Healthcare Trust Pays $102M for GA, TX, FL Hospital Portfolio
Posted December 20, 2010
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Healthcare Trust of America, Inc. has completed its acquisition of a portfolio of four long-term acute care hospitals; one hospital is located in Georgia, one in Texas, and two in Florida. The combined purchase price was approximately $102,045,000.
The Portfolio contains approximately 217,710 rentable square feet and 209 licensed beds.
Each long-term acute care hospital ("LTACH") is leased to, and operated by, Select Medical Corporation. As of September 30, 2010, Select operated 111 long-term acute care hospitals and six acute medical rehabilitation hospitals in 28 states. All of the Portfolio leases are structured as triple net leases and have an average remaining lease term of 11.5 years. The average age of the Portfolio is only four years.
The Select Augusta LTACH is a three-story, approximately 71,900 square foot LTACH that is 100% leased and contains 80 beds. The Augusta LTACH, which was completed in 2007 is located adjacent to the Medical College of Georgia and the MCG Health and University Hospitals, which facilities provide a consistent base of referrals.
The Select Dallas LTACH is located in Carrollton, Texas, a suburb of Dallas, and is a one-story LTACH that was completed in 2006. The Dallas LTACH totals approximately 50,530 square feet, is 100% leased and contains 60 licensed beds. The Dallas LTACH is located equidistant to three major acute-care medical centers: Baylor Medical Center of Carrollton, Integra Hospital of Plano and Texas Health Presbyterian Hospital Plano.
The Select Orlando LTACH is an approximately 48,598 square foot building completed in 2007 that is 100% leased and features 40 private beds, a six-bed intensive care unit, a surgical suite and negative-pressure rooms. The Orlando LTACH is located in Edgewood, Florida, a suburb of Orlando, near the Orlando Regional Medical Center(Central Florida's only Level One Trauma Center) and Orlando East Medical Center.
The Select Tallahassee LTACH, which was completed in 2007 features 29 beds and is approximately 46,682 square feet. The Tallahassee LTACH is located adjacent to the Tallahassee Memorial Hospital, which provides the Tallahassee LTACH with a consistent referral base. The acquisition of the Tallahassee LTACH includes 12.54 acres of adjacent land for future development and expansion opportunities.
"The combination of the operator, the recent development of the buildings and their proximity to significant referral sources enhances these assets," stated Mark D. Engstrom, HTA's Executive Vice President of Acquisitions.
Since January 2010, HTA has acquired over $660 million in medical office and healthcare-related assets based on purchase price, with a total of 43 individual properties including 2.84 million square feet of gross leasable area, which is 98% leased with an average remaining lease term of nine years. In addition HTA has executed purchase and sale agreements of additional medical office buildings and healthcare-related assets totaling approximately $218 million worth of assets totaling approximately 954,195 square feet.
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