Liverpool, New York, Jun 11, 2021 (GLOBE NEWSWIRE via COMTEX) -- Liverpool, New York, June 11, 2021 (GLOBE NEWSWIRE) -- Supurva Healthcare Group, Inc. (otc pink:SPRV) (the "Company") announced today that it has signed a Letter of Intent to acquire a Medical Office Building ("MOB") in Northern California.
John D. Murphy Jr., the Company's CEO stated that the majority of the medical office building is leased to a credit rated health system that has increased its occupancy in the building over the past twenty years. All the tenants have annual escalations, lengthy lease terms with multiple renewal options.
The building is a multiple story 50,000 square foot+ Class A MOB, located adjacent to a hospital, with great visibility, abundant parking, and ongoing capital investment. The building exceeded our strict underwriting guidelines for an acquisition to include, but not limited to, the tenant's financial strength, type of medical practice, terms, and conditions of the existing leases to be assumed, location, age, population and market trends and health system affiliation.
Mr. Murphy noted that the Letter of Intent is subject to certain customary conditions that must be satisfied prior to closing, and we remain confident that both the Company and the sellers will meet the conditions, and we will be able to close this transaction within 90 days.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in several places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors, or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations, and/or (iii) its growth strategy and operating strategy. The words "may," "would," "will," expect," "estimate," "can," "believe," "potential" and other similar expressions and variations, thereof are intended to identify forward-looking statements. 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 ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the Company's business and financial results is and will be included in the Company's filings with the SEC.
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