MPT Completes the Acquisition
of Three Acute Care Hospitals
Operated by IASIS Healthcare
for $283.3 Million
Medical Properties Trust, Inc. announced on September 30th that it had completed the acquisition of the real estate assets of three acute care hospitals operated by IASIS Healthcare, LLC for $283.3 million.
The transaction significantly expands MPT's relationship with IASIS, one of the largest for-profit acute care operators in the U.S., according to Modern Healthcare, with total annual net revenue of approximately $2.4 billion.
The real estate assets acquired include Mountain Vista Medical Center in Mesa, Arizona, with 178 beds; Glenwood Regional Medical Center in West Monroe, Louisiana, with 268 beds; and The Medical Center of Southeast Texas, in Port Arthur, with 224 beds.
"The access to capital and low interest rates available currently to companies like ours is somewhat unprecedented and has created an exceptionally attractive financing opportunity," said IASIS Healthcare President and Chief Executive Officer Carl Whitmer when the acquisition by MPT was announced on September 19th.
"This will allow us to transition capital currently locked up in our real estate to cash on hand, which we can put toward our mission of improving the quality of life for the communities we serve."
IASIS owns and operates 19 acute care hospitals, one behavioral health hospital, several outpatient service facilities and more than 160 physician clinics, as well as Medicaid and Medicare managed health plans in Arizona and Utah serving more than 176,000 members. The company's relationship with Medical Properties Trust goes back to 2008.