Health systems accounted for 23 percent of all MOB purchases in the first half
By John B. Mugford
Livonia, Mich.-based Trinity Health and its local affiliate, Saint Joseph Health System, acquired the 205,573 square foot, on-campus Saint Joseph MOB in Mishawaka, Ind., in mid-July 15 for $43.1 million. Healthcare Realty was the seller. (Photo courtesy of Trinity Health)
It would be hard not to notice the recent uptick in medical outpatient building (MOB) “reverse monetizations,” or transactions in which hospital and health systems are buying outpatient buildings.
Last year, in 2024, health systems made total MOB acquisitions of $2.8 billion, the highest total in the past eight years, according to data from Arnold, Md.-based Revista and its RevistaMed service.
And in the first half of 2025, health systems made MOB acquisitions totaling $761 million, accounting for about 23 percent of all MOB purchases. That included a first quarter, (Q1), when health systems accounted for about 35 percent of all MOB purchases.
That 23 percent share would mark the highest percentage of health system MOB acquisitions since Revista began keeping track, if it holds for the rest of 2025 – which it just might. Health systems have already closed on at least a half dozen acquisitions totaling about $118 million since July 1 – and that figure does not include a few other transactions in which health systems have acquired both the operations and the real estate of physician groups. These data points were gathered by perusing RevistaMed’s MOB sales data.
Some of the arm’s-length MOB deals have included both on- and off-campus facilities and have been at quite significant prices.
One such deal had
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