AAC Holdings, Inc. announced that it has sold two standalone outpatient facilities and two sober living facilities to a real estate investment trust (REIT). The properties in Las Vegas and Arlington, Texas, were sold to MedEquities Realty Trust, Inc. (MRT) for an aggregate cash purchase price of $25 million.
Concurrently with the sale, MRT will lease the facilities back to AAC. According to AAC, the proceeds from the sale will be used to pay down borrowings and to fund its de novo activities through 2018.
The 110-bed sober living facility in Las Vegas and the 56-bed sober living facility in Arlington support AAC's Desert Hope (Las Vegas) and Greenhouse (Arlington) residential treatment centers.
The transaction is the first addiction treatment deal for MRT and is expected to close by August 11, 2017.