The acquisition value of the property was $187.5 million, including closing costs, which was partially financed with stand-alone credit facility of $102.0 million. Led by senior executives each with more than two decades of real estate experience collectively encompassing over $20 billion of transaction value and more than 650 transactions, Griffin Capital and its affiliates have acquired or constructed approximately 40 million square feet of space since 1995. Register for your free account today atdata.nasdaq.com. 2023, Nasdaq, Inc. All Rights Reserved. IPO Calendar Earnings Calendar Dividend Calendar Economic Calendar. We consider the amortization expense to be a component of operations if the debt was used to acquire properties. Griffin Capital Essential Asset REIT, Inc. - Dear Fellow Stockholder: - EX-99.1 - February 15, 2013. We look beyond an assets long-term, bond-like cash flow to understand fully the intrinsic value of the underlying real estate now and in the future. About Griffin Capital Essential Asset REIT, Inc. Griffin Capital Essential Asset REIT, Inc. is a publicly-registered, non-traded REIT with a portfolio, as of September 30, 2018, of 76 office and industrial properties totaling 20.1 million rentable square feet, located in 20 states, representing total REIT capitalization of approximately $3.5 billion. These costs have been and will continue to be funded with cash proceeds from our Primary Public Offerings or included as a component of the amount borrowed to acquire such real estate. United States Canada UK The TipRanks Smart Score performance is based on backtested results.
(Please see financial reconciliation tables and notes at the end of this release for more information regarding MFFO and FFO.). Backtested results are adjusted to reflect the reinvestment of dividends and other income and, except where otherwise indicated, are presented gross-of fees and do not include the effect of backtested transaction costs, management fees, performance fees or expenses, if applicable. This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In accordance with GAAP, these periodic minimum rent payment increases during the term of a lease are recorded to rental revenue on a straight-line basis in order to reconcile the difference between accrual and cash basis accounting. Investors will be able to obtain these materials and other documents filed with the SEC free of charge at the SECs website(http://www.sec.gov). Is Dividend King PPG Industries A Buy Before Earnings? Market-leading rankings and editorial commentary - see the top law firms & lawyers for Real estate investment trusts (REITs) in United States If we acquire a property after all offering proceeds from our Public Offerings have been invested, there will not be any offering proceeds to pay the corresponding acquisition-related costs. American Consumer News, LLC dba MarketBeat 2010-2023. All product and company names, logos and slogans are the trademarks or service marks of their respective owners. Industrial View which stocks are hot on social media with MarketBeat's trending stocks report. TipRanks is a comprehensive research tool that helps investors make better, data-driven investment decisions. FAQ Does Griffin Capital Restricted cash - real estate funds held for exchange, Less: accumulated depreciation and amortization, Real estate assets and other assets held for sale, net, Mortgage payable, plus unamortized premium of $1,858 and $314, respectively, Liabilities of real estate assets held for sale, Preferred units subject to redemption, 24,319,066 units outstanding as of December 31, 2014 and 2013, Noncontrolling interests subject to redemption, 531,000 units eligible towards redemption as of December31, 2014 and 2013, Preferred stock, $0.001 par value; 200,000,000 shares authorized; no shares outstanding, as of December31, 2014 and 2013, Common stock, $0.001 par value; 700,000,000 shares authorized; 129,763,016 and 49,893,502 shares outstanding, as of December31, 2014 and 2013, respectively, Acquisition fees and expenses to non- affiliates, Acquisition fees and expenses to affiliates, Gain from investment in unconsolidated entities, Loss from investment in unconsolidated entities, Gain from sale of depreciable operating property, Distributions to redeemable preferred unit holders, Less: Net loss attributable to noncontrolling interests, Net loss attributable to controlling interest, Distributions to redeemable noncontrolling interests attributable to common stockholders, Net loss attributable to common stockholders, Net loss attributable to common stockholders per share, basic and diluted, Weighted average number of common shares outstanding, basic and diluted, Depreciation of building and improvements, Amortization of leasing costs and intangibles, Equity interest of depreciation of building and improvements - unconsolidated entities, Equity interest of amortization of intangible assets - unconsolidated entities, Distributions to noncontrolling interests, FFO/(FFO deficit), adjusted for redeemable preferred and noncontrolling interest distributions, Acquisition fees and expenses to non-affiliates, Equity interest of acquisition fees and expenses to non-affiliates - unconsolidated entities, Revenues in excess of cash received (straight-line rents), Amortization of above/(below) market rent, Amortization of ground leasehold interests (below market), Revenues in excess of cash received (financed termination fee), Financed termination fee payments received, Loss on extinguishment of debt - write-off of deferred financing costs, Equity interest of revenues in excess of cash received (straight-line rents) - unconsolidated entities, Equity interest of amortization of above/(below) market rent - unconsolidated entities, Gain from discount on investment in unconsolidated entities. Funds from operations, or FFO, as defined by the National Association of Real Estate Investment Trusts (NAREIT), was approximately $49.1 million and $(6.3) million for the years ended December 31, 2014 and 2013, respectively. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. Since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered the presentation of operating results for real estate companies that use historical cost accounting to be insufficient. Class I shares and institutional have no sales charge and may be purchased by specified classes of investors. In computing MFFO, FFO is adjusted for certain non-operating cash items such as acquisition fees and expenses and certain non-cash items such as straight-line rent, amortization of in-place lease valuations, amortization of discounts and premiums on debt investments, nonrecurring impairments of real estate-related investments, mark-to-market adjustments included in net income (loss), and nonrecurring gains or losses included in net income (loss) from the extinguishment or sale of debt, hedges, foreign exchange, derivatives or securities holdings where trading of such holdings is not a fundamental attribute of the business plan, unrealized gains or losses resulting from consolidation from, or deconsolidation to, equity accounting, and after adjustments for consolidated and unconsolidated partnerships and joint ventures, with such adjustments calculated to reflect MFFO on the same basis. These symbols will be available throughout the site during your session. Investors and security holders may obtain additional information regarding the direct and indirect interests of GCEAR and GCEAR II and their respective executive officers and directors in the merger by reading the Joint Proxy Statement/Prospectus regarding the merger when it becomes available. Can Alaska Air Continue Soaring Above The Airline Industry? National Association of Real Estate Investment Trusts and Nareit are registered trademarks of the National Association of Real Estate Investment Trusts (Nareit). 2023 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Griffin Capital Essential Asset REIT II, Inc. Class T Shares, Do Not Sell My Personal Information (CA Residents Only). Create your Watchlist to save your favorite quotes on Nasdaq.com. Dividend History; Market Events Economic Calendar; Earnings; IPO Calendar; Dividend Calendar; SPO Calendar; Holiday Calendar; Analyst Activity In doing so, we are required the write off the remaining capitalized financing costs associated with the canceled debt, which we consider to be a cost, or loss, on extinguishing such debt. It should be noted, however, that other REITs may not define FFO in accordance with the current NAREIT definition or may interpret the current NAREIT definition differently than we do, making comparisons less meaningful.
Acquisition-related costs. Yes, GCEA has paid a dividend within the past 12 months. The asset was allocated an initial acquisition value of $6.5 million. Recommendation -- Prev Close -- Get daily stock ideas from top-performing Wall Street analysts. You'll now be able to see real-time price and activity for your symbols on the My Quotes of Nasdaq.com. All rights reserved. Robert A. Stanger & Co., Inc. and Bank of America Merrill Lynch are acting as financial advisors to GCEAR, and SunTrust Robinson Humphrey, Inc. is acting as financial advisor to GCEAR IIs special committee of the board of directors. Outsmart the market with Smart Portfolio analytical tools powered by TipRanks. Data provided by Nasdaq Data Link, a premier source for financial, economic and alternative datasets. Griffin Capital Essential Asset REIT II, Inc. Class E Shares (ZGEAEX) Nasdaq - Nasdaq Delayed Price. Export data to Excel for your own analysis. Touch device users, explore by touch or with swipe gestures. Sign up today for your free Reader Account! Exclusive recommendations from award-winning analyst who beat the market for 15 years. On May 8, 2014, we canceled our existing secured credit facility and term loan with KeyBank and a syndicate of other lenders, and replaced the same with an unsecured credit facility led by KeyBank and Bank of America. Funds from Operations and Modified Funds from Operations Does Griffin Capital Essential Asset REIT have sufficient earnings to cover their dividend? We believe this portfolio is highly complementary to our existing footprint as it adds additional scale and diversification by tenant, tenant business, and geography, which inure to the benefit of our stockholders," stated David Rupert, President of Essential Asset REIT. Dr. Randy Anderson offers latest real estate sector picks on Fox Business Claman Countdown, Investing in Real Estate as a Hedge Against Inflation. Griffin Capital. Blue chip companies are well-known publicly traded companies that typically make up the Dow Jones Industrial Average or the S&P 500 Index. 1 Includes the property information related to the acquisition of an 80% ownership interest in the Digital Realty joint venture. Griffin Capital Essential Asset REIT (GCEA) does not pay a dividend. Further, since the measure is based on historical financial information, MFFO for the period presented may not be indicative of future results or our future ability to pay our dividends. The table shows Griffin Capital Essential Asset REITs dividend history, including amount per share, payout frequency, declaration, record, and payment dates. Returns assume reinvestment of dividends and capital gains. AND the Best Way To Invest in Dividend Stocks, Top 20 Living Economist Dr. Mark Skousen, Quickly find stocks on the NYSE, NASDAQ and more. When the symbol you want to add appears, add it to Watchlist by selecting it and pressing Enter/Return. Enter your email to receive our newsletter. When indicators of potential impairment are present, we assess whether the carrying value of the assets will be recovered through the future undiscounted operating cash flows (including net rental and lease revenues, net proceeds on the sale of the property, and any other ancillary cash flows at a property or group level under GAAP) expected from the use of the assets and the eventual disposition. This information is provided for illustrative purposes only. As this item is a non-cash adjustment and is included in historical earnings, FFO is adjusted for the effect of the amortization of in-place lease valuation to arrive at MFFO as a means of determining operating results of our portfolio. No cash balance or cash flow is included in the calculation. 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