TORONTO, Feb. 19, 2013 /CNW/ - HealthLease Properties Real Estate
Investment Trust (TSX: HLP.UN) ("HealthLease" or "the REIT") today
announced the completion of its three pre-leased development
properties. Two properties have begun generating rental income from
their respective tenants, and third one will commence operations in
March 2013. The total projected annual lease amount for the three
properties is approximately $4.1 million.
"We are very pleased to have completed the construction of these
pre-leased facilities, and that they are now generating income for
HealthLease," said Zeke Turner, Chairman and CEO. "These provide
certainty to our revenues, as we continue to explore opportunities to
expand our property portfolio."
The Sprenger Healthcare of Mishawaka, a 100-bed facility in Mishawaka,
Indiana, was completed in December 2012. It is a combined skilled
nursing and assisted living facility, with a lease expiration date of
December 2022 and an annual lease escalator of 2.5%.
Wellbrooke of Wabash, a 100-bed facility in Wabash, Indiana, was
completed in January 2013. It is also a combined skilled nursing and
assisted living facility, with the lease expiring in January 2023 and
an annual lease escalator of 2.5%.
The Bridge Care Suites in Springfield, Illinois, a 75-bed skilled
nursing facility, was completed in February 2013 and tenant rent
payments commence on March 1, 2013. The lease will expire in January
2028 and has an annual escalator of 3.0%.
About HealthLease Properties Real Estate Investment Trust
HealthLease Properties Real Estate Investment Trust (TSX: HLP.UN) owns a
portfolio of seniors housing and care facilities located in the United
States and Canada. The facilities are leased to experienced tenant
operators who have significant operational experience in the U.S. and
Canada. The leases are structured as long-term and triple-net, features
that provide stability and dependability to the REIT's cash flow and
distributions. The REIT's best-in-class portfolio of properties meets
the needs of modern seniors by emphasizing features such as hotel-like
design, private rooms and baths, and hospitality-inspired amenities.
For more information, visit www.hlpreit.com.
This news release contains forward-looking statements which reflect the
REIT's current expectations regarding future events. The
forward-looking statements involve risks and uncertainties, including
those set forth in the REIT's final prospectus dated June 8, 2012 under
the section "Risk Factors", a copy of which can be obtained at www.sedar.com. Actual results could differ materially from those projected herein.
The REIT disclaims any obligation to update these forward-looking
SOURCE: HealthLease Properties Real Estate Investment Trust
For further information:
Chief Financial Officer
HealthLease Properties REIT
(317) 420-0205 ext. 106
(416) 815-0700 ext. 242