Global Medical REIT Inc. (NYSE:GMRE) (“Global Medical” or the “Company”), 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 leading clinical operators with dominant market share, announced today that it has closed multiple acquisitions which the Company previously announced on September 15, 2016. In the press release, the Company announced the planned closing of three separate transactions for an aggregate price of $30,860,000 covering eleven buildings in total. The three projects are the “Brown Clinic” in Watertown, SD; the “Northern Ohio Medical Specialists (“NOMS”)” portfolio in Northern Ohio; and the “Prospect Medical Office Building” in East Orange, NJ. The Company has closed the acquisition of nine of the buildings for a total purchase price of $25,439,200 and expects to close the remaining two buildings for the remaining $5,420,800 in December following completion of certain renovations that are currently in process and satisfaction of customary closing conditions. With these acquisitions and the Berks Eye clinic acquisition that was announced in late July, the Company has deployed or committed to deploying approximately $40 million of the net proceeds of its initial public offering in acquisitions to date.
David Young, Chief Executive Officer of Global Medical, stated, “I am proud of our team in successfully closing these acquisitions on schedule. Our ability to do so reflects our ability to identify quality physician/operator partners with quality assets where we can provide value to their enterprises. By closing these acquisitions in a timely manner we are also able to focus our attention squarely on advancing additional acquisitions through our pipeline.”