Franklin, Tenn.-based Community Health Systems completed the sale and leaseback of 10 medical office buildings for $163 million to Irvine, Calif.-based real estate investment trust HCP.
The facilities are spread throughout five states and house diagnostic, medical and surgical services in outpatient settings for their respective hospitals.
CHS will use the proceeds of the deal to drive down its debt. This sale is one of several CHS has executed in recent months. During a third-quarter earnings call in November, CHS Chairman and CEO Wayne T. Smith said the company is working on selling 17 hospitals, as well as home care and nonhospital real estate, to further reduce its debt.