August 30, 2014 5:27 AM ET

Real Estate Investment Trusts (REITs)

Company Overview of Summit Healthcare REIT, Inc.

Company Overview

Summit Healthcare REIT, Inc., is a real estate investment trust. As of December 31, 2007, its portfolio consisted of 11 properties located in North Tempe and Phoenix, Arizona; Santa Fe Springs, Westminster, and Torrance, California; and Tampa and Orlando, Florida. The company qualifies as a REIT for federal income tax purposes. As a REIT, it would not be subject to federal income tax to the extent that it distributes at least 90% of its taxable income to its shareholders. The company was founded in 2004 and is based in Irvine, California.

1920 Main Street

Suite 400

Irvine, CA 92614

United States

Founded in 2004

Phone:

949-852-1007

Fax:

949-852-2729

Key Executives for Summit Healthcare REIT, Inc.

Chairman of The Board
Age: 60
President and Chief Operating Officer
Age: 44
Interim Chief Financial Officer
Age: 50
Senior Vice President and Secretary
Age: 58
Compensation as of Fiscal Year 2014.

Summit Healthcare REIT, Inc. Key Developments

Summit Healthcare REIT, Inc. Completes First Acquisition

Summit Healthcare REIT, Inc. announced that it has completed its first acquisition. On December 18, 2013 for approximately $3.5 million, the company acquired a 40-unit assisted living facility located in Redding, California that was built in 1992. The 26,000 square foot facility has been triple-net leased to an affiliate of Compass Senior Living, LLC, the new operator of the facility, pursuant to a ten-year term.

Summit Healthcare REIT, Inc. Announces Executive Change

On November 18, 2013, Timothy Collins, the Interim Chief Financial Officer since August 1, 2012 of Summit Healthcare REIT, Inc., resigned from that position effective as of November 18, 2013. Dominic J. Petrucci will serve as the company's Interim Chief Financial Officer effective November 18, 2013. The company and Mr. Petrucci have entered into a consulting contract effective as of November 1, 2013 whereby Mr. Petrucci will provide services as Interim Chief Financial Officer to the company. Mr. Petrucci shall not become an employee of the company or the Advisor, but shall be named an officer of the company.

Cornerstone Core Properties REIT, Inc. has Changed its Name to Summit Healthcare REIT, Inc

Cornerstone Core Properties REIT, Inc. changed its name to Summit Healthcare REIT, Inc.

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Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
January 2, 2014
40-Unit Assisted Living Facility in Redding, California
Merger/Acquisition
November 26, 2013
Shoemaker Industrial Building in Santa Fe Springs, California
Merger/Acquisition
November 13, 2013
Shoemaker Industrial Building in Santa Fe Springs, California
 

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