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GMRE

Global Medical REIT

$7.33

0.01 (0.14%)

, HR

Healthcare Realty Trust

$29.90

0.36 (1.22%)

08:36
11/30/16
11/30
08:36
11/30/16
08:36

Global Medical REIT announces planned $68M acquisition of three hospitals

Global Medical REIT (GMRE) announced that it has entered into purchase contracts to acquire three rehabilitation hospitals for an aggregate purchase price of $68.093M. The three hospitals, discussed further below, are HealthSouth rehabilitation hospitals in Mesa, AZ, Altoona, PA and Mechanicsburg, PA. GMR intends to complete the three acquisitions in all-cash transactions using proceeds from the company's IPO. The company intends to place debt on the properties subsequent to closing. In total, the three hospitals add approximately 196,000 square feet to GMR's property portfolio while also yielding cap rates consistent with the company's existing property portfolio. These three transactions are contingent on each other, so the company will not close one without closing the other two. The sellers are affiliates of Healthcare Realty Trust Incorporated (HR). The company's due diligence period under each agreement expires on December 8, at which time its earnest money deposits become non-refundable. The company has the right to terminate at any time prior to the expiration of the due diligence period. The company expects to close the three acquisitions during the Q4, subject to the satisfactory completion of due diligence and other customary closing conditions. There is no assurance that the company will close these three acquisitions.

GMRE

Global Medical REIT

$7.33

0.01 (0.14%)

HR

Healthcare Realty Trust

$29.90

0.36 (1.22%)

  • 05

    Dec

GMRE Global Medical REIT
$7.33

0.01 (0.14%)

07/11/16
07/11/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. WebMD (WBMD) initiated with a Buy at Mizuho. 2. Akari Therapeutics (AKTX) initiated with a Sell at Chardan. 3. Echo Global (ECHO) initiated with an Overweight and C.H. Robinson (CHRW) initiated with an Underweight at JPMorgan. 4. Global Medical REIT (GMRE) initiated with a Buy at Wunderlich, with a Buy at Compass Point, and with a Hold at BB&T. 5. XPO Logistics (XPO) initiated with an Overweight at JPMorgan. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
07/25/16
OPCO
07/25/16
INITIATION
Target $12
OPCO
Outperform
Global Medical REIT initiated with an Outperform at Oppenheimer
Oppenheimer analyst Steve Manaker started Global Medical REIT with an Outperform rating and $12 price target.
09/20/16
COMP
09/20/16
DOWNGRADE
COMP
Neutral
Global Medical REIT downgraded to Neutral from Buy at Compass Point
11/10/16
WDLK
11/10/16
DOWNGRADE
WDLK
Hold
Global Medical REIT downgraded to Hold from Buy at Wunderlich
HR Healthcare Realty Trust
$29.90

0.36 (1.22%)

11/04/16
JMPS
11/04/16
UPGRADE
JMPS
Market Perform
Healthcare Realty Trust upgraded to Market Perform from Underperform at JMP Securities
11/04/16
JMPS
11/04/16
UPGRADE
JMPS
Market Perform
Healthcare Realty Trust upgraded on valuation at JMP Securities
As noted earlier, JMP Securities upgraded Healthcare to Market Perform from Underperform. Analyst Peter Martin upgraded the stock based on valuation.
11/14/16
CANT
11/14/16
UPGRADE
Target $35
CANT
Buy
Healthcare Realty Trust upgraded to Buy from Hold at Cantor
11/14/16
CANT
11/14/16
UPGRADE
CANT
Buy
Healthcare Realty upgraded on valuation, outlook at Cantor
As noted earlier, Cantor upgraded Healthcare Realty to Buy from Hold. Analyst Joseph France upgraded the stock based on valuation and his belief that the REIT "is well-positioned for the new reimbursement rules and that its acquisition and development backlog bodes well for 4Q16 and 2017." Target to $35 from $37.

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