June 15, 2016 11:23 AM Eastern Daylight Time
TAMPA, Fla.–(BUSINESS WIRE)–Carter Validus Mission Critical REIT, Inc. (“CVMC REIT”) announced its acquisition of the Post Acute Medical Portfolio for a purchase price of $71,000,000. The portfolio comprises five fully completed and 100% occupied healthcare facilities affiliated with Post Acute Medical, LLC (“PAM”). PAM is a national developer and operator of freestanding inpatient rehabilitation facilities (“IRFs”) and long-term acute care hospitals (“LTACHs”) with operations in 12 states.
The Post Acute Medical Portfolio totals 157,755 rentable square feet and comprises one IRF and four LTACHs. Three properties are located in Texas and two properties are located in Louisiana. The leases are absolute net with 20-year terms and no landlord responsibilities.
Commenting on the acquisition, Michael Seton, CVMC REIT’s President, said, “We are pleased to acquire a portfolio of what we believe are high-quality healthcare assets with long-term leases, reputable tenants, and well-diversified geographical locations. In addition, we believe the post-acute sector is one of the fastest-growing in the healthcare industry.”
John Carter, CVMC REIT’s Chief Executive Officer, added, “As we continue to evaluate strategic alternatives for CVMC REIT, this acquisition is representative of our continuous commitment to increase the value of our portfolio which, in turn, we believe will provide value to stockholders.”
About Carter Validus Mission Critical REIT, Inc.
CVMC REIT engages in the acquisition of quality income-producing commercial real estate with a focus on data centers and healthcare facilities, preferably with long-term net leases to investment grade and creditworthy tenants. As of May 26, 2016, CVMC REIT owned 49 real estate investments (including one real estate investment owned through a consolidated partnership), consisting of 84 properties located in 46 MSAs across the United States. As of May 26, 2016, CVMC REIT’s data center portfolio consisted of 20 properties and its healthcare portfolio consisted of 64 properties, including medical office buildings, specialty surgical centers, and hospital properties.
CVMC REIT is a non-traded, publicly registered real estate investment trust that invests in data center and healthcare assets across the United States. http://www.cvmissioncriticalreit.com/
This press release contains certain forward-looking statements within the meaning of federal securities laws and regulations. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of Carter Validus Mission Critical REIT, Inc.’s annual report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and the company undertakes no obligation to update any such statements that may become untrue because of subsequent events. Such forward-looking statements are subject to the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Carter Validus Mission Critical REIT, Inc.
Stacy Sheedy, 813-316-4292
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