Global Medical REIT Inc. Raises $57 Million of Equity in 2018 at an Average Price of $9.23 Per Share
BETHESDA, Md.--(BUSINESS WIRE)-- Global Medical REIT Inc. (NYSE: GMRE) (the “Company” or “GMRE”), a net-lease medical office real estate investment trust (REIT) that acquires purpose-built healthcare facilities and leases those facilities to strong healthcare systems and groups with leading market share, announced today that it raised approximately $57 million of equity in 2018, through a combination of common stock and operating partnership unit (“OP Unit”) issuances, at an average offering price of $9.23 per share.
“We are very pleased with the timing and execution of these various equity issuances during the year,” stated Jeffrey Busch, Chief Executive Officer, Chairman & President. “We were able to raise capital through tumultuous market volatility from multiple sources at attractive prices to support the growth of our portfolio.” Mr. Busch concluded, “In addition, our OP Unit deals are a testament to our tenants’ confidence in our business and strategy.”
During 2018, and in connection with property acquisitions, the Company’s operating partnership issued approximately 1.9 million OP Units, valued at $18.2 million at an average issuance price of $9.60 per OP Unit.
During the second half of 2018, the Company issued 662,415 shares of its common stock through its At-The-Market (ATM) program, generating gross proceeds of approximately $6.2 million at an average public offering price of $9.41 per share.
On December 14, 2018, the Company issued 3.5 million shares of its common stock in a public underwritten offering, generating $31.5 million in gross proceeds at a public offering price of $9.00 per share. Subsequently, on December 26, 2018, the Company issued an additional 151,394 shares of common stock for gross proceeds of approximately $1.4 million, pursuant to a partial exercise of the underwriters’ over-allotment option. Acting as joint book-running managers for the offering were Stifel, Nicolaus & Company, Incorporated and BMO Capital Markets Corp.
About Global Medical REIT Inc.
Global Medical REIT Inc. is net-lease medical office real estate investment trust (REIT) that acquires purpose-built, specialized healthcare facilities and leases those facilities to strong healthcare systems and groups with leading market share. GMRE’s real estate portfolio is comprised of 84 healthcare assets, which are leased on a triple-net basis and contain approximately 2.1 million square feet. These assets are concentrated in secondary and tertiary markets across the United States. The Company’s management team has significant healthcare, real estate and REIT experience and has long-established relationships with a wide range of healthcare providers.
Source: Global Medical REIT Inc.
Released January 10, 2019