A Maryland medical real estate investment trust purchased nine buildings for $103.4 million, according to a filing with the Securities and Exchange Commission.
Global Medical REIT Inc., which acquires and leases health care facilities, filed a Form 8-K stating the details of its acquisitions on Feb. 2.
Five purchase contracts were discussed in the filing, four of which have been executed in the first quarter of 2017.
Following the successful closings of the acquisitions under purchase contract, GMR’s gross investment in real estate will be approximately $310 million and will encompass approximately 924,000 square feet of leasable space
On Jan. 12, GMR closed the acquisition of a 28,480 square-foot clinic and imaging center, which is occupied by two affiliates of the Geisinger Health System; Susquehanna Valley Imaging and the Geisinger-Bucknell Center for Autism & Development Medicine.
On Jan. 17, GMR closed the acquisition which includes a 25,814 square-foot medical office building located in Cape Coral, Florida.
The transaction also includes a 15,716 square-foot, orthopedic and imaging clinic in Las Cruces, New Mexico, and a 12,000 square-foot, two-tenant clinic, in Prescott, Arizona.
“I would also like to highlight the diversity of these acquisitions, from a geographic perspective along with the type of markets they serve,” said Chief Executive Officer David Young in a statement. “As we state at the outset of all of our announcements, we focus on the acquisition of properties that are leased to leading clinical operators with dominant market share.”
Young has served as CEO since February 2014, as a director since September 2014.
Young graduated with a B.S. from the University of Iowa and an MBA in finance from Suffolk University.
The company’s objective is to produce increasing, reliable rental revenue by expanding its portfolio, and leasing its health care facilities to market-leading operators under long-term triple-net leases.