BIRMINGHAM, Ala.--(BUSINESS WIRE)--Aug. 14, 2013--
Medical Properties Trust, Inc. (the “Company”) (NYSE: MPW) today
announced affiliates of IASIS Healthcare LLC are the sellers / lessees
under the recently announced $283.3 million three hospital real estate
acquisitions.
Under the terms of the transaction, which is subject to customary
conditions and is expected to close during the third quarter, MPT will
acquire the real estate assets of Mountain Vista Medical Center in Mesa,
Arizona, which has 178 beds; Glenwood Regional Medical Center in West
Monroe, Louisiana, which has 268 beds; and The Medical Center of
Southeast Texas, in Port Arthur, which has 224 beds.
As part of the agreement, IASIS and MPT have agreed to adjust the rental
rate, add $2.0 million of improvements funded by MPT and to extend the
2019 maturity of MPT’s existing lease of the Pioneer Valley Hospital
through 2028. All of the IASIS leases are cross-defaulted and have a
common initial term of 15 years.
IASIS is 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. IASIS owns and operates 19 acute care
hospitals, one behavioral health hospital, several outpatient service
facilities, more than 160 physician clinics, and Medicaid and Medicare
managed health plans in Arizona and Utah that serve more than 176,000
members.
“We are excited about this significant expansion of our relationship
with IASIS,” said Edward K. Aldag, Jr., Chairman, President and CEO of
Medical Properties Trust. “This transaction demonstrates the
opportunities inherent in a sale and leaseback structure for
sophisticated employers of capital like IASIS that seek low cost capital
while retaining control of its facilities.”
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. 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; Normalized FFO per share; expected payout ratio, the
amount of acquisitions of healthcare real estate, if any; capital
markets conditions, 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 arrangement, 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 Annual Report on Form 10-K
for the year ended December 31, 2012, and as updated by the Company’s
subsequently filed Quarterly Reports on Form 10-Q and 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.
Source: Medical Properties Trust, Inc.
Medical Properties Trust, Inc.
Charles Lambert, 205-397-8897
Managing
Director - Capital Markets
clambert@medicalpropertiestrust.com