TORONTO – A Canadian real estate investment trust (REIT) has more than doubled its portfolio of U.S. senior housing and care properties with a $141.7 million acquisition of 13 assets in three states.
Toronto-based HealthLease Properties REIT (Toronto: HLP.UN) has closed on the acquisition of 10 properties in North Carolina, two in Pennsylvania and one in Virginia.
The properties represent a total of 978 beds, consisting of 355 beds in four skilled nursing facilities (SNFs), 563 beds in eight combination assisted living/Alzheimer’s facilities, and 60 beds in one standalone Alzheimer’s facility.
Six properties are leased to Meridian Senior Living, which operates 91 facilities across 12 states. The remaining seven properties are leased to Saber Healthcare Group LLC, which operates 56 facilities across six states.
“We are very pleased to complete this acquisition, which significantly increases our size, enhances our healthcare product mix and improves our geographic diversification,” HealthLease Chairman and CEO Zeke Turner said commented.
The properties have an average age of about four years from the year built or substantially renovated. The acquisition was funded with a combination of debt financing and proceeds from the recently completed offering of trust units. In total, the acquired properties have a weighted average lease term of 10.5 years.
With the completion of the acquisition, HealthLease’s portfolio now consists of 28 facilities with a total of 2,909 beds across five states and two provinces, leased to a total of 11 tenant-operators.
Its previous U.S. holdings included eight facilities in Indiana and one in Illinois, with a total of 929 beds.
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