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Case Study

Expertise, perseverance pay off for Tenet in MOB monetization

Challenge

  • Make costly capital improvements to the MOBs
  • Improve tenant occupancy rates, which were less than 80 percent in some cases
  • Determine if the assets could be monetized to unlock cash from the balance sheet, and to free Tenet Healthcare Corp. of real estate responsibilities

Solution

  • Evaluate the physical, operational and financial condition of the existing MOB portfolio
  • Market 34 of the MOBs

Results

  • Unlocked capital from Tenet’s balance sheet
  • Freed the system of real estate responsibilities, allowing it to focus on its core business of healthcare
  • Improved the occupancy rate under new ownership.
  • Funded capital improvements and remedied deferred maintenance issues via investment by the new owner
  • Enabled Tenet to retain partial control over the properties through ground lease and reciprocal easement agreements

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