Tennessee-based MedEquities Realty Trust Inc. (NYSE: MRT) has added another Indiana facility to its portfolio. The real estate investment trust has acquired Southern Indiana Rehab Hospital in New Albany in a $23.4 million deal.
Following the acquisition, MedEquities entered into a lease agreement with Vibra Rehabilitation Hospital of Southern Indiana LLC, which will operate the facility. The company plans to convert 26 beds currently being used as skilled nursing in order to operate the entire 64,000-square-foot location as an inpatient rehabilitation facility.
"Vibra is a proven operator, and their facilities have been strong contributors to our portfolio," said John McRoberts, chief executive officer of MedEquities. "We are pleased to grow our relationship with them and continue our disciplined pursuit of new opportunities in the inpatient rehabilitation hospital space."
In July 2017, MedEquities acquired two skilled nursing facilities in Brookville and Liberty. The acquisition totaled $15 million.