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August 14, 2014
08:38 EDTHCNHealth Care REIT expands relationship with Sunrise Senior Living
Health Care REIT has completed the acquisition of 11 premium-quality seniors housing communities $257M in cash from Gracewell Healthcare. Sunrise Senior Living, LLC, the management company in which HCN owns a 24% interest, will separately purchase Gracewell’s management company and manage the Portfolio going forward. The Portfolio is concentrated in Southern England and comprised of purpose-built, premium private-pay communities with 767 units. A majority of the Portfolio was built since 2012 and is still in lease up. Upon stabilization of the Portfolio, HCN expects to achieve approximately an 8% NOI yield. HCN owns the Portfolio under the RIDEA structure, allowing the company to capture the Portfolio’s strong NOI growth potential. Additionally, HCN and Sunrise entered into a development agreement with Gracewell’s founders, Tim Street and Daniel Kay, who will continue to be financed by Patron Capital, a pan-European institutional investor focused on property-backed investments. DevCo will own and operate a separate company that will develop premium-quality seniors housing communities, which HCN expects to own upon completion of construction and have managed by Sunrise. The agreement includes the redevelopment of one community in the Portfolio and a near-term development pipeline of 11 additional communities with 812 units located primarily in Greater London and Southern England, markets with tremendous demographics. The near-term pipeline is expected to be developed over the next two years and acquired by HCN upon completion of construction for a fixed price, representing an acquisition pipeline of $269M. Upon stabilization, HCN expects these developments to achieve high-single to low-double-digit NOI yields.
News For HCN From The Last 14 Days
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February 25, 2015
10:01 EDTHCNOn The Fly: Analyst Upgrade Summary
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08:05 EDTHCNHealth Care REIT upgraded at Morgan Stanley
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07:18 EDTHCNHealth Care REIT upgraded to Overweight from Equal Weight at Morgan Stanley
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February 24, 2015
09:00 EDTHCNHealth Care REIT 17M share Spot Secondary priced at $75.50
The deal range was $74.50-$76.50. Goldman acted as lead book running manager for the offering.
February 23, 2015
18:02 EDTHCNOn The Fly: After Hours Movers
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16:16 EDTHCNHealth Care REIT files to sell 17M shares of common stock
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16:07 EDTHCNHealth Care REIT sees completing $2.2B of investments in Q1
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February 20, 2015
07:32 EDTHCNHealth Care REIT sees FY15 FFO $4.25-$4.35, consensus $4.33
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07:31 EDTHCNHealth Care REIT reports Q4 normalized FFO $1.03, consensus $1.02
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February 19, 2015
15:32 EDTHCNNotable companies reporting before tomorrow's open
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