GLOBAL HEALTHCARE REIT, INC. (OTCMKTS:GBCS) Files An 8-K Other Events
ITEM 8.01
On August 18, 2020, Global Healthcare REIT’s (the “Company”) Board of Directors approved the repurchase of 443,431 shares of common stock for $75,385 or $0.17 per share in a privately negotiated transaction. The Company intends to cancel the repurchased shares so they are no longer outstanding.
“Despite uncertainty surrounding nursing homes amidst the Covid-19 virus, we believe the market price for our stock is significantly undervalued,” stated Zvi Rhine, Global’s President and Chief Financial Officer. “We continue to refine our capital allocation priorities as our cash flow continues to improve. However, our first priority is to maintain adequate cash and flexibility to properly support our growing healthcare service business.”
About GLOBAL HEALTHCARE REIT, INC. (OTCMKTS:GBCS)
Global Healthcare REIT, Inc. operates as a real estate investment trust (REIT) for the purpose of investing in real estate and other assets related to the healthcare industry. The Company acquires, develops, leases, manages and disposes of healthcare real estate, and provides financing to healthcare providers. The Company owns approximately nine healthcare properties, which are leased to third-party operators under triple-net operating terms. The Company’s approximately nine assisted-living facilities include Middle GA Nursing Home; Warrenton Nursing Home (Warrenton); Southern Hills Retirement Center; Goodwill Nursing Home; Edwards Redeemer Health & Rehab; Providence of Sparta Nursing Home; Providence of Greene Point Healthcare Center; Meadowview Healthcare Center, and Golden Years Manor Nursing Home. The Company’s Southern Hills Retirement Center consists of an Assisted Living facility (ALF), an Independent Living facility (ILF) and a Skilled Nursing facility (SNF).