Griffin Capital (Nashville) Investors, DST Reached Full Cycle in a Section 721 Roll Into Griffin-American Healthcare REIT IV

Griffin Capital (Nashville) Investors, DST reached Full Cycle in June 2016, when the Nashville property at 500 and 530 Great Circle Road, which the record calls the HealthSpring Operational Headquarters, was contributed to the operating partnership of Griffin-American Healthcare REIT IV in a Section 721 exchange.

The record disagrees with itself on what the 38 beneficial owners received. The disposition summary states they received shares of common stock. The exit type recorded for the transaction reads "Section 721 UPREIT roll (contribution to a REIT for operating-partnership units)." This report relies on the summary, because it is the specific, sourced statement about this transaction, while the exit type is a general label applied to the category. Neither states the value at which the property was contributed, the number of shares issued, or the terms on which the exchange was struck. No total return, annualized return, or equity multiple appears in the record of this disposition. The Trust's private placement memorandum is not in the file here, so the distribution terms it set out are not reported in this account.

Top1031's data also carries a two-year hold for this offering. This report relies instead on the span between the two documented dates, shown above, because that arithmetic is checkable; the shorter figure has no dates attached to it.

Two Griffin Capital offerings had reached Full Cycle before this one on Top1031's record. What the stock received in June 2016 was worth at any point afterward is outside this record.