09-300001632970us-gaap:AssetManagement1Member2020-01-012020-09-300001632970us-gaap:AssetManagement1Member2019-01-012019-09-300001632970gahr:PropertyManagementFeeMember2020-07-012020-09-300001632970gahr:PropertyManagementFeeMember2019-07-012019-09-300001632970gahr:PropertyManagementFeeMember2020-01-012020-09-300001632970gahr:PropertyManagementFeeMember2019-01-012019-09-300001632970gahr:LeaseCommissionsMember2020-07-012020-09-300001632970gahr:LeaseCommissionsMember2019-07-012019-09-300001632970gahr:LeaseCommissionsMember2020-01-012020-09-300001632970gahr:LeaseCommissionsMember2019-01-012019-09-300001632970gahr:ConstructionManagementFeeMember2020-07-012020-09-300001632970gahr:ConstructionManagementFeeMember2019-07-012019-09-300001632970gahr:ConstructionManagementFeeMember2020-01-012020-09-300001632970gahr:ConstructionManagementFeeMember2019-01-012019-09-30gahr:Quarter0001632970us-gaap:OperatingExpenseMember2019-10-012020-09-300001632970us-gaap:OperatingExpenseMember2018-10-012019-09-300001632970us-gaap:OperatingExpenseMember2020-07-012020-09-300001632970us-gaap:OperatingExpenseMember2019-07-012019-09-300001632970us-gaap:OperatingExpenseMember2020-01-012020-09-300001632970us-gaap:OperatingExpenseMember2019-01-012019-09-300001632970gahr:SubordinatedDistributionOfNetSalesProceedsMember2016-02-162020-09-300001632970gahr:SubordinatedDistributionuponListingMember2016-02-162020-09-300001632970gahr:SubordinatedDistributionUponTerminationMember2016-02-162020-09-300001632970gahr:JeffreyT.HansonDannyProskyandMathieuB.StreiffMember2016-02-2900016329702017-12-310001632970gahr:CommonClassIMember2018-04-110001632970srt:BoardOfDirectorsChairmanMember2019-01-012019-09-300001632970srt:PresidentMember2019-01-012019-09-300001632970srt:ExecutiveVicePresidentMember2019-01-012019-09-300001632970srt:ChiefFinancialOfficerMember2019-01-012019-09-300001632970gahr:ExecutiveVicePresidentAcquisitionsMember2019-01-012019-09-300001632970gahr:ChristopherM.BelfordMembergahr:ExecutiveVicePresidentAssetManagementMember2019-01-012019-09-300001632970gahr:WendieNewmanMembergahr:ExecutiveVicePresidentAssetManagementMember2019-01-012019-09-300001632970srt:ExecutiveOfficerMember2019-01-012019-09-300001632970gahr:AssetAndPropertyManagementFeesMember2020-09-300001632970gahr:AssetAndPropertyManagementFeesMember2019-12-310001632970gahr:PropertyManagementFeeMember2020-09-300001632970gahr:PropertyManagementFeeMember2019-12-310001632970gahr:ConstructionManagementFeeMember2020-09-300001632970gahr:ConstructionManagementFeeMember2019-12-310001632970us-gaap:OperatingExpenseMember2020-09-300001632970us-gaap:OperatingExpenseMember2019-12-310001632970gahr:AcquisitionanddevelopmentfeesMember2020-09-300001632970gahr:AcquisitionanddevelopmentfeesMember2019-12-310001632970gahr:LeaseCommissionsMember2020-09-300001632970gahr:LeaseCommissionsMember2019-12-310001632970us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2020-09-300001632970us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2020-09-300001632970us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2020-09-300001632970us-gaap:FairValueMeasurementsRecurringMember2020-09-300001632970us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2019-12-310001632970us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2019-12-310001632970us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2019-12-310001632970us-gaap:FairValueMeasurementsRecurringMember2019-12-310001632970gahr:MedicalOfficeBuildingMember2019-07-012019-09-300001632970gahr:SkilledNursingFacilitiesMember2019-07-012019-09-300001632970gahr:SeniorHousingMember2019-07-012019-09-300001632970gahr:SeniorHousingRIDEAMember2019-07-012019-09-300001632970gahr:MedicalOfficeBuildingMember2019-01-012019-09-300001632970gahr:SkilledNursingFacilitiesMember2019-01-012019-09-300001632970gahr:SeniorHousingMember2019-01-012019-09-300001632970gahr:SeniorHousingRIDEAMember2019-01-012019-09-300001632970gahr:MedicalOfficeBuildingMember2020-09-300001632970gahr:MedicalOfficeBuildingMember2019-12-310001632970gahr:SeniorHousingRIDEAMember2020-09-300001632970gahr:SeniorHousingRIDEAMember2019-12-310001632970gahr:SkilledNursingFacilitiesMember2020-09-300001632970gahr:SkilledNursingFacilitiesMember2019-12-310001632970gahr:SeniorHousingMember2020-09-300001632970gahr:SeniorHousingMember2019-12-310001632970us-gaap:AllOtherSegmentsMember2020-09-300001632970us-gaap:AllOtherSegmentsMember2019-12-31gahr:State0001632970stpr:MO2020-09-30gahr:tenant0001632970gahr:RCTierPropertiesLLCMember2020-09-300001632970gahr:RCTierPropertiesLLCMember2020-01-012020-09-300001632970us-gaap:RestrictedStockMember2020-01-012020-09-300001632970us-gaap:RestrictedStockMember2019-01-012019-09-300001632970gahr:RedeemableLimitedPartnershipUnitsMemberDomain2020-01-012020-09-300001632970gahr:RedeemableLimitedPartnershipUnitsMemberDomain2019-01-012019-09-30
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                    to                     
Commission File Number: 000-55775
GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
(Exact name of registrant as specified in its charter)
Maryland 47-2887436
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
18191 Von Karman Avenue, Suite 300
Irvine, California
 92612
(Address of principal executive offices) (Zip Code)
(949270-9200
(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
NoneNoneNone

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒  Yes    ☐  No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒  Yes    ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes   ☒  No
As of November 6, 2020, there were 75,552,866 shares of Class T common stock and 5,642,478 shares of Class I common stock of Griffin-American Healthcare REIT IV, Inc. outstanding.


Table of Contents

GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
(A Maryland Corporation)
TABLE OF CONTENTS
 Page

2

Table of Contents
PART I — FINANCIAL INFORMATION
Item 1. Financial Statements.
GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
As of September 30, 2020 and December 31, 2019
(Unaudited)
 September 30, 2020December 31, 2019
ASSETS
Real estate investments, net$928,066,000 $895,060,000 
Cash and cash equivalents22,690,000 15,290,000 
Accounts and other receivables, net3,262,000 4,608,000 
Restricted cash706,000 556,000 
Real estate deposits 1,915,000 
Identified intangible assets, net68,636,000 74,023,000 
Operating lease right-of-use assets, net14,163,000 14,255,000 
Other assets, net73,967,000 62,620,000 
Total assets$1,111,490,000 $1,068,327,000 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Liabilities:
Mortgage loans payable, net(1)$17,974,000 $26,070,000 
Line of credit and term loans(1)479,500,000 396,800,000 
Accounts payable and accrued liabilities(1)27,436,000 32,033,000 
Accounts payable due to affiliates(1)987,000 1,016,000 
Identified intangible liabilities, net1,362,000 1,601,000 
Operating lease liabilities(1)9,975,000 9,858,000 
Security deposits, prepaid rent and other liabilities(1)12,343,000 9,408,000 
Total liabilities549,577,000 476,786,000 
Commitments and contingencies (Note 10)
Redeemable noncontrolling interests (Note 11)2,697,000 1,462,000 
Equity:
Stockholders’ equity:
Preferred stock, $0.01 par value per share; 200,000,000 shares authorized; none issued and outstanding
  
Class T common stock, $0.01 par value per share; 900,000,000 shares authorized; 75,357,680 and 74,244,823 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
753,000 742,000 
Class I common stock, $0.01 par value per share; 100,000,000 shares authorized; 5,630,314 and 5,655,051 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
56,000 56,000 
Additional paid-in capital729,923,000 719,894,000 
Accumulated deficit(172,436,000)(130,613,000)
Total stockholders’ equity
558,296,000 590,079,000 
Noncontrolling interest (Note 12)920,000  
Total equity
559,216,000 590,079,000 
Total liabilities, redeemable noncontrolling interests and equity
$1,111,490,000 $1,068,327,000 
3

Table of Contents




GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS — (Continued)
As of September 30, 2020 and December 31, 2019
(Unaudited)
___________
(1)Such liabilities of Griffin-American Healthcare REIT IV, Inc. as of September 30, 2020 and December 31, 2019 represented liabilities of Griffin American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries. Griffin-American Healthcare REIT IV Holdings, LP is a variable interest entity, or VIE, and a consolidated subsidiary of Griffin-American Healthcare REIT IV, Inc. The creditors of Griffin-American Healthcare REIT IV Holdings, LP or its consolidated subsidiaries do not have recourse against Griffin-American Healthcare REIT IV, Inc., except for the 2018 Credit Facility, as defined in Note 7, held by Griffin-American Healthcare REIT IV Holdings, LP in the amount of $479,500,000 and $396,800,000 as of September 30, 2020 and December 31, 2019, respectively, which is guaranteed by Griffin-American Healthcare REIT IV, Inc.

The accompanying notes are an integral part of these condensed consolidated financial statements.

4

Table of Contents

GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the Three and Nine Months Ended September 30, 2020 and 2019
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues and grant income:
Real estate revenue$21,519,000 $19,253,000 $64,824,000 $53,280,000 
Resident fees and services18,948,000 11,865,000 51,863,000 34,053,000 
Grant income864,000  864,000  
Total revenues and grant income41,331,000 31,118,000 117,551,000 87,333,000 
Expenses:
Rental expenses5,905,000 4,929,000 17,723,000 14,238,000 
Property operating expenses17,397,000 9,884,000 44,856,000 28,194,000 
General and administrative3,672,000 3,982,000 11,960,000 11,413,000 
Acquisition related expenses57,000 74,000 74,000 1,492,000 
Depreciation and amortization12,669,000 9,552,000 37,919,000 35,561,000 
Total expenses
39,700,000 28,421,000 112,532,000 90,898,000 
Other income (expense):
Interest expense:
Interest expense (including amortization of deferred financing costs and debt discount/premium)
(4,839,000)(4,140,000)(15,123,000)(11,532,000)
Gain (loss) in fair value of derivative financial instruments1,450,000 (402,000)(2,302,000)(5,401,000)
Impairment of real estate investments(3,064,000) (3,064,000) 
(Loss) income from unconsolidated entity(377,000)(79,000)952,000 185,000 
Other income
8,000 13,000 278,000 162,000 
Loss before income taxes(5,191,000)(1,911,000)(14,240,000)(20,151,000)
Income tax benefit (expense)39,000 (7,000) (17,000)
Net loss(5,152,000)(1,918,000)(14,240,000)(20,168,000)
Less: net loss attributable to noncontrolling interests232,000 19,000 608,000 76,000 
Net loss attributable to controlling interest
$(4,920,000)$(1,899,000)$(13,632,000)$(20,092,000)
Net loss per Class T and Class I common share attributable to controlling interest — basic and diluted
$(0.06)$(0.02)$(0.17)$(0.26)
Weighted average number of Class T and Class I common shares outstanding — basic and diluted
80,788,359 79,502,193 80,498,693 77,894,326 

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

Table of Contents

GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY
For the Three and Nine Months Ended September 30, 2020 and 2019
(Unaudited)
Three Months Ended September 30, 2020
Stockholders’ Equity
 Class T and Class I Common Stock  
Number
of Shares
AmountAdditional
Paid-In Capital
Accumulated
Deficit
Total
Stockholders’
Equity
Noncontrolling
Interest
Total Equity
BALANCE — June 30, 2020
80,599,306 $805,000 $726,516,000 $(159,366,000)$567,955,000 $1,047,000 $569,002,000 
Offering costs — common stock
— — 5,000 — 5,000 — 5,000 
Issuance of common stock under the DRIP
445,239 4,000 4,243,000 — 4,247,000 — 4,247,000 
Issuance of vested and nonvested restricted common stock
15,000 — 29,000 — 29,000 — 29,000 
Amortization of nonvested common stock compensation
— — 44,000 — 44,000 — 44,000 
Repurchase of common stock
(71,551) (706,000)— (706,000)— (706,000)
Distributions to noncontrolling interest
— — — — — (22,000)(22,000)
Fair value adjustment to redeemable noncontrolling interests
— — (208,000)— (208,000)— (208,000)
Distributions declared ($0.10 per share)
— — — (8,150,000)(8,150,000)— (8,150,000)
Net loss
— — — (4,920,000)(4,920,000)(105,000)(5,025,000)(1)
BALANCE — September 30, 202080,987,994 $809,000 $729,923,000 $(172,436,000)$558,296,000 $920,000 $559,216,000 
Three Months Ended September 30, 2019
Stockholders’ Equity
 Class T and Class I Common Stock  
Number
of Shares
AmountAdditional
Paid-In Capital
Accumulated
Deficit
Total
Stockholders’
Equity
BALANCE — June 30, 2019
79,084,339 $791,000 $712,076,000 $(105,918,000)$606,949,000 
Issuance of common stock
(1,393)— (14,000)— (14,000)
Offering costs — common stock
— — 66,000 — 66,000 
Issuance of common stock under the DRIP
691,703 7,000 6,592,000 — 6,599,000 
Issuance of vested and nonvested restricted common stock
15,000 — 29,000 — 29,000 
Amortization of nonvested common stock compensation
— — 43,000 — 43,000 
Repurchase of common stock
(308,837)(3,000)(2,820,000)— (2,823,000)
Fair value adjustment to redeemable noncontrolling interests
— — (23,000)— (23,000)
Distributions declared ($0.15 per share)
— — — (12,030,000)(12,030,000)
Net loss
— — — (1,899,000)(1,899,000)(1)
BALANCE — September 30, 201979,480,812 $795,000 $715,949,000 $(119,847,000)$596,897,000 
6

Table of Contents

GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY — (Continued)
For the Three and Nine Months Ended September 30, 2020 and 2019
(Unaudited)

Nine Months Ended September 30, 2020
Stockholders’ Equity
 Class T and Class I Common Stock  
Number
of Shares
AmountAdditional
Paid-In Capital
Accumulated
Deficit
Total
Stockholders’
Equity
Noncontrolling
Interest
Total Equity
BALANCE — December 31, 2019
79,899,874 $798,000 $719,894,000 $(130,613,000)$590,079,000 $ $590,079,000 
Offering costs — common stock
— — 67,000 — 67,000 — 67,000 
Issuance of common stock under the DRIP
1,643,731 16,000 15,665,000 — 15,681,000 — 15,681,000 
Issuance of vested and nonvested restricted common stock
22,500 — 43,000 — 43,000 — 43,000 
Amortization of nonvested common stock compensation
— — 128,000 — 128,000 — 128,000 
Repurchase of common stock
(578,111)(5,000)(5,344,000)— (5,349,000)— (5,349,000)
Contribution from noncontrolling interest
— — — — — 1,250,000 1,250,000 
Distributions to noncontrolling interest
— — — — — (54,000)(54,000)
Fair value adjustment to redeemable noncontrolling interests
— — (530,000)— (530,000)— (530,000)
Distributions declared ($0.35 per share)
— — — (28,191,000)(28,191,000)— (28,191,000)
Net loss
— — — (13,632,000)(13,632,000)(276,000)(13,908,000)(1)
BALANCE — September 30, 202080,987,994 $809,000 $729,923,000 $(172,436,000)$558,296,000 $920,000 $559,216,000 
Nine Months Ended September 30, 2019
Stockholders’ Equity
 Class T and Class I Common Stock  
Number
of Shares
AmountAdditional
Paid-In Capital
Accumulated
Deficit
Total
Stockholders’
Equity
BALANCE — December 31, 2018
69,254,971 $692,000 $621,759,000 $(64,779,000)$557,672,000 
Issuance of common stock
8,884,165 89,000 88,626,000 — 88,715,000 
Offering costs — common stock
— — (7,385,000)— (7,385,000)
Issuance of common stock under the DRIP
1,987,822 20,000 19,036,000 — 19,056,000 
Issuance of vested and nonvested restricted common stock
22,500 — 43,000 — 43,000 
Amortization of nonvested common stock compensation
— — 121,000 — 121,000 
Repurchase of common stock
(668,646)(6,000)(6,186,000)— (6,192,000)
Fair value adjustment to redeemable noncontrolling interests
— — (65,000)— (65,000)
Distributions declared ($0.45 per share)
— — — (34,976,000)(34,976,000)
Net loss
— — — (20,092,000)(20,092,000)(1)
BALANCE — September 30, 2019
79,480,812 $795,000 $715,949,000 $(119,847,000)$596,897,000 
___________
(1)Amount excludes $127,000 and $19,000 for the three months ended September 30, 2020 and 2019, respectively, and $332,000 and $76,000 for the nine months ended September 30, 2020 and 2019, respectively, of net loss attributable to redeemable noncontrolling interests. See Note 11, Redeemable Noncontrolling Interests, for a further discussion.

The accompanying notes are an integral part of these condensed consolidated financial statements.
7

Table of Contents

GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended September 30, 2020 and 2019
(Unaudited)
Nine Months Ended September 30,
20202019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss$(14,240,000)$(20,168,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
37,919,000 35,561,000 
Other amortization 2,084,000 1,869,000 
Deferred rent(3,440,000)(1,886,000)
Stock based compensation171,000 164,000 
Income from unconsolidated entity
(952,000)(185,000)
Distributions of earnings from unconsolidated entity 75,000 
Change in fair value of derivative financial instruments2,302,000 5,401,000 
Impairment of real estate investments3,064,000  
Changes in operating assets and liabilities:
Accounts and other receivables1,347,000 3,854,000 
Other assets(1,654,000)256,000 
Accounts payable and accrued liabilities3,436,000 6,023,000 
Accounts payable due to affiliates27,000 142,000 
Security deposits, prepaid rent, operating lease and other liabilities(121,000)(674,000)
Net cash provided by operating activities29,943,000 30,432,000 
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of real estate investments
(68,032,000)(153,923,000)
Capital expenditures
(6,729,000)(4,388,000)
Investment in unconsolidated entity
 (600,000)
Distributions in excess of earnings from unconsolidated entity
 1,013,000 
Real estate deposits
 2,547,000 
Pre-acquisition expenses
 (179,000)
Net cash used in investing activities(74,761,000)(155,530,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on mortgage loans payable
(8,166,000)(459,000)
Borrowings under the line of credit and term loans
140,800,000 165,600,000 
Payments on the line of credit and term loans
(58,100,000)(83,100,000)
Deferred financing costs
(43,000)(65,000)
Proceeds from issuance of common stock
 90,438,000 
Payment of offering costs
(4,876,000)(17,457,000)
Distributions paid
(13,932,000)(15,446,000)
Repurchase of common stock
(5,349,000)(6,192,000)
Contribution from noncontrolling interest
1,250,000  
Distributions to noncontrolling interest
(54,000) 
Contributions from redeemable noncontrolling interest
1,118,000 151,000 
Distributions to redeemable noncontrolling interests
(81,000) 
Security deposits
(199,000)(94,000)
Net cash provided by financing activities52,368,000 133,376,000 
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH7,550,000 8,278,000 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period15,846,000 14,590,000 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period$23,396,000 $22,868,000 
8

Table of Contents

GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS — (Continued)
For the Nine Months Ended September 30, 2020 and 2019
(Unaudited)
Nine Months Ended September 30,
20202019
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period:
Cash and cash equivalents
$15,290,000 $14,388,000 
Restricted cash
556,000 202,000 
Cash, cash equivalents and restricted cash
$15,846,000 $14,590,000 
End of period:
Cash and cash equivalents
$22,690,000 $22,448,000 
Restricted cash
706,000 420,000 
Cash, cash equivalents and restricted cash
$23,396,000 $22,868,000 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for:
Interest$13,777,000 $9,369,000 
Income taxes$88,000 $21,000 
SUPPLEMENTAL DISCLOSURE OF NONCASH ACTIVITIES
Investing Activities:
Accrued capital expenditures
$2,182,000 $4,205,000 
Tenant improvement overage
$636,000 $195,000 
Accrued pre-acquisition expenses
$ $184,000 
The following represents the increase in certain assets and liabilities in connection with our acquisitions of real estate investments:
Right-of-use asset
$ $2,196,000 
Other assets
$196,000 $86,000 
Mortgage loan payable, net
$ $9,735,000 
Accounts payable and accrued liabilities
$201,000 $783,000 
Operating lease liability
$ $4,489,000 
Security deposits and prepaid rent
$11,000 $1,343,000 
Financing Activities:
Issuance of common stock under the DRIP$15,681,000 $19,056,000 
Distributions declared but not paid$2,664,000 $3,933,000 
Accrued stockholder servicing fee$7,667,000 $14,241,000 
The accompanying notes are an integral part of these condensed consolidated financial statements.
9

Table of Contents

GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
For the Three and Nine Months Ended September 30, 2020 and 2019
The use of the words “we,” “us” or “our” refers to Griffin-American Healthcare REIT IV, Inc. and its subsidiaries, including Griffin-American Healthcare REIT IV Holdings, LP, except where otherwise noted.
1. Organization and Description of Business
Griffin-American Healthcare REIT IV, Inc., a Maryland corporation, was incorporated on January 23, 2015 and therefore we consider that our date of inception. We were initially capitalized on February 6, 2015. We invest in a diversified portfolio of real estate properties, focusing primarily on medical office buildings, skilled nursing facilities, senior housing and other healthcare-related facilities. We also operate healthcare-related facilities utilizing the structure permitted by the REIT Investment Diversification and Empowerment Act of 2007, which is commonly referred to as a “RIDEA” structure (the provisions of the Internal Revenue Code of 1986, as amended, or the Code, authorizing the RIDEA structure were enacted as part of the Housing and Economic Recovery Act of 2008). We generally seek investments that produce current income. We qualified to be taxed as a real estate investment trust, or REIT, under the Code for federal income tax purposes beginning with our taxable year ended December 31, 2016, and we intend to continue to qualify to be taxed as a REIT.
On February 16, 2016, we commenced our initial public offering, or our initial offering, in which we were initially offering to the public up to $3,150,000,000 in shares of our Class T common stock, consisting of up to $3,000,000,000 in shares of our Class T common stock in the primary portion of our initial offering and up to $150,000,000 in shares of our Class T common stock 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 were offering up to approximately $2,800,000,000 in shares of Class T common stock and $200,000,000 in shares of Class I common stock in the primary portion of our initial offering, and up to an aggregate of $150,000,000 in shares of our Class T and Class I common stock pursuant to the DRIP, aggregating up to $3,150,000,000. On February 15, 2019, we terminated our initial offering, and as of such date, we sold 75,639,681 aggregate shares of our Class T and Class I common stock, or approximately $754,118,000, and a total of $31,021,000 in distributions were reinvested that resulted in 3,253,535 shares of our common stock being issued pursuant to the DRIP portion of our initial offering.
On January 18, 2019, we filed a Registration Statement on Form S-3 under the Securities Act of 1933, as amended, or the Securities Act, to register a maximum of $100,000,000 of additional shares of our common stock to be issued pursuant to the DRIP, or the 2019 DRIP Offering. The Registration Statement on Form S-3 was automatically effective with the United States Securities and Exchange Commission, or the SEC, upon its filing. We commenced offering shares pursuant to the 2019 DRIP Offering on March 1, 2019, following the termination of our initial offering on February 15, 2019. See Note 12, Equity — Distribution Reinvestment Plan, for a further discussion. As of September 30, 2020, a total of $37,290,000 in distributions were reinvested that resulted in 3,903,895 shares of our common stock being issued pursuant to the 2019 DRIP Offering. We collectively refer to the DRIP portion of our initial offering and the 2019 DRIP Offering as our DRIP Offerings.
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 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 one-year initial term, subject to successive one-year renewals upon the mutual consent of the parties. The Advisory Agreement was last renewed pursuant to the mutual consent of the parties on February 12, 2020 and expires on February 16, 2021. Our advisor uses its best efforts, subject to the oversight and review of our board of directors, or our board, 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 75.0% owned and managed by wholly owned subsidiaries of American Healthcare Investors, LLC, or American Healthcare Investors, and 25.0% owned by a wholly owned subsidiary of Griffin Capital Company, LLC, or Griffin Capital, or collectively, our co-sponsors. American Healthcare Investors is 47.1% owned by AHI Group Holdings, LLC, or AHI Group Holdings, 45.1% indirectly owned by Colony Capital, Inc. (NYSE: CLNY), or Colony Capital, and 7.8% owned by James F. Flaherty III, a former partner of Colony Capital. We are not affiliated with Griffin Capital, Griffin Capital Securities, LLC, or our dealer manager, Colony Capital or Mr. Flaherty; however, we are affiliated with our advisor, American Healthcare Investors and AHI Group Holdings.
We currently operate through four reportable business segments: medical office buildings, senior housing, senior housing — RIDEA and skilled nursing facilities. As of September 30, 2020, we had completed 46 property acquisitions whereby we owned 89 properties, comprising 94 buildings, or approximately 4,863,000 square feet of gross leasable area, or GLA, for an aggregate contract purchase price of $1,089,071,000. As of September 30, 2020, we also owned a 6.0% interest in a joint venture which owns a portfolio of integrated senior health campuses and ancillary businesses.
10

Table of Contents

GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
2. Summary of Significant Accounting Policies
The summary of significant accounting policies presented below is designed to assist in understanding our accompanying condensed consolidated financial statements. Such condensed consolidated financial statements and the accompanying notes thereto are the representations of our management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America, or GAAP, in all material respects, and have been consistently applied in preparing our accompanying condensed consolidated financial statements.
Basis of Presentation
Our accompanying condensed consolidated financial statements include our accounts and those of our operating partnership and the wholly owned subsidiaries of our operating partnership, as well as any VIEs in which we are the primary beneficiary. We evaluate our ability to control an entity, and whether the entity is a VIE and we are the primary beneficiary, by considering substantive terms of the arrangement and identifying which enterprise has the power to direct the activities of the entity that most significantly impacts the entity’s economic performance.
We operate and intend to continue to operate in an umbrella partnership REIT structure in which our operating partnership, or wholly owned subsidiaries of our operating partnership, will own substantially all of the interests in properties acquired on our behalf. We are the sole general partner of our operating partnership, and as of both September 30, 2020 and December 31, 2019, we owned greater than a 99.99% general partnership interest therein. Our advisor is a limited partner, and as of both September 30, 2020 and December 31, 2019, owned less than a 0.01% noncontrolling limited partnership interest in our operating partnership.
Because we are the sole general partner of our operating partnership and have unilateral control over its management and major operating decisions (even if additional limited partners are admitted to our operating partnership), the accounts of our operating partnership are consolidated in our accompanying condensed consolidated financial statements. All intercompany accounts and transactions are eliminated in consolidation.
Interim Unaudited Financial Data
Our accompanying condensed consolidated financial statements have been prepared by us in accordance with GAAP in conjunction with the rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to the SEC’s rules and regulations. Accordingly, our accompanying condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. Our accompanying condensed consolidated financial statements reflect all adjustments which are, in our view, of a normal recurring nature and necessary for a fair presentation of our financial position, results of operations and cash flows for the interim period. Interim results of operations are not necessarily indicative of the results that may be expected for the full year; such full year results may be less favorable.
In preparing our accompanying condensed consolidated financial statements, management has evaluated subsequent events through the financial statement issuance date. We believe that although the disclosures contained herein are adequate to prevent the information presented from being misleading, our accompanying condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and the notes thereto included in our 2019 Annual Report on Form 10-K, as filed with the SEC on March 19, 2020.
Use of Estimates
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. Significant items subject to such estimates and assumptions include, but are not limited to, the initial and recurring valuation of certain assets acquired and liabilities assumed through property acquisitions, revenues and grant income, allowance for credit losses, impairment of long-lived assets and contingencies. 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.
11

Table of Contents

GRIFFIN-AMERICAN HEALTHCARE REIT IV, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) — (Continued)
Revenue Recognition — Resident Fees and Services Revenue
Disaggregation of Resident Fees and Services Revenue
The following tables disaggregate our resident fees and services revenue by line of business, according to whether such revenue is recognized at a point in time or over time:
Three Months Ended September 30,
20202019
Point in TimeOver TimeTotalPoint in TimeOver TimeTotal
Senior housing — RIDEA$174,000 $