Global Medical REIT Inc. Announces Closing of Multiple Acquisitions of Medical Properties
October 10 2016 - 8:30AM
Business Wire
Three Previously Announced Projects
Including Nine Buildings Have Successfully Closed
Global Medical REIT Inc. (NYSE:GMRE) (“Global Medical” or the
“Company”), a Maryland corporation engaged primarily in the
acquisition of licensed, state-of-the-art, purpose-built healthcare
facilities and the leasing of these facilities to leading clinical
operators with dominant market share, announced today that it has
closed multiple acquisitions which the Company previously announced
on September 15, 2016. In the press release, the Company
announced the planned closing of three separate transactions for
an aggregate price of $30,860,000 covering eleven
buildings in total. The three projects are the “Brown Clinic” in
Watertown, SD; the “Northern Ohio Medical Specialists (“NOMS”)”
portfolio in Northern Ohio; and the “Prospect Medical Office
Building” in East Orange, NJ. The Company has closed the
acquisition of nine of the buildings for a total purchase price of
$25,439,200 and expects to close the remaining two buildings for
the remaining $5,420,800 in December following completion of
certain renovations that are currently in process and satisfaction
of customary closing conditions. With these acquisitions and the
Berks Eye clinic acquisition that was announced in late July, the
Company has deployed or committed to deploying approximately $40
million of the net proceeds of its initial public offering in
acquisitions to date.
David Young, Chief Executive Officer of Global Medical, stated,
“I am proud of our team in successfully closing these acquisitions
on schedule. Our ability to do so reflects our ability to identify
quality physician/operator partners with quality assets where we
can provide value to their enterprises. By closing these
acquisitions in a timely manner we are also able to focus our
attention squarely on advancing additional acquisitions through our
pipeline.”
About Global Medical REIT Inc.
Global Medical REIT Inc. is a Maryland corporation engaged
primarily in the acquisition of licensed, state-of-the-art,
purpose-built healthcare facilities and the leasing of these
facilities to leading clinical operators with dominant market
share. The Company intends to produce increasing, reliable rental
revenue by expanding its portfolio, and leasing each of its
healthcare facilities to a single market-leading operator under a
long-term triple-net lease. The Company’s management team has
significant healthcare, real estate and public real estate
investment trust experience and has long-established relationships
with a wide range of healthcare providers. The Company intends to
elect to be taxed as a REIT for U.S. federal income tax purposes
commencing with our taxable year ended December 31, 2016.
Forward-Looking Statements
This press release contains statements that are “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Exchange Act, pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements may be identified by
the use of words such as “anticipate”, “believe”, “expect”,
“estimate”, “plan”, “outlook”, and “project” and other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. Forward-looking
statements should not be read as a guarantee of future performance
or results, and will not necessarily be accurate indications of the
times at, or by, which such performance or results will be
achieved. Forward-looking statements are based on information
available at the time those statements are made and/or management’s
good faith belief as of that time with respect to future events.
These statements relate to, among other things, the Company’s
expectations regarding the completion of the acquisitions described
in the press release on the terms and conditions described herein,
the expected closing dates of these acquisitions; and the expected
sale-leaseback terms. These forward-looking statements are subject
to various risks and uncertainties, not all of which are known to
the Company and many of which are beyond the Company’s control,
which could cause actual performance or results to differ
materially from those expressed in or suggested by the
forward-looking statements. These risks and uncertainties are
described in greater detail in the Company’s filings with the
Securities and Exchange Commission (the “Commission”), including,
without limitation, the Company’s annual and periodic reports and
other documents filed with the Commission. Unless legally required,
the Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise. The Company undertakes no obligation to update these
statements after the date of this release.
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version on businesswire.com: http://www.businesswire.com/news/home/20161010005277/en/
Investor Relations CounselThe Equity Group Inc.Jeremy Hellman,
212-836-9626Senior Associatejhellman@equityny.comorAdam Prior,
212-836-9606Senior Vice Presidentaprior@equityny.com
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