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June 19, 2014
08:10 EDTHLSHealthSouth and Memorial Health launch hospital operation joint venture
HealthSouth and Memorial Health have signed an agreement to form a joint venture to own and operate a 50-bed inpatient physical rehabilitation hospital to be known as the Rehabilitation Hospital of Savannah. The joint venture plans to begin building a new, 50-bed replacement inpatient rehabilitation hospital expected to be completed in early 2016.
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October 1, 2015
17:13 EDTHLSHealthSouth acquires operations of Reliant Hospital Partners for $730M
HealthSouth announced it has completed its previously announced acquisition of the operations of Reliant Hospital Partners and affiliated entities for a cash purchase price of approximately $730M. The acquisition expands HealthSouth's existing national network of inpatient rehabilitation hospitals with a portfolio of 11 additional inpatient rehabilitation hospitals and a total of 902 beds in Texas, Massachusetts and Ohio. In connection with the transaction, HealthSouth expects to realize a tax benefit with an estimated net present value of approximately $150M. All of the Reliant hospitals are leased, and seven of the leases are treated as capital leases for accounting purposes. HealthSouth assumed the lease obligations of all the acquired hospitals. The amount of the capital lease obligation to be recognized on HealthSouth's balance sheet is estimated at approximately $210M. In 2014, Reliant's operations generated revenues of approximately $249M and Adjusted EBITDA of approximately $82M.

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