Carter Validus Mission Critical REIT, Inc. Exceeds $1 Billion in Investment Assets

TAMPA, Fla.--()--Carter Validus Mission Critical REIT, Inc. (“CVMC REIT”) announced that it acquired Walnut Hill Medical Center (“Walnut Hill”) in Dallas, TX for $99.4 million. With this acquisition, CVMC REIT’s portfolio of mission critical real estate assets now exceeds $1 billion, consisting of 3.3 million rentable square feet, in properties located in 17 states. Below is an overview of the portfolio as of 2/26/2014:

  • Total investments increased to $1.06B
    • Data Centers: $589.0M
    • Healthcare: $479.8M
  • Total occupancy is 100%
  • Portfolio leverage ratio is 29%

Walnut Hill is a multi-specialty acute care hospital totaling approximately 199,000 square feet, including 84 in-patient beds, 16 ICU beds and 6 operating rooms. The hospital services include emergency and urgent care, diagnostic imaging, surgery, cardiology and general acute care.

CVMC REIT was also instrumental during the development phase of the property by investing in a preferred equity loan to the developer, Medistar Corporation (“Medistar”), in 2012. In conjunction with this loan, CVMC REIT entered into a purchase and sale agreement to acquire the property upon completion.

“We are excited about purchasing this new state-of-the-art hospital, as we believe this hospital truly represents where technology meets healthcare,” said Michael Seton, President and Chief Investment Officer, Carter Validus Advisors, LLC. “Medistar, under the vision and leadership of Monzer Hourani, successfully developed this outstanding hospital where practicing physicians can deliver the highest quality healthcare in a dynamic, rapidly growing market. Medistar has been a wonderful strategic partner for CVMC REIT and we look forward to continuing our partnership.”

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although the company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. The company undertakes no obligation to update any forward-looking statement contained herein to confirm the statement to actual results or changes in the company's expectations.

Contacts

Carter Validus Mission Critical REIT, Inc.
John Carter
CEO
813-287-0101

Release Summary

Carter Validus Mission Critical REIT, Inc. Exceeds $1 Billion in Investment Assets

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Contacts

Carter Validus Mission Critical REIT, Inc.
John Carter
CEO
813-287-0101