LONDON, UK / ACCESSWIRE / July 17, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for MedEquities Realty Trust, Inc. (NYSE: MRT), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=MRT. The Company announced on July 14, 2017, that it has signed an agreement to acquire two skilled nursing facilities, Brookville Healthcare Center and Whitewater Commons Senior Living Center, totaling 160 licensed beds, from Magnolia Health Systems. The deal was decided at aggregate cash purchase price of $15 million. For immediate access to our complimentary reports, including today’s coverage, register for free now at:
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Located in Brookville, Indiana, Brookville Healthcare Center is a freestanding, single-story skilled nursing facility, containing around 34,302 square feet and is licensed for 100 beds. Whitewater Commons Senior Living Center is also a freestanding, single-story skilled nursing facility located in Liberty, Indiana. The facility contains approximately 19,928 square feet and is licensed for 60 beds.
Commenting on the acquisition, John McRoberts, Chief Executive Officer and Chairman of MedEquities, stated:
“This transaction is consistent with our stated objective of aligning MedEquities with solid, experienced regional operators. Stuart Reed and Magnolia Health Systems meet that test. They are uniquely qualified to adapt and thrive in a rapidly changing healthcare environment, and these two facilities will be great additions to our growing, diversifying portfolio.”
Terms of the Acquisition
As per the deal, The Company will lease the facilities to Magnolia in accordance with a 15-year triple-net master lease at an initial lease rate of 9% with annual escalators. The transaction is subject to customary closing conditions and regulatory approvals from concerned organizations and is likely to close within the next 30 days.
Recent Acquisition of Woodlake at Tolland Nursing & Rehabilitation Center
On July 05, 2017, MedEquities Realty Trust acquired Woodlake at Tolland Nursing & Rehabilitation Center, a skilled nursing facility, from a wholly owned subsidiary of Prospect Medical Holdings, Inc. for an aggregate cash purchase price of $10 million. The deal was finalized on June 30, 2017. The deal was pursuant to a 12-year triple-net lease at an initial lease rate of 9% with annual escalators. The nursing facility contains around 65,000 square feet and is licensed for 130 beds.
About MedEquities Realty Trust Inc.
Founded in 2014, MedEquities Realty Trust, Inc. is as a real estate investment trust. The Company prefers investing in a diversified mix of healthcare properties and healthcare related real estate debt investments. MedEquities’ management team has extensive industry experience in acquiring, owning, developing, financing, operating, leasing, and monetizing many types of healthcare properties and portfolios. The Company is headquartered in Nashville, United States.
About Magnolia Health Systems
Founded in 1996 by Stuart Reed, Magnolia Health Systems is one of the largest, privately held skilled nursing facility providers in Indiana. The Health System operates around 27 skilled long term-care facilities. The facility contains approximately 19,928 square feet and is licensed for 60 beds.
Last Close Stock Review
On Friday, July 14, 2017, the stock closed the trading session at $12.39, marginally rising 0.65% from its previous closing price of $12.31. A total volume of 57.86 thousand shares has exchanged hands. MedEquities Realty Trust’s stock price surged 1.64% in the last one month, 5.72% in the past three months, and 11.42% in the previous six months. Furthermore, since the start of the year, shares of the Company have rallied 11.62%. The stock has a dividend yield of 6.78% and currently has a market cap of $391.15 million.
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SOURCE: Pro-Trader Daily