Global Medical REIT Inc. Provides Update to Cardiologists of Lubbock Acquisition
28 June 2017 - 6:45AM
Business Wire
Global Medical REIT Inc. (NYSE:GMRE) (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 strong clinical operators with
leading market share, today provides an update to its
previously announced Cardiologists of Lubbock acquisition.
Cardiologists of Lubbock – Lubbock, Texas
On June 5, 2017, the Company announced that it had entered into
a purchase contract to purchase a 27,280 square-foot cardiac clinic
(the “Cardiac Clinic”) located in Lubbock, Texas and that the
Company was going to enter into a new, 12-year, triple-net lease
with the Lubbock Heart Hospital. Rent payments under such lease
were expected to be guaranteed by Surgery Partners, Inc., which
manages the Cardiac Clinic through a joint venture agreement. Since
the announcement of the acquisition of the Cardiac Clinic, Surgery
Partners, Inc. has informed that Company that, due to legal
restrictions on the percentage of lease payments it may guarantee,
it was only going to be guaranteeing approximately 52% of the rent
payments (which represents Surgery Partners, Inc.’s percentage
ownership of the Cardiac Clinic prior to its sale to the
Company).
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 strong clinical operators with leading market share.
The Company’s strategy is to produce increasing, reliable rental
revenue by expanding its portfolio, and leasing its healthcare
facilities to market-leading operators under long-term triple-net
leases. The Company’s management team has significant healthcare,
real estate and public real estate investment trust, or REIT,
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 its
taxable year ending December 31, 2016.
Forward-Looking
Statements
Certain statements contained herein may be considered
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, and it is the Company’s
intent that any such statements be protected by the safe harbor
created thereby. These forward-looking statements are identified by
their use of terms and phrases such as "anticipate," "believe,"
"could," "estimate," "expect," "intend," "may," "should," "plan,"
"predict," "project," "will," "continue" and other similar terms
and phrases, including references to assumption and forecasts of
future results. Except for historical information, the statements
set forth herein including, but not limited to, any statements
regarding expected financial performance or other financial items;
any statements concerning our plans, strategies, objectives and
expectations for future operations and our pipeline of acquisition
opportunities and expected acquisition activity, including the
timing and/or successful completion of any acquisitions, are
forward-looking statements. These forward-looking statements are
based on our current expectations, estimates and assumptions and
are subject to certain risks and uncertainties. Although the
Company believes that the expectations, estimates and assumptions
reflected in its forward-looking statements are reasonable, actual
results could differ materially from those projected or assumed in
any of the Company’s forward-looking statements. Important factors
that could cause the Company’s actual results to differ materially
from estimates, stated expectations or projections contained in the
Company’s forward-looking statements are set forth in the “Risk
Factors” section of our Annual Report on Form 10-K, as amended by
Amendment No. 2 thereto, for the year ended December 31, 2016,
which were filed with the United States Securities and Exchange
Commission on March 27, 2017 and May 9, 2017, respectively, and
elsewhere in the reports the Company has filed with the United
States Securities and Exchange Commission, including that the
Company may not be successful in completing the Lubbock acquisition
in a timely fashion or at all, the Company may not be able to
obtain the rent guarantee from Surgery Partners, Inc. at the
current anticipated level or at all. You are cautioned not to place
undue reliance on forward-looking statements. The Company does not
intend, and undertakes no obligation, to update any forward-looking
statement.
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version on businesswire.com: http://www.businesswire.com/news/home/20170627006411/en/
Global Medical REIT
Inc.Danica Holley, 202-524-6854Chief Operating
Officerdanicah@globalmedicalreit.comorINVESTOR
RELATIONS:The Equity Group
Inc.Jeremy Hellman, 212-836-9626Senior
Associatejhellman@equityny.comorAdam Prior, 212-836-9606Senior
Vice-Presidentaprior@equityny.com
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