GMRE buys four inpatient rehabilitation facilities from CNL Healthcare
Maryland-based Global Medical REIT (GMRE) has wrapped up its $94 million acquisition of four inpatient rehabilitation facilities from CNL Healthcare Properties’ affiliates.
The acquired inpatient rehabilitation facilities put together comprises 207,204sft of space and under long-term triple-net leases is leased to major healthcare providers. As of now, all four leases have a weighted average remaining lease term of around 8.3 years and are expected to generate total annual rent of $6.9 million.
The acquired properties are Las Vegas, Nevada (Encompass Health), Surprise, Arizona (joint venture of Cobalt Rehabilitation and Tenet Healthcare), Oklahoma City, Oklahoma (joint venture of Mercy Health and Kindred Healthcare) and Mishawaka, Indiana (St. Joseph’s Health System).
Jeffrey Busch – CEO, Chairman & President of Global Medical REIT, commenting on the acquisition of the inpatient rehabilitation facilities, said: “This acquisition is a testament to our disciplined underwriting and the value creation we are able to achieve through our net-lease medical portfolio. We believe the rent generated by this acquisition, in combination with the underlying cash flows generated through our existing real estate portfolio, is essential to creating a sustainable dividend and long-term stockholder value.
“In addition, we are pleased with the accordion closing and appreciate the support our lenders provide to our long-term business and investment strategy.”