BIRMINGHAM, Ala.--(BUSINESS WIRE)-- Medical Properties Trust, Inc. (NYSE: MPW) today announced it has acquired two free standing long-term acute care hospital (LTACH) facilities and expects to acquire a third subject only to completion of the assumption of an existing mortgage loan, all leased to and operated by RehabCare, the nation’s third largest operator of LTACHs, for $83.4 million.
“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%,” said Edward K. Aldag, Jr., chairman, president and CEO of Medical Properties Trust, Inc. “We are especially excited to add RehabCare, one of the nation's leading post acute care hospital operators, to our portfolio."
MPT has completed the acquisition of Triumph Hospital Clear Lake, a 110-bed LTACH facility that opened in 2005, subject to a lease maturing in 2025 with two five-year extension options; and Triumph Hospital Tomball, a 75-bed LTACH facility that opened in August 2006, subject to a lease that matures in 2026 with two five-year extension options. MPT has also agreed to acquire the Northland LTACH Hospital located in Kansas City, a 35-bed hospital that opened in April 2008 and has a lease that expires in 2028. The Northland acquisition is expected to be completed in January 2011 upon MPT's assumption of a $16.1 million mortgage loan that has a fixed interest rate of 6.2% and matures in 2018.
About Medical Properties Trust, Inc.
Medical Properties Trust, Inc. is a Birmingham, Alabama based self-advised real estate investment trust formed to capitalize on the changing trends in healthcare delivery by acquiring and developing net-leased healthcare facilities. These facilities include inpatient rehabilitation hospitals, long-term acute care hospitals, regional acute care hospitals, ambulatory surgery centers and other single-discipline healthcare facilities, such as heart hospitals and orthopedic hospitals. For more information, please visit the Company’s website at www.medicalpropertiestrust.com.
The statements in this press release that are forward looking are based on current expectations and actual results or future events may differ materially. Words such as "expects," "believes," "anticipates," "intends," "will," "should” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results of the Company or future events to differ materially from those expressed in or underlying such forward-looking statements, including without limitation: the capacity of the Company’s tenants to meet the terms of their agreements; annual Normalized FFO per share; the amount of acquisitions of healthcare real estate, if any; the repayment of debt arrangements; statements concerning the additional income to the Company as a result of ownership interests in certain hospital operations and the timing of such income; the restructuring of the Company’s investments in non-revenue producing properties; the payment of future dividends, if any; completion of additional debt arrangements; and additional investments; national and economic, business, real estate and other market conditions; the competitive environment in which the Company operates; the execution of the Company's business plan; financing risks; the Company's ability to maintain its status as a REIT for federal income tax purposes; acquisition and development risks; potential environmental and other liabilities; and other factors affecting the real estate industry generally or healthcare real estate in particular. For further discussion of the factors that could affect outcomes, please refer to the "Risk factors" section of the Company's Form 10-K for the year ended December 31, 2009, as amended, and as updated by our subsequently filed Quarterly Reports on Form 10-Q and our other SEC filings. Except as otherwise required by the federal securities laws, the Company undertakes no obligation to update the information in this press release.
Medical Properties Trust, Inc.
Charles Lambert, 205-397-8897
KEYWORDS: United States North America Alabama
INDUSTRY KEYWORDS: Health Hospitals REIT Construction & Property