Global Medical REIT Announces Lease with CHRISTUS Health at its Facility in Beaumont, Texas
17 Septembre 2024 - 2:00PM
Business Wire
CHRISTUS Health Lease is a triple-net lease
with a term of 15 years
Former tenant, Steward Health Care, formally
requested that its lease be rejected as of September 15, 2024, as
part of its Chapter 11 bankruptcy proceedings
Global Medical REIT Inc. (NYSE: GMRE) (the “Company” or “GMRE”),
a net-lease medical real estate investment trust (REIT) that
acquires healthcare facilities and leases those facilities to
physician groups and regional and national healthcare systems,
today announced that it has entered into a new, 15-year, triple-net
lease with an affiliate of CHRISTUS Health (“CHRISTUS”) at its
healthcare facility in Beaumont, Texas (the “Beaumont Facility”).
CHRISTUS will utilize the Beaumont Facility for, among other
services, robotic surgery, orthopedic care and emergency services.
The Beaumont Facility was previously tenanted by Steward Health
Care (“Steward”), which filed for Chapter 11 bankruptcy on May 6,
2024. Steward has formally requested that its lease with us at the
Beaumont Facility be rejected by the bankruptcy court as of
September 15, 2024, and a final order rejecting such lease is
pending with the court.
Jeffrey M. Busch, Chairman, Chief Executive Officer and
President stated, “We are excited to begin a new relationship with
CHRISTUS at our Beaumont, Texas facility. We believe the facility
is a high-quality, marketable facility, and this has been verified
by our new, long-term, triple-net lease with CHRISTUS. The
situation at our Beaumont facility demonstrates the importance of
underwriting both tenant and building. I’m very pleased with how
quickly our team was able to re-lease the property to a
high-quality tenant, delivering an excellent outcome in this
difficult situation.”
Paul Generale, Executive Vice President and Chief Strategy
Officer of CHRISTUS stated, “We look forward to our partnership
with GMRE and believe the Beaumont facility will be an essential
component as we expand quality health care services to the
residents of Southeast Texas.”
About CHRISTUS Health
CHRISTUS Health (S&P: A+; Fitch A+) is an international
faith-based, not-for-profit health care system based in Irving,
Texas, with more than 60 hospitals in Texas, Louisiana, New Mexico,
Chile, Colombia and Mexico. CHRISTUS Health is made up of 51,000
Associates providing compassionate and individualized care at more
than 600 centers, including community hospitals, clinics, long-term
care facilities and health ministries.
About the Lease
The lease is a triple-net lease that will cover the entire
Beaumont Facility, which is a two-story medical facility consisting
of 84,674 leasable square feet, located at 6025 Metropolitan Drive,
Beaumont, Texas 77706. The lease term is 15 years with three,
seven-year renewal options. Annual base rent for the first lease
year equals $2.9 million with 2.5% annual rent increases
thereafter. Rent payments will commence three months after the
delivery date of the facility, and we expect to deliver the
facility to CHRISTUS during the fourth quarter of 2024.
FORWARD-LOOKING STATEMENTS
Certain statements contained herein may be considered
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, and it is the Company’s
intent that any such statements be protected by the safe harbor
created thereby. These forward-looking statements are identified by
their use of terms and phrases such as "anticipate," "believe,"
"could," "estimate," "expect," "intend," "may," "should," "plan,"
"predict," "project," "will," "continue" and other similar terms
and phrases, including references to assumptions and forecasts of
future results. Except for historical information, the statements
set forth herein including, but not limited to, any statements
regarding leases, lease rejection and lease rejection timing, lease
commencement dates, tenants and other lease terms are
forward-looking statements. These forward-looking statements are
based on our current expectations, estimates and assumptions and
are subject to certain risks and uncertainties. Although the
Company believes that the expectations, estimates and assumptions
reflected in its forward-looking statements are reasonable, actual
results could differ materially from those projected or assumed in
any of the Company’s forward-looking statements. Additional
information concerning us and our business, including additional
factors that could materially and adversely affect our financial
results, include, without limitation, the risks described under
Part I, Item 1A - Risk Factors, in our Annual Report on Form 10-K,
our Quarterly Reports on Form 10-Q, and in our other filings with
the SEC. You are cautioned not to place undue reliance on
forward-looking statements. The Company does not intend, and
undertakes no obligation, to update any forward-looking
statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20240917036382/en/
Investor Relations: Stephen
Swett stephen.swett@icrinc.com 203.682.8377
Global Med REIT (NYSE:GMRE)
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