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Carter Validus Mission Critical REIT Buys $71 Million Healthcare Portfolio

Carter Validus Mission Critical REIT Inc., a publicly registered non-traded real estate investment trust, acquired the Post Acute Medical Portfolio for $71 million. The portfolio is comprised of five fully occupied healthcare facilities affiliated with Post Acute Medical LLC, a national developer and operator of freestanding inpatient rehabilitation facilities and long-term acute care hospitals with operations in 12 states.

The Post Acute Medical Portfolio totals 157,755 rentable square feet and comprises one inpatient rehabilitation facility and four long-term acute care hospitals. 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.

“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,” said Michael Seton, president of CVMC REIT.

CVMC REIT focuses on investing in data centers and healthcare facilities, preferably with long-term net leases to creditworthy tenants. The REIT owns 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.

The company closed its initial public offering in June 2014, and as of March 31, 2016, it had raised a total of $1.8 billion before share repurchases of $22.9 million and offering costs, selling commissions and dealer manager fees of $174.8 million.

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