TORONTO, Sept. 22, 2014 /CNW/ - HealthLease Properties Real Estate Investment Trust (TSX: HLP.UN) ("HealthLease" or the "REIT") announced today that the Alberta Court of Queen's Bench (the "Court") has issued an interim order authorizing, among other things, the holding of a special meeting of the holders (the "Voting Unitholders") of trust units ("Units") and Special Voting Units (together with the Units, the "Voting Units"), at which the Voting Unitholders will be asked to approve the previously-announced proposed plan of arrangement (the "Transaction") under the Business Corporations Act (Alberta) involving, among others, the REIT, HealthLease Canada GP Inc. and Health Care REIT, Inc. ("HCN").
The special meeting is scheduled to be held at the offices of Goodmans LLP at 333 Bay Street, Suite 3400, Toronto, Ontario M5H 2S7 at 4:00 p.m. (Toronto time) on October 27, 2014. The record date for determining the Voting Unitholders entitled to receive notice of and vote at the special meeting is September 22, 2014. The REIT's information circular to be sent in connection with the special meeting will include a summary of the arrangement agreement, dated August 12, 2014, entered into between the REIT, HCN and certain of its subsidiaries, and additional details concerning the Transaction. The REIT expects to begin mailing the information circular, form of proxy and letter of transmittal to the Voting Unitholders on September 26, 2014, at which time the documents will also be made available under the REIT's profile on the SEDAR website at www.sedar.com.
If the Transaction is approved by the Voting Unitholders at the special meeting, the REIT will attend a hearing before the Court scheduled for October 29, 2014 to ask the Court to grant a final order in respect of the Transaction. If the approvals of the Voting Unitholders, the Court and regulatory authorities are obtained, and the other conditions to the completion of the Transaction are satisfied or waived, it is expected that the Transaction will be completed in the fourth quarter of 2014.
Forward Looking Information
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information may relate to the REIT's future outlook and anticipated events or results. In some cases, forward-looking information can be identified by such terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. Some of the specific forward-looking statements in this press release include, but are not limited to, statements with respect to the expected completion of the Transaction and the conditions and consents required with respect thereto.
The REIT has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial condition, financial performance, business strategy and financial needs, including, that the Arrangement Agreement will be not be amended; and all conditions precedent to completing the Transaction will be met.
Although the forward-looking statements contained in this press release are based upon assumptions that management of the REIT believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the REIT's control, including, among other things, the risks identified in the REIT's materials filed under the REIT's profile at www.sedar.com from time to time and the risk that the conditions to the Transaction will not be satisfied. The forward-looking statements made in this press release relate only to events or information as of the date hereof. Except as required by applicable Canadian law, the REIT undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
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