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MPT Completes Sale-Leaseback on KC-Area Hospitals
As part of a $1.75-billion wave of acquisitions, Medical Properties Trust has acquired seven Kansas City-area community hospitals from St. Luke’s Health System. The $145.4-million sale-leaseback extends Birmingham, AL-based MPT’s penetration into the not-for-profit sector.
Located mainly within Johnson County, KS, the fastest-growing county in the Kansas City metro area, the seven hospitals have been leased back to St. Luke’s for 14 years, with two five-year renewal options. All seven were built within the past two years, according to MPT.
Simultaneous with the St. Luke’s announcement, MPT also said it had made a $1.55-billion investment in Prospect Medical Holdings, acquiring 14 acute care hospitals and two behavioral health facilities located in California, Connecticut and Pennsylvania. “We have not only achieved, but surpassed, our full-year acquisition goal of $2.5 billion at just the half-way mark of the year,” said Edward K. Aldag Jr., the REIT’s chairman, president and CEO.
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- ◦Sale/Acquisition
- ◦Lease
