Supurva Healthcare Group, Inc. to Expand Its Portfolio of Medical Office Buildings

·3 min read

Liverpool, New York--(Newsfile Corp. - May 18, 2021) - Supurva Healthcare Group, Inc. (OTC Pink: SPRV) remains poised to expand its portfolio of medical office buildings ("MOBs"). The Company has signed four Letters of Intent to acquire two medical office buildings in Greenville and Columbia, South Carolina, and two medical office buildings in Southwest Florida.

John D. Murphy, Jr., the Company's CEO, stated: "Both South Carolina and Florida are experiencing exponential growth in the number of people and businesses relocating to these states. Favorable tax conditions, housing costs, and lower cost of living will be driving thousands of people from the Northeast burdened with skyrocketing state and local tax bills. The COVID-19 pandemic has also spurred a significant increase in relocations to South Carolina and Florida. This population growth fuels demand for medical service providers and medical office space."

Mr. Murphy continued: "We have established strict underwriting guidelines for any acquisition to include, but not be limited to, the tenant's financial strength, type of medical practice, terms and conditions of the existing leases to be assumed, building location and age, health system affiliation, population, and market trends."

The four MOBs subject to Letters of Intent range from 10,000 to 40,000 square feet. Each MOB is fully leased to financially strong health systems. Tenants are subject to long-term, triple-net-term leases with rent escalation clauses.

Mr. Murphy concluded: "While the Letters of Intent are subject to certain customary conditions that must be satisfied prior to closing, we remain confident that both the Company and the sellers will meet these conditions, and we will be able to close the first of these transactions within the next four months."

Forward-Looking Statements and Disclaimers

This release may include "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") Future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Information that is based upon beliefs of, and information currently available to, the company's management as well as estimates and assumptions made by the company's management are forward looking statements. These statements can be identified by the fact that they do not relate strictly to historic or current facts. When used in this press release the words "estimate," "expect," intend," believe," plan," "anticipate," "projected" and other words or the negative of these terms and similar expressions as they relate to the company or the company's management identify forward-looking statements. Such statements reflect the current view of the company with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to the company's industry, its operations and results of operations and any businesses that may be acquired by the company. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, the company cannot guarantee future results, performance, or achievements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's control, and that actual results may differ materially from those projected in the forward-looking statements. Except as required by applicable law, the company does not intend to update any of the forward-looking statements to conform these statements to actual results.

For additional information
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/84409