SCOTTSDALE, AZ-Healthcare Trust of America Inc.’s (HTA) late December acquisition of the 52,400-square-foot Dallas Long Term Acute Care Hospital (LTAC), on which it closed in late December for $27.3 million, brings the total invested by the REIT in 2012 to $295 million. The acquisitions totaled 1.3 million square feet and consisted of on-campus or affiliated medical office buildings that were acquired directly from local developers or health care systems.
The acquisitions occurred in Boston, Pittsburgh and Atlanta as well as Dallas, and were more than 99% occupied at the time of closing. They were acquired at unlevered yields in the mid-7% range.
The Dallas property, acquired from a partnership between local physicians and Gulf States Health Services, is at 8050 Meadow and was 100% leased at closing. The four-story LTACH is subject to a long-term lease with a subsidiary of RehabCare, a national provider of post-acute services, based in St. Louis.
“Our most recent acquisition allows us to expand in the attractive Dallas area, with a leading and fast growing health system focused on the private pay sector of the market,” says HTA chairman and CEO Scott D. Peters in a statement. “This acquisition brings to a close a successful 2012, in which we acquired $295 million of predominately on-campus MOBs, brought 70% of our portfolio under our property management platform, and successfully listed on the NYSE.”