EL SEGUNDO, CA—Griffin Capital Essential Asset REIT II said Tuesday it was exploring strategic alternatives, and had hired investment banking firm Robert A. Stanger & Co. as financial advisor. Among those alternatives are “potential liquidity opportunities,” the company said Tuesday.

Although GCEAR's board has been analyzing potential strategic alternatives and speaking with several advisers for some time, a special committee of the board determined that it wanted to take advantage of an exclusive relationship with Robert A. Stanger due to that firm's many successes assisting other non-traded REITs over the last several years. The company said Tuesday that there were no guarantees that any transactions would result from the exploration, and that it would not comment further.

Tuesday's announcement comes just a few days after the company reported 41% year-over-year growth in modified funds from operations for the second quarter that ended June 30. Total revenue for the quarter was approximately $85.6 million, representing year-over-year growth of 39% for the same period in 2015.

“We're pleased to deliver to our shareholders another quarter of strong financial results, encompassing robust growth” in terms of both revenue and MFFO, Michael Escalante, president and CIO of GCEAR, said last week. “Looking beyond the numbers, we continue to be excited about the quality of the REIT's assets and tenant base, which reflect our expertise not only as real estate investors, but as focused real estate operators who are committed to a disciplined approach in how we create long-term value for our shareholders.” The company had a portfolio of 76 office and industrial properties totaling 18.9 million square feet as of August 1.

Instant Insights /

GCEAR Hires Robert A. Stanger to Explore Alternatives

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