Medical Properties Trust has completed its planned purchase of five hospitals in Florida for nearly $900 million, The Real Deal reported Aug. 23.
The five Florida hospitals involved in the sale are Coral Gables Hospital, Florida Medical Center in Lauderdale Lakes, Hialeah Hospital, North Shore Medical Center in Miami and Palmetto General Hospital in Hialeah.
In recent weeks, Medical Properties Trust paid a combined $276 million for Coral Gables and North Shore; $171 million for Florida Medical Center; $133.7 million for Hialeah Hospital; and $315 million for Palmetto General Hospital.
Dallas-based Tenet Healthcare sold the five hospitals to Dallas-based Steward Health Care for $1.1 billion in August. Medical Properties Trust then acquired the associated real estate of the five hospitals. It will enter into a sale-leaseback transaction with Steward.
This is not the first sale-leaseback transaction Medical Properties Trust has entered into with Steward. In particular, Steward acquired two hospitals in Utah in 2017. Under the deal, Medical Properties Trust gave Steward about $700 million in mortgages for the properties. A few years later, in 2020, Medical Properties Trust agreed to purchase the two Utah hospital properties from Steward, erasing the mortgages and paying Steward an extra $200 million for what the real estate firm said was its relative fair value. The properties were then leased back to Steward. Read more about the deals here.