Medical Properties Trust, Inc. Acquires New Jersey and Texas Hospitals for $88.0 Million
Medical Properties Trust, Inc. (NYSE: MPW) today announced it has acquired the real estate of an acute care hospital in New Jersey and the real estate and, indirectly 9.9% of the operations, of a long term acute care hospital (LTACH) in the Dallas area.
The Company purchased for approximately $58.0 million the real estate of a 6-story, 278-bed acute care hospital in the New Jersey area of metropolitan New York, and leased the facility to the operator under a 15-year lease, with six 5-year extension options. The operator is an affiliate of a private hospital operating company that acquired the hospital in 2008.
Separately, the Company acquired for $23.5 million the real estate of the 60-bed Atrium Medical Center at Corinth in the Dallas area, an LTACH that was completed in 2009. An MPT affiliate invested approximately $6.5 million in a joint venture arrangement with an affiliate of Vibra Healthcare that will manage and has acquired a 51% interest in the operations of the facility. MPT's interest in the joint venture is approximately 19%. The former operators of the hospital, comprised primarily of local physicians, will maintain ownership of 49% of the operating entity.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.