Global Medical REIT acquires IRF portfolio for $94M
Global Medical REIT announced that it completed the acquisition of four inpatient rehabilitation facilities from affiliates of CNL Healthcare Properties for an aggregate purchase price of $94M, with an initial capitalization rate of approximately 7.3% and an estimated second-year capitalization rate of 7.6%, assuming the scheduled lease increases. The IRF Portfolio is comprised of four inpatient rehabilitation facilities aggregating 207,204 square feet and leased to leading healthcare providers under long-term triple-net leases. Currently, all four leases have a weighted average remaining lease term of approximately 8.3 years and are expected to provide total annual rent of $6.9M. On April 15, 2019, the ompany exercised $75M of the $150M accordion feature of its credit facility. The partial exercise of the accordion feature increases the term loan component of the credit facility from $100M to $175M and the total borrowing capacity under the credit facility to $425M.