BETHESDA, Md.--(BUSINESS WIRE)--Global Medical REIT Inc. (NYSE:GMRE), 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 on December 30, 2016 it entered into a purchase contract to acquire Great Bend Regional Hospital (“GBRH”) for a purchase price of $24,500,000. GBRH is a 33-bed acute care hospital located in Great Bend, Kansas serving 50,000+ community residents. The 58,000 square-foot facility is the sole community provider in its medical service area, where it provides services including women’s health, surgical, ancillary, hospital, and walk-in treatment. Closing is expected in the first quarter of 2017, at which time the current tenant, Great Bend Regional Hospital, LLC, is expected to enter into a 15-year triple net lease with GMR. GMR expects to fund this acquisition using borrowings from the Company’s credit facility or other available cash.
David Young, Chief Executive Officer of GMR, stated, “I am very happy to close out 2016 with strong acquisition momentum following the execution of this agreement to acquire the Great Bend Regional Hospital. Moving into 2017, we expect to continue our policy of announcing material acquisitions when we enter into purchase contracts and announcing other smaller acquisitions through periodic acquisition updates.”
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, 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 ended December 31, 2016.
