Medical Properties Trust acquiring Texas, Missouri hospitals
The Medical Properties Trust, a real estate investment trust specializing in healthcare facilities, has acquired two long-term acute care hospitals in Texas and expects to acquire a third in Missouri in an $83.4 million deal.
The Birmingham, Ala.-based REIT is expected to finalize the deal with RehabCare, the nation’s third largest operator of long-term acute care hospitals, in January 2011. The Texas properties have already been acquired, while the Missouri hospital deal will close upon completion of the assumption of an existing $16.1 million mortgage loan.
“With the completion of the acquisition of these three properties, our total investments announced so far in 2010 exceed $213 million at a weighted average GAAP lease rate of approximately 10.5 percent,” said Edward K. Aldag, Jr., president and CEO of Medical Properties Trust.
MPT focuses on the acquisition and development of net-leased healthcare facilities, particularly inpatient rehabilitation hospitals, long-term and regional acute care hospitals, ambulatory surgery centers and other single-discipline healthcare facilities.
The deal with RehabCare involves Triumph Hospital Clear Lake, a 110-bed facility that opened in 2005, and Triumph Hospital Tomball, a 75-bed facility that opened in August 2006.
MPT will also acquire the Northland Hospital in Kansas City, Mo., a 35-bed hospital that opened in April 2008 and has a lease that expires in 2028.
