CHS Continues Sell-Off

Jan 11, 2017 at 10:35 am by Staff


Franklin-based Community Health Systems continued to try to right their financial ship in the fourth quarter of 2016 by divesting a number of properties. In October, the company sold the bulk of its home health division for $128 million to Almost Family in Louisville, Ky. In November, the company announced a definitive agreement to sell Rockwood Health System and its associated assets to MultiCare Health System for $425 million, subject to certain adjustments. Facilities included in the transaction include 388-bed Deaconess Hospital in Spokane, 123-bed Valley Hospital in Spokane Valley and the multi-specialty Rockwood Clinic, all in Washington. In December, CHS announced the decision to sell two more Washington hospitals, 214-bed Yakima Regional Medical & Cardiac Center in Yakima and 63-bed Toppenish Community Hospital in Toppenish, to Sunnyside Community Hospital & Clinics for approximately $45 million including working capital. At the end of December, the company completed the sale and leaseback of 10 medical office buildings for $163 million to HCP, Inc. The buildings, with a combined total of 756,183 square feet, are located in five states and support a wide array of diagnostic, medical and surgical services in an outpatient setting for their respective hospitals.

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