Carolinas HealthCare System, Charlotte, N.C., said it has agreed to sell 15 medical office buildings in the Charlotte area to Healthcare Realty Trust, Nashville, for $162 million. Carolinas hopes to close the deal by year-end, said Greg Gombar, executive vice president and chief financial officer. The not-for-profit system will continue to own the land underneath the medical office buildings, with Healthcare Realty Trust holding long-term leases for the land, Gombar said.
Carolinas has developed its medical office buildings over the years with the intent of selling them eventually, Gombar said. The system completed a sale of medical office buildings in the mid-1990s for more than $35 million, he added.
As previously planned, the proceeds of the sale will support the systems capital spending plan of $1.8 billion over the next five years, Gombar said. Carolinas raised $600 million in new debt last year and also uses operating earnings, philanthropy and investment returns to support the capital plan, he said. Because of plunging investment income, the systems board will re-evaluate the capital plan at a board meeting in December, he said. -- by Vince Galloro