TORONTO, Oct. 30, 2014 /CNW/ - HealthLease Properties Real Estate Investment Trust (TSX: HLP.UN) ("HealthLease" or the "REIT") announced that at a meeting held earlier today, holders of its 5.75% convertible unsecured subordinated debentures due November 30, 2018 (the "Debentures") approved by an overwhelming majority the previously announced amendments to the trust indenture dated November 12, 2013 governing the Debentures (the "Amendments"). The meeting of holders of Debentures was called at the request of Health Care REIT, Inc. ("HCN") pursuant to the arrangement agreement among the REIT, HCN and certain of their affiliates dated as of August 12, 2014 (the "Arrangement Agreement").
The Amendments require the REIT to redeem the Debentures for cash, at a redemption price of 109.5% of the aggregate principal amount thereof, plus accrued interest, at any time on, or within 30 days following, the closing date of the transactions contemplated in the Arrangement Agreement.
About HealthLease Properties Real Estate Investment Trust
HealthLease Properties Real Estate Investment Trust (TSX: HLP.UN) owns 52 seniors housing and health care facilities - 13 in two Canadian provinces and 39 in eight U.S. states, for a total of 5,224 beds. The REIT has entered into a contract to acquire one additional property and such acquisition is expected to close in 2014. The facilities are leased to experienced tenant operators who have significant operational experience. 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 meets the growing demands 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.
About Health Care REIT, Inc.
HCN (NYSE:HCN), an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of seniors housing and health care real estate. The company also provides an extensive array of property management and development services. As of June 30, 2014, the company's broadly diversified portfolio consisted of 1,224 properties in 46 states, the United Kingdom, and Canada.
SOURCE: HealthLease Properties Real Estate Investment Trust