HealthLease Properties REIT Announces Acquisition and Closing of Willows at Hamburg and Sale of Avalon Springs
Oct 25, 2013, 08:30 ET
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./
TORONTO, Oct. 25, 2013 /CNW/ - HealthLease Properties Real Estate Investment Trust (HLP.UN) ("HealthLease" or "the REIT") announced today the acquisition and close of the Willows at Hamburg from Health Care REIT, Inc. The 123-unit facility is located in Lexington, Kentucky and has been fully leased on a long-term, triple-net basis to Trilogy Healthcare of Fayette I, LLC ("Trilogy"), a leading US provider of seniors housing and care. HealthLease has acquired the property for $14,123,350 with an expected initial rental income of $1,205,745 per year.
The Willows at Hamburg is comprised of 123 units; 54 are licensed to provide skilled nursing, rehabilitation and therapy services, 34 provide assisted living, and 35 provide for memory care assisted living.
In addition, HealthLease has announced the sale of Avalon Springs Health Campus, one of its initial properties from its IPO, to Trilogy Real Estate of Porter, LLC. The lease granted Trilogy the right to purchase the facility from HealthLease. This 132-bed facility, which is located in Valparaiso, Indiana, was sold in the amount of US$11,469,996.
These transactions will have no material net effect on AFFO.
About HealthLease Properties Real Estate Investment Trust
HealthLease Properties Real Estate Investment Trust (TSX: HLP.UN) owns one of the youngest and highest quality portfolios of seniors housing and care facilities with 12 properties located in two provinces of Canada and 32 properties located in seven states of the United States for a total of 4,335 beds. 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 premier properties 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.
Forward-Looking Information
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 AIF dated March 6, 2013 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 statements.
SOURCE: HealthLease Properties Real Estate Investment Trust
For further information:
Scott White
Executive Vice-President, Finance
HealthLease Properties REIT
(317) 420-0205
[email protected]
Renée Lam
Investor Relations
TMX Equicom
(416) 815-0700 ext. 258
[email protected]