On October 11, 2016, the Company paid the dividend that was declared on September 14, 2016, in the amount of $0.20 per share of common stock to stockholders of record as of September 27, 2016. At the same time, the Operating Partnership paid a cash distribution to holders of LTIP units in the amount of $0.20 per unit. The aggregate amount of the dividend and LTIP unit distribution paid was $3,592,786.

 

Property Acquisitions Completed Subsequent to September 30, 2016

 

 

On October 31, 2016, the Company acquired land and two medical office buildings located in Carson City, Nevada for a total purchase price of $3.975 million and as part of the transaction assumed a seven-year triple net lease agreement with the existing tenant. The acquisition was funded using a portion of the proceeds from the Company’s initial public offering.

 

 

As disclosed in Note 3 – “Property Portfolio,” on September 13, 2016, the Company entered into an assignment and assumption agreement to assume from a third party a purchase contract to acquire a portfolio of seven properties known as the NOMS portfolio located in Northern Ohio, for a total purchase price of $10.0 million. On October 7, 2016, the Company closed on the sale of five of the seven facilities representing approximately $4.6 million of the total $10 million purchase price. The acquisition of the remaining two buildings for approximately $5.4 million is expected to close in December 2016. The total NOMS portfolio covers an aggregate of 50,931 square feet. The NOMS portfolio was owned by a multi-specialty physician group which has been in operation since 2000. The group includes over 120 physicians of which approximately half are primary care providers. The Company is leasing the five acquired properties to NOMS and will lease the remaining two properties to NOMS using a triple-net lease structure with initial terms of 11 years with four additional five-year renewal options. NOMS was the tenant in the five buildings prior to the Company’s acquisition and is also currently the tenant in the remaining two buildings. The acquisition of the five buildings was funded using a portion of the proceeds from the Company’s initial public offering. The acquisition of the remaining two buildings will also be funded using proceeds from the initial public offering.

 

Asset Purchase Agreements Executed Subsequent to September 30, 2016

 

Las Cruces Facility

 

On November 4, 2016, the Company entered into a purchase agreement to acquire a surgical and imaging center in Las Cruces, New Mexico for a total purchase price of $4.88 million. The Company will execute a 12-year triple net lease agreement with Las Cruces Orthopedic Associates upon completion of the transaction. The Company expects to complete this transaction during the fourth quarter of 2016.

 

Ellijay Facilities

 

On November 1, 2016, the Company entered into a purchase agreement to acquire land and three office buildings located in Ellijay, Georgia for a total purchase price of $4.9 million. The Company will assume a 10-year triple net lease agreement with the existing tenant upon the closing of the transaction. The Company expects to complete this transaction during the fourth quarter of 2016.

 

 

Subsequent to quarter-end, the Company received a commitment for a $75 million secured credit facility that the Company will be able to use to finance acquisitions.