Global Medical REIT, a Bethesda, Md.-based company engaged in the acquisition and leasing of healthcare facilities, closed two acquisitions during the first quarter of 2017 and executed five purchase contracts, four of which occurred in Q1 2017. The aggregate price of the purchase contracts and acquisitions totaled $103,455,000.
If the company successfully closes on its five purchase contracts, GMR's gross investment in healthcare real estate will total approximately $310 million.
Confirmed transactions include the purchase of Lewisburg, Pa.-based Susquehanna Valley Imaging and Cape Coral, Fla.-based Southwest Florida Neurological & Rehabilitation Associates. The five pending contracts concern the acquisition of three properties belonging to Oklahoma City-based Oklahoma Center for Orthopedic & Multi-Specialty Surgery, Las Cruces (N.M.) Orthopedic Associates, Prescott, Ariz.-based Thumb Butte Medical Center and Clermont, Fla.-based South Lake Heart & Vascular Institute.
"I am happy to announce these acquisitions, which will add more than 258,000-square-feet to our property portfolio once the acquisitions under purchase contract are closed, which we expect will occur in the first quarter. Following the expected closings, our gross investment portfolio will exceed $310 million, encompassing approximately 924,00-square-feet of leasable space," said David Young, CEO of GMR. "With two months still remaining in the first quarter, this gives us great momentum as we push toward covering our dividend."