CARMEL, IN, Dec. 20, 2013 /CNW/ - Mainstreet Property Group, LLC ("Mainstreet") announced today that, in connection with the acquisition by
HealthLease Properties Real Estate Investment Trust (the "REIT") of a newly-built, fully-leased 100-unit seniors housing and care
facility from Mainstreet (the "Acquisition"), Mainstreet received, as partial consideration, beneficial ownership
of (a) 181,246 class B limited partnership units ("Class B Units") of a subsidiary limited partnership of the REIT, and (b) the
corresponding 181,246 special voting units ("Special Voting Units") of the REIT. The Class B Units are economically equivalent to and
exchangeable for REIT units on a one-for-one basis, representing 100%
of the issued and outstanding Class B Units. The Class B Units issued
to Mainstreet in connection with the Acquisition represent a 0.61%
interest in the REIT (on a fully exchanged basis).
Following the Acquisition, Mainstreet has beneficial ownership over
3,075,968 Class B Units and 28,400 REIT units, representing in the
aggregate a 10.51% interest in the REIT (on a fully exchanged basis).
The Class B Units (and corresponding Special Voting Units) were issued
at an assumed price of $9.71 per unit, based on a weighted average
trading price of the REIT's units on the Toronto Stock Exchange for the
20-day period prior to the date of the Acquisition.
Mainstreet's interest in the REIT may be increased or decreased in the
future as considered appropriate in light of investment criteria,
market conditions and other factors and in accordance with the
provisions of applicable securities legislation and the terms of the
development agreement between the REIT and Mainstreet.
SOURCE: HealthLease Properties Real Estate Investment Trust
For further information:
Further information (including a copy of the report to be filed with Canadian securities regulators in connection with this transaction) can be obtained by contacting:
Mainstreet Property Group, LLC
14390 Clay Terrace Blvd, Suite 205