Griffin Institutional Access® Real Estate Fund Announces Second Quarter Distribution
EL SEGUNDO, Caliph .– (BUSINESS WIRE) – Griffin Capital Company, LLC announced today on behalf of Griffin Institutional Access Real Estate Fund (the “Fund” – NASDAQ: GIREX, GCREX, GRIFX, GLREX, GMREX) a distribution of $ 0.352 per Class A Share (NASDAQ: GIREX), $ 0.337 per Class C share (NASDAQ: GCREX), $ 0.357 per Class I share (NASDAQ: GRIFX), $ 0.349 per Class L share (NASDAQ: GLREX), and $ 0.344 per Class M share ( NASDAQ: GMREX) or a 5.22% annualized payout ratio *. The distribution was made on June 25, 2021 to the shareholders registered on June 17, 2021 with an ex-dividend date of June 18, 2021.
“We are satisfied with the fund’s performance and continue to see attractive investment opportunities in public and private real estate markets,” said Dr. Randy Anderson, Chief Executive Officer of Griffin Capital Asset Management Company. “In an environment characterized by excessive diversification of returns across markets and sectors, we believe active managers can add value to investors. We have allocated a significant portion of the Fund’s assets to sectors that we believe should benefit from favorable long-term growth trends. ”
Class I shares of Griffin Institutional Access Real Estate Fund (NASDAQ: GRIFX) achieved a positive return of 9.03% year-to-date through June 25, 2021, limiting a trailing period of one year in which the class -I shares of the fund (NASDAQ: GRIFX) achieved a total return of 13.37%. Since inception, the fund has generated positive returns for 25 out of 27 quarters with annualized volatility (standard deviation) of 3.16%, which is roughly the standard deviation of the Bloomberg Barclays US Aggregate Bond Index (3.14%) as of May 31, 20211 .
1. Past performance is not an indication of future results. The return on investment and the net present value of an investment fluctuate. When redeemed, units may be worth more or less than their original cost. Fund launch date: 06/30/14. Data source: Morningstar Direct. The performance data uses the Fund’s I share class (NASDAQ: GRIFX) and reflects the reinvestment of dividends and other distributions. As of May 31, 2021, the I share class of the Fund had a one-year return of 10.84% and a five-year annualized return of 5.56%. Since inception of the fund on 06/30/14 to 05/31/21, the class I units of the fund have had a standard deviation of 3.16%; the S&P recorded a standard deviation of 14.26% over the same period.
About Griffin Institutional Access Real Estate Fund
Griffin Institutional Access Real Estate Fund, a closed-ended, interval fund, registered under the Investment Company Act of 1940, is an actively managed portfolio of private real estate funds and public real estate securities that is diversified by property type and geographic location, offering daily price prices and periodic liquidity at net asset value. The Fund will make quarterly offers to repurchase between 5% and 25% of its outstanding shares at net asset value. The Fund is advised by Griffin Capital Advisor, LLC (“GCA”). GCA is registered as an investment advisor with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended. GCA is an indirect, majority-owned subsidiary of Griffin Capital Company, LLC. Registration with the SEC does not constitute endorsement by the SEC, nor does it imply any particular qualification or training level.
To learn more about the Griffin Institutional Access Real Estate Fund, go to:
https://www.griffincapital.com/griffin-institutional-access-real-estate-fund
* The fund’s distribution ratio is the amount, expressed as a percentage, that a fund investor would receive from distributions if the last distribution by the fund remained constant in the future. It is calculated by converting the last fund distribution to the year. The percentage represents a single distribution by the fund and does not reflect the total return of the fund. The Fund’s distribution policy is to make quarterly distributions to shareholders. Part of the distribution includes a capital repayment. For more information on the composition of dividends, please see the Fund’s most recent notice under Section 19 (a) available at www.griffincapital.com and the Fund’s semi-annual or annual reports filed with the SEC. Shareholders should not assume that the Fund’s distribution will be net income. Although such distributions are not currently taxable, such distributions will result in a lowering of a shareholder’s tax base on the shares, resulting in a higher tax liability on the sale of the shares, even if they have not increased in value, or indeed decreased in value . Payouts are not guaranteed.
About Griffin Capital Company, LLC2
Griffin Capital is a privately held alternative investment manager headquartered in Los Angeles, California. Griffin Capital, founded in 1995, owns, manages, sponsored or co-sponsored investment programs with assets of over $ 20 billion. The company’s officers and employees have invested over $ 300 million in its various investment areas to align Griffin’s interests with those of its 200,000+ investors.
The company uses the breadth and depth of its cycle-proven investment management teams to capitalize on long-term economic trends and long-term growth opportunities in real estate and global corporate bonds through interval funds and direct investment strategies. Investors can only access these investment solutions through independent insurance broker dealers, national wirehouses and registered investment advisors.
More information is available at www.griffincapital.com. LinkedIn: https://www.linkedin.com/company/griffin-capital/
2. As of March 31, 2021.
This is neither an offer to sell nor a solicitation to buy securities. Investors should carefully consider the investment objectives, risks, fees and expenses of the Griffin Institutional Access Real Estate Fund. This and other important information about the fund can be found in the prospectus, which is available at www.griffincapital.com. Please read the prospectus carefully before investing.
Past performance is not an indication of future results. The return on investment and the net present value of an investment fluctuate. When redeemed, units may be worth more or less than their original cost. Performance includes dividends reinvested and reflects management fees and other expenses. Since Class I units (NASDAQ: GRIFX) went into operation on 08/10/15, the performance information listed above is “PRO FORMA” performance for the period from 06/30/14 to 08/10/15 based on the performance information of the class A shares without encumbrance (NASDAQ: GIREX), which have a different cost structure than the class I shares. For the period 06/30/14 to 08/10/15, the performance information of the Class A Shares of the Fund has been adjusted to reflect the costs applicable to the Class I Shares as the Class I Shares have a lower expense ratio than the Cost ratio of class A shares. The performance of the Class A Shares has been adjusted to eliminate service charges to Shareholders and any voluntary waiver or reimbursement of Fund costs by the Fund’s investment advisor in any period prior to the start of business of the Class I Shares. Because both Class A Shares and Class I Shares are invested in the same portfolio of securities, the Class I Shares of the Fund would achieve similar returns to Class A Shares. In this respect, the returns would only differ insofar as the classes do not have the same expenses. Actual performance for Class I Shares will be displayed from 08/11/15 up to the dates listed above. Assets and securities contained in indices and benchmark funds may differ from the assets and securities contained in the fund and therefore have different risk and return profiles. No investment may be made in an index that is unmanaged and the returns of which do not reflect trading, administration or other costs. The Fund’s return does not reflect the deduction of all fees, including third-party commissions or third-party investment advisory fees, paid by investors to a financial intermediary for brokerage services. If the deduction of such fees were taken into account, the performance would be lower. The reported returns do not reflect the deduction of any tax that a Shareholder would pay on any Fund distributions or the redemption of Fund Shares. The current performance is available at www.griffincapital. com or call 888.926.2688.
The launch date of the fund was June 30, 2014. According to the fund’s prospectus dated February 1, 2021, the total annual expense ratio for class I shares is 1.75%. The advisor and the fund have concluded a cost containment agreement until at least February 1, 2022, in which the advisor has contractually agreed to waive its fees and pay the ordinary annual operating costs of the fund (including offer costs, but excluding taxes) or to assume, interest, brokerage commissions, acquired fund fees and expenses as well as extraordinary expenses), insofar as they exceed 1.66% for units of class I. The Fund is a closed interval fund, the Shares have not been publicly traded and it is not intended that the Shares will be listed on any public stock exchange at this time. A secondary market is not expected to develop in the Fund’s shares. Limited liquidity is only made available to Shareholders through the Fund’s quarterly repurchase offers for a minimum of 5% and a maximum of 25% of the Fund’s Shares outstanding at net asset value. There is no guarantee that an investor will be able to sell all of the shares that the investor may wish to sell in the repurchase offer. The return on investment and the net present value of an investment fluctuate, so that when an investor s shares are redeemed, they may be worth more or less than their original cost. Because of these restrictions, an investor should view an investment in the Fund as having limited liquidity. The fund is only suitable for investors who can accept the risks associated with the limited liquidity of the fund and should be viewed as a long-term investment. Investment in the Fund is speculative and carries a high level of risk, including the risks associated with leverage and the risk of a material loss of the investment. There is no guarantee that the investment strategies will work in all market conditions.
This material has been distributed for informational purposes only and should not be viewed as investment advice or advice in any particular security, strategy or product, or used for any other purpose. The information contained herein is obtained from sources believed to be reliable but not guaranteed. This material represents views as of the date of this publication and is subject to change without notice.