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April 22, 2019 Comments Off on Global Medical REIT Acquires IRF Portfolio for $94M Views: 1186 Maryland, National News, Northeast

Global Medical REIT Acquires IRF Portfolio for $94M

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Bethesda, MD-based Global Medical REIT Inc. acquired four inpatient rehabilitation facilities from affiliates of CNL Healthcare Properties, Inc. for an aggregate purchase price of $94 million. The initial capitalization rate was roughly 7.3% and has an estimated second-year capitalization rate of 7.6%, assuming the scheduled lease increases.

“We believe the rent generated by this acquisition, in combination with the underlying cash flows generated through our existing real estate portfolio, are essential to creating a sustainable dividend and long-term stockholder value,” said Global Medical REIT’s Jeffrey Busch.

The assets include:
– a 53,260-square-foot property in Las Vegas, occupied by Encompass Health
– a 54,575-square-foot property in Surprise, AZ ,occupied by a JV between Cobalt Rehabilitation and Tenet Healthcare
-a 53,449-square-foot property in Oklahoma City, occupied by a JV between Mercy Health and Kindred Healthcare
-a 45,920-square-foot property in Mishawaka, IN, occupied by St. Joseph’s Health System

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