Global Medical REIT Prices Series A Preferred Stock Offering

9/12/17

BETHESDA, Md.--(BUSINESS WIRE)--Global Medical REIT Inc. (NYSE:GMRE) announced the pricing of its underwritten public offering of 2,700,000 shares of its 7.50% Series A Cumulative Redeemable Preferred Stock, $0.001 par value per share, raising net proceeds of approximately $65.2 million, after deducting underwriting discounts and commissions and estimated offering expenses. The Series A Preferred Stock has an initial liquidation preference of $25.00 per share. The offering is expected to close on September 15, 2017, subject to customary closing conditions. The Company has granted the underwriters a 30-day option to purchase up to an additional 405,000 shares of Series A Preferred Stock at the public offering price to cover over-allotments, if any. The Company intends to apply to list the Series A Preferred Stock on the New York Stock Exchange under the symbol "GMRE PrA." If the application is approved, the Company expects trading to commence 30 days after initial delivery of the Series A Preferred Stock.

The Company intends to use the net proceeds from this offering for general corporate purposes, which may include funding new acquisitions, and repaying indebtedness.

FBR Capital Markets & Co., a B. Riley Financial Company, and Janney Montgomery Scott are serving as the book-running managers for the offering. BB&T Capital Markets, Compass Point and D.A. Davidson & Co. are serving as co-managers.

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 intends to produce increasing, reliable rental revenue by expanding its portfolio, and leasing each of its healthcare facilities to market-leading operators 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.

It's on us. Share your news here.

Submit your stories and articles to citybizlist today.

Baltimore Business Spotlight

Feature Your Business Here

Connect with these Baltimore Professionals on LinkedIn

  • Edwin Warfield

    Editor in Chief, Warfield Digital

    Connect
  • Jean Halle

    Independent Consultant

    Connect
  • Larry Lichtenauer

    President of Lawrence Howard & Associates

    Connect
  • Newt Fowler

    Partner at Womble Carlyle, LLP

    Connect
  • David Crowley

    Owner at Develop DC

    Connect
  • Carolyn Stinson

    Stinson Marketing Group

    Connect