The cost was approximately $155 million. Under a lease/back arrangement, Birmingham, AL-based Medical Properties Trust, a REIT that focuses on specialty hospitals, financed the transaction. It is leasing the facilities on a long-term basis to Highmark under an agreement that provides for increasing annual lease payments that are based on the revenue of the operations.

The four properties in the initial closing are in Kentucky, New Jersey and California. The remaining two facilities are in Colorado and Massachusetts. The seller is unidentified.

Calling the portfolio "a solid platform on which to grow," Brad Hollinger, Highmark's chairman and CEO, says, "Our primary focus will be on maximizing the value of these hospitals through programmatic enhancements, improved technology, and new service offerings. We believe the industry is poised for future growth of freestanding specialty hospitals, given the spatial constraints of acute-care hospital providers and the favorable demographic trends. By partnering with MTP," Hollinger adds that his company "has an acquisition and facility expansion capability for future growth."

Referring to the REITs' long-term relationships with Highmark, Edward K. Aldag Jr., MPT's CEO, says, "These facilities are consistent with our business model which combines our experience in healthcare real estate and healthcare operations. We expect these investments will enable us to participate effectively in the growth of the healthcare sector."