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 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.
