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MedEquities Realty Trust To Acquire Two Skilled Nursing Facilities From Magnolia Health Systems For $15 Million And Initiates New Operator Relationship

14 Jul 17

MedEquities Realty Trust, Inc. (NYSE: MRT) announced it has executed a definitive agreement to acquire the real property comprising two skilled nursing facilities totaling 160 licensed beds in Indiana from Magnolia Health Systems for an aggregate purchase price of $15.0 million in cash. The Company will lease the facilities to Magnolia pursuant to a 15-year triple-net master lease at an initial lease rate of 9.0% with annual escalators. The transaction is expected to close within 30 days, subject to customary closing conditions.

Brookville Healthcare Center is a freestanding, single-story skilled nursing facility located in Brookville, Indiana. The facility contains approximately 34,302 square feet and is licensed for 100 beds. Whitewater Commons Senior Living Center is 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.

Founded in 1996 by Stuart Reed and operating 27 skilled long term care facilities, Magnolia is one of the largest, privately held skilled nursing facility providers in Indiana. Mr. Reed is a founding member of H.O.P.E. (Hoosier Owners & Providers for the Elderly), an Indiana nursing facility trade association, and is active in the state and federal funding of healthcare for the citizens of Indiana.

John McRoberts, Chief Executive Officer and Chairman of MedEquities, noted "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."

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