ATLANTA—Locally-based Global Healthcare REIT, Inc. reports it has acquired interests in four skilled nursing facilities located in Oklahoma, Arkansas and Georgia.
The facilities are in Oklahoma City, OK; Lonoke, AK; and Sparta and Union Point, GA. The acquisitions were effective Sept. 16.
Each of the interests was acquired from Global Healthcare REIT President and Director Christopher F. Brogdon who was instrumental in identifying and consummating the purchase of the facilities through private entities over the past several years, the company states.
“It was always our intention to make these facilities available to Global, and we're pleased that we were able to complete the acquisitions on terms that the board believes are fair to the company and our stockholders. We will continue to be opportunistic in our aggressive expansion efforts,” Brogdon says.
The company acquired a 62.5% membership interest in Edwards Redeemer Property Holding, LLC, which owns the real property and improvements known as the Edwards Redeemer Health & Rehab, a 106-bed nursing home located on 3.05 acres in Oklahoma City. Edwards Redeemer Health & Rehab is operated under a triple-net operating lease to a regional professional skilled nursing home operator.
The purchase price for the 62.5% interest in the facility was $491,487.48, which is subject to an aggregate of $2,381,500.00 in debt. The purchase price was offset in its entirety as a credit against an advance receivable owed by Brogdon to the company.
Global Healthcare REIT also acquired a 44.5% membership interest in GL Nursing, LLC, which owns the real property and improvements known as the Golden Years Manor Nursing Home located at 1010 Barnes St. in Lonoke. The facility has 141 licensed beds and comprises 40,737 square feet on 3.17 acres. Golden Years Manor Nursing Home is operated under a triple-net operating lease to a regional professional skilled nursing home operator.
The purchase price for the 44.5% interest in the facility was 192,767 shares of common stock in Global Healthcare REIT. The facility is subject to an aggregate of $6.55 million in debt.
The firm reports it acquired a 65% membership interest in Providence HR, LLC, which owns the real property and improvements known as the Providence of Sparta Nursing Home. The facility has 71 licensed beds and is located on approximately 8 acres in Sparta. Providence of Sparta is operated under a triple-net operating lease to a regional professional skilled nursing home operator. The purchase price for the 65% interest in the facility was 61,930 shares of common stock of Global Healthcare REIT. The facility is subject to an aggregate of $3.9 million in debt.
In connection with its acquisition of the Greene Point Health Care Center, Global acquired a 62.145% membership interest in Wash/Greene, LLC, which owns the real property and improvements at the center located at 1321 Washington Highway in Union Point. The facility has 71 licensed beds and is located on approximately nine acres. Greene Point Healthcare Center is operated under a triple-net operating lease to a regional professional skilled nursing home operator.
The purchase price for the interest in the facility was 73,253 shares of common stock of Global Healthcare REIT. The facility is subject to an aggregate of $3.9 million in debt.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
