Global Healthcare REIT Releases First Quarter Financials

ATLANTA--(BUSINESS WIRE)--

Global Healthcare REIT, Inc. (“The Company” or “Global”) GBCS has filed its Quarterly Report on Form 10-Q covering the first quarter ending March 31, 2014. The 10-Q can be viewed in its entirety under the “SEC Filings” section of the Company's website at www.gbcsreit.com.

The first quarter was highlighted by the purchase of the Southern Hills Retirement Center, a property featuring a 106-bed skilled nursing facility, an 86-bed assisted living facility and a 32-unit independent living facility located in Tulsa, Oklahoma. Global purchased the retirement center in a single $2 million transaction, resulting in a $3 million bargain purchase gain. The Company refinanced the facility with $5.7 million in bonds, the proceeds of which are planned to be used to upgrade the property.

The Southern Hills transaction fueled an aggressive growth quarter for Global. The Company saw its assets double from $12,552,005 at December 31, 2013 to $23,403,475 at March 31, 2014. Liabilities also increased from $7,660,533 to $13,064,965 reflecting leverage against the newly acquired properties.

Global reported earnings of $2.3 million for the quarter, a consequence of the non-recurring $3.0 million bargain gain on the purchase of Southern Hills.

“We continue to review new purchase opportunities, and expect to continue our growth through the upcoming year,” said Company President Chris Brogdon.

Investors are invited to learn more about the Company's leadership, current holdings and SEC filings at their revamped website, www.gbcsreit.com.

About Global Healthcare REIT, Inc.

Global Healthcare REIT recently completed a reverse acquisition with Global Casinos, Inc. to acquire real estate properties primarily engaged in the healthcare industry, including skilled nursing homes, medical offices, hospitals and emergency care facilities. The Company intends to make a tax election when eligible and appropriate to take advantage of the tax incentives available to real estate investment trusts. As a REIT, the Company will not operate its healthcare facilities but rather will lease its properties under long term operating leases. It currently owns three facilities and plans to acquire more properties in the future.