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REIT Acquires Hospital Building

PORTLAND, OR-Medical Properties Trust of Birmingham, AL will renovate and convert the building into a long-term acute care hospital and lease it to Vibra Healthcare LLC.

By Brian K. Miller | Updated on August 29, 2006

PORTLAND, OR-Medical Properties Trust Inc. of Birmingham, AL has acquired a hospital building here for $17.8 million and plans to invest another $4 million in the building. The seller was Vibra Healthcare LLC, which will be the tenant after a renovation.

The property is located at 10300 NE Hancock St. Medical Properties Trust says it will renovate the building for use as a long-term acute care hospital. The property will subsequently be operated by Vibra Healthcare LLC under a 15-year lease that is cross-defaulted with the company’s other leases and loans to Vibra.

The renovated facility is expected to be up and running by June 2007. Upon completion of the renovation and commencement of the lease, Vibra will represent approximately 35% of MPT’s assets and 35% of its annualized pro forma revenue.

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