Monday, January 04, 2010

HTA acquires Dallas LTAC hospital

Healthcare Trust of America Inc., a real estate investment trust, announced this week that it has completed the acquisition of Dallas LTAC Hospital for about $27.3 million dollars.

Scottsdale, Ariz.-based Healthcare Trust of America Inc., also known as HTA, purchased the 52,400 square foot, 60-bed long term acute care hospital from a partnership between local physicians and Gulf States Health Services, according to HTA officials. The four-story hospital is located between Presbyterian Hospital of Dallas and Medical City Dallas Hospital, north of downtown Dallas in an area known as North Central Medical District at 8050 Meadow Road

The hospital was developed two years ago, and it is subject to a long-term lease with a subsidiary of RehabCare, a national provider of post-acute services, based in St. Louis, Missouri.

“We look forward to our continued relationship with RehabCare and the physicians associated with this property,” said Mark D. Engstrom, HTA’s executive vice president of acquisitions in a statement.
This acquisition brings HTA’s investments in Texas to more than $207 million in health care properties, according to HTA. Since January 2009, HTA has acquired over $339 million in assets nationwide. The new assets include a total of 25 individual properties, representing in excess of 1.4 million square feet.

HTA is a self-managed, publicly registered, non-traded real estate investment trust, which has acquired 47 geographically diverse medical properties, comprised of 157 buildings and two real estate-related assets, valued at about $1.3 billion based on purchase price. HTA’s portfolio totals approximately 6.6 million square feet and includes 139 medical office buildings, five hospitals, nine skilled nursing and assisted living facilities and four other office buildings and real estate related assets located in 20 states through the United States.

Dallas Business Journal