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Global Medical forms committee to weigh potential management internalization

Global Medical REIT Inc. said its board formed a committee comprising independent and disinterested directors to review a potential management internalization transaction pursuant to a management agreement signed July 1, 2016, between the company and its external manager Inter-American Management LLC.

Under the agreement, the company shall evaluate such an option if its stockholders' equity exceeds $500 million.

The committee members are Lori Wittman, Paula Crowley and Matthew Cypher, with Wittman as chairman. The committee will undertake the review with the help of third-party financial and legal advisers, according to a release.

The gross value of the consideration to be paid by the company for any internalization transaction will be three times the average annual base management fee and average annual incentive fee paid or payable by the company to its external manager during the previous eight fiscal quarters prior to the date of the internalization transaction.