Medical Properties Trust buys portfolio from HCP Inc.

Medical Properties Trust Inc. agreed to buy a portfolio of up to 21 healthcare facilities across 15 states from HCP Inc for about $371 million, increasing the number of properties in its portfolio by 75 percent.

Photo: Medical Properties Trust buys portfolio from HCP Inc.

The portfolio consists of seven acute care hospitals, three long-term acute care hospitals, five inpatient rehabilitation hospitals and six wellness centers, the company said in a statement.

The health care real estate investment trust plans to fund a portion of the acquisition with proceeds from a public offering of about 11 million common shares.

The company also plans to fund the deal with net proceeds from previously announced purchase and sale transactions with Vibra Healthcare LLC and borrowings under existing credit facilities.

Medical Properties expects to complete the acquisition in stages beginning March 28 through the end of the second quarter of 2008.

Medical Properties Trust, Inc. is a Birmingham, Alabama based self-advised real estate investment trust formed to capitalize on the changing trends in healthcare delivery by acquiring and developing net-leased healthcare facilities. These facilities include inpatient rehabilitation hospitals, long-term acute care hospitals, regional acute care hospitals, ambulatory surgery centers and other single-discipline healthcare facilities, such as heart hospitals, orthopedic hospitals and cancer centers.