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Healthcare Realty Trust sells 6 hospitals for $138M

May 9, 2017

Bethesda, MD-based Global Medical REIT and Tampa, Fla.-based Carter Validus Mission Critical REIT teamed up to acquire six rehabilitation hospitals from Healthcare Realty Trust, for a total of $137.6 million. The deal was structured as two transactions in which affiliates of the two REITs each purchased three hospital facilities.

The hospitals are located in Austin, Dallas and Beaumont, Texas, Mechanicsburg and Altoona, Pa., and Mesa, Ariz. The hospitals are operated by HealthSouth and Post Acute Medical.

“All six hospitals are strong post-acute rehabilitation facilities with leading national operators that benefit from locations near acute care hospitals that are critical for patient discharges, making these incredibly valuable inpatient facilities,” according to JLL’s Mindy Berman, who along with Daniel Turley, Steve Leathers and Brannan Knott handled the transaction.

Global Medical REIT has been steadily acquiring hospital and medical care facilities for the last year or so. In the last six months alone it has closed on, or is in the process of closing on some $310 million in investments and more than doubled the fire power in its senior revolving credit facility to $200 million.

Carter Validus Mission Critical REIT, which focuses on healthcare and data center properties, owns 84 properties as of May 2017.

According to sources that spoke with Reuters earlier this year, the REIT was considering selling its data center and medical property holdings — but this transaction and one in May in which it acquired a post acute medical portfolio for $71 million, seemingly suggests otherwise.

Then again, when announcing the May transaction of $71 million, CEO John Carter referenced the REIT’s possible asset sale.

“As we continue to evaluate strategic alternatives for CVMC REIT this acquisition is representative of our continuous commitment to increase the value of our portfolio which, in turn, we believe will provide value to stockholders,” he said.

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