Medical Properties Trust Inc. reported a $3 million increase in net income for the third quarter of 2007 compared to the same period of 2006 and announced the purchase of a California hospital for $75 million.
The Birmingham, Ala.-based real estate investment trust bought Centinela Hospital medical complex in Inglewood on Nov. 1 in a 15-year sale/leaseback transaction. Centinela is operated by Prime Healthcare Systems, Medical Properties’ largest tenant. Medical Properties had previously provided a $25 million mortgage loan for a different operator.
Medical Properties’ net income for the quarter ending Sept. 30 was $11.6 million, up from $8.6 million in the third quarter of 2006. The company’s net income for the first nine months of 2007 was $33.3 million, up from $24.5 million during the same span in 2006.
Article By: Birmingham Buiness Journal, Jimmy Debutts