Industry Pulse: December 2005
LEXINGTON, Ky. – UK Medical Center at the University of Kentucky recently received approval from the university’s board of trustees for a $450 million expansion project that includes a 473-bed replacement hospital and a new parking garage. The new garage is the first phase of the project and is targeted for completion in March 2007. […]
Special Focus: Trends to track in 2006
MOST INDUSTRY SHIFTS ARE BEING DRIVEN BY MONEY By Jessica Griffith Factors from obesity rates to Hurricane Katrina will affect healthcare real estate in 2006, but all of the trends can be summarized in a single word: money. Old buildings are obsolete. New ones are expensive. And costs for both construction and capital improvements continue […]
News & Analysis: Big windfall for Windrose
REIT IS COMPLETING $241 MILLION, 22-ASSET DEAL By John Mugford Windrose Medical Properties Trust (NYSE: WRS), an Indianapolis-based, publicly traded and self-managed healthcare real estate investment trust (REIT), has a stated goal of acquiring about $100 million worth of medical office buildings (MOBs) annually. The company smashed that figure in one fell swoop last month […]
Financing & Investment: Universal closes on $207 million deal
COMPANY ACQUIRES 46 BEHAVIORAL HEALTH FACILITIES FROM KEYS GROUP By John Mugford Universal Health Services Inc. (NYSE: UHS) recently announced that it has acquired the stock of Nashville, Tenn.-based Keys Group Holdings LLC, which includes Keystone Education and Youth Services LLC. The acquisition comprises 46 facilities in 10 states, including 21 residential treatment facilities with […]
Company Profile: An under-the-radar entry to healthcare
MACFARLAN PLANS $100 MILLION-PLUS PORTFOLIO THROUGH OFF-MARKET DEALS By John Mugford Folks who’ve been involved in medical real estate for many years often talk about all of the new investors, developers and service providers entering the healthcare arena. The influx of these newcomers is the result of several factors: other classes of commercial real estate […]
Project Case Study: U of New Mexico puts the lid on costs
$233 MILLION PUBLIC HOSPITAL IS A STUDY IN KEEPING A PROJECT ON TARGET By Jessica Griffith The University of New Mexico Hospital received quite a bit of money from the state Legislature – $40 million to be exact – to build a new children’s hospital and critical care pavilion. The hospital combined that money with […]
Market Focus: Med demand soars in the Windy City
SYSTEMS SEE NEED FOR BIG PROJECTS; CON BOARD DOESN’T ALWAYS AGREE By John Mugford It looks as if the scandal concerning the Illinois Health Facilities Planning Board (IHFPB) is a thing of the past. For the board that oversees the state’s certificate of need (CON) process, the past year-and-a-half was rife with allegations about kickbacks […]
News & Analysis: New Orleans might never be the same
OTHER 2005 HURRICANES CAN’T RIVAL THE LONGTERM IMPACT OF KATRINA By John Mugford Katrina, Rita, Wilma… it looks as if 2005 will go down as yet another Year of the Hurricane. Lest we all forget that just a year ago, in 2004, four major hurricanes crashed into Florida and caused millions of dollars worth of […]
Publisher’s Letter: Inflation is a concern
BUT HEALTH CONSTRUCTION WILL REMAIN STRONG By Murray W Wolf Dear Reader: Financial markets are becoming increasingly worried that rising inflation might inhibit economic growth in 2006, and there is data to support those concerns. The annual U.S. inflation rate, as measured by the Consumer Price Index (CPI), has remained less than 5 percent since […]
Product Focus: Red tape, but worth it
PUBLIC HOSPITALS CAN PRESENT OPPORTUNITIES By Jessica Griffith One of the many heartwrenching tales to emerge from the wreckage of Hurricane Katrina was the destruction of Charity Hospital, refuge for the ill and poor and home of the city’s only Level 1 trauma center. Officials have yet to determine how or where Charity will be […]
News & Analysis: Going the REIT route
MEDICAL DEVELOPERS DIFFER ON IPO STRATEGY By Murray W. Wolf The recent news that another longtime medical real estate firm – Cogdell Spencer Inc. – has transformed itself into a healthcare real estate investment trust (REIT) and gone public begs the question: Is that a good strategy? It depends who you talk with. Some veteran […]
Industry Pulse: November 2005
INDIANAPOLIS – As this edition of Healthcare Real Estate Insights™ was about to go to press, we learned that Windrose Medical Properties Trust (NYSE: WRS) has agreed to acquire 22 properties for a total of about $241 million. The sellers are various limited partnerships associated with medical real estate developer Bruce A. Rendina and Rendina […]
Market Focus: Providers are racing for profits in Indy
HOOSIER HEALTH SYSTEMS LOOK TO OTHERS’ TURF TO REV UP MARKET SHARE By John Mugford For as long as folks familiar with the Indianapolis healthcare scene can remember, the metropolitan area’s four major hospital systems operated on somewhat friendly terms. That’s because each stayed within its own turf. For years, Indy’s healthcare scene looked like […]
Project Case Study: Historic hospital adapts to new needs
SHEPPARD PRATT UPGRADES VENERABLE PSYCHIATRIC FACILITY IN MARYLAND By Jessica Griffith A 19th century vision of humane care for the mentally ill will continue into the new millennium, thanks to an expansion and renovation of the 114-year-old Sheppard and Enoch Pratt Hospital in Towson, Md. The $92 million, five-story hospital is located next to the […]
Product Focus: Behavioral health facilities in demand
REAL ESTATE DEMAND IS CATCHING UP WITH SUPPLY FOR RE-EMERGING INDUSTRY By Jessica Griffith The number of freestanding behavioral health hospitals in the United States stands at 500, virtually unchanged from a decade ago. However, demand is catching up with supply and the market is hot for acquisitions. Plus, new construction is beginning to surface. […]