Profitable, Off-campus Leading Care Providers
We believe that people are at the heart of healthcare, so we identify providers that consistently deliver quality care. We work with healthcare providers and physician groups that are well-positioned to succeed in the changing healthcare market.
Gastro One
With 33 physicians across eight locations, Gastro One is one of the leading independent gastroenterology practices in the Memphis area. Six of the eight locations, representing a total of 52,266 rentable square feet, are owned by GMRE. We acquired this portfolio on December 31, 2015 for $20.0mm. Gastro One is the leading gastroenterology practice in the Memphis MSA with a 90 percent market share. Gastro One had a 10.1x rent coverage ratio at acquisition (more than five times the 2.0x commonly accepted).
Southeast Orthopedic Specialists
With 20 orthopedic specialists serving patients at five Northeast Florida locations, Southeast Orthopedic Specialists (SEOS) is a regional leader in orthopedic medicine. Two of the five locations, representing a total of more than 20,000 rentable square feet, are GMRE properties. We acquired these properties on November 15, 2019 for $8.7mm. SEOS had a rent coverage ratio at acquisition of 7.4x (more than three times the 2.0x commonly accepted).
Orlando Health
Orlando Health is a not-for profit healthcare organization with 450 locations, including eight acute care hospitals totaling 3,300 beds, across Central Florida. Orlando Health is the tenant at five GMRE properties totaling nearly 60,000 square feet. We acquired this portfolio on March 22, 2018 for $16.2mm. Orlando Health has a 34 percent market share in Central Florida. In 2018, it served approximately 167,000 inpatients and more than 2.7 million outpatients.
Spectrum Healthcare
The military division of TeamHealth (Moody’s B3/S&P B), Spectrum Healthcare has staffed more than 26,000 healthcare professionals at more than 200 clinical locations in 40 states. Spectrum is the tenant at two GMRE properties with more than 173,000 rentable square feet. Spectrum benefits from the stability of US government contracts to exclusively serve US military treatment facilities, VA clinics and other agencies of the federal government.
