Finalizing a deal announced earlier this year, Medical Properties Trust (MPT) announced completion of the coast-to-coast sale of five healthcare facilities to Prime Healthcare for a total of $350 million.
Included in the real estate exchange is St. Francis Medical Center in California and Saint Clare's Health network of acute and behavioral facilities in New Jersey. The transaction includes $250 in immediate cash and $100 million in an interest-bearing mortgage note due to MPT in nine months.
Additionally, Prime Healthcare entered into a new 20-year master lease for the remaining four hospitals MPT is leasing to Prime, which includes a purchase option. Should Prime exercise the option by August 2028, the remaining properties may be purchased at $238 million, with the option price reverting to $260 million plus annual escalations after that date.
MPT is a hospital-focused real estate investment trust formed in 2003 and owns 439 facilities worldwide.
Evan joined TriMed in 2011, writing primarily for Health Imaging. Prior to diving into medical journalism, Evan worked for the Nine Network of Public Media in St. Louis. He also has worked in public relations and education. Evan studied journalism at the University of Missouri, with an emphasis on broadcast media.