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February 15, 2013
07:17 EDTSNH, FVE, SRZSenior Housing says management deals entered with Five Star for 10 communities
Senior Housing (SNH) reported that in May 2012 it entered into an operations transfer agreement with Sunrise (SRZ) and Five Star (FVE) related to 10 senior living communities that Senior Housing was then leasing to Sunrise. The agreement provides that Senior Housing and Sunrise would accelerate the December 31, 2013 termination date of these Sunrise leases, that Senior Housing would lease the 10 communities to its TRS and that Five Star would manage the communities pursuant to long term management agreements. The leases for all of the 10 senior living communities were terminated prior to December 31, 2012, Senior Housing said. Senior Housing has now entered into management agreements with Five Star with respect to all 10 of these communities, it said.
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September 2, 2014
06:08 EDTSNHSenior Housing agrees to purchase 23 medical office buildings for $539M
Senior Housing announced that it has agreed to acquire 23 Class A medical office buildings, or MOBs, for a purchase price of approximately $539M. The 23 properties contain approximately 2.2M square feet and are located in 12 states. The properties are currently 100% occupied for a weighted average term of 9.5 years, with no scheduled lease expiration before December 31, 2018. Seventy-two percent of the rents are payable by tenants with investment grade credit ratings and certain other tenants that are believed to have strong credit qualities but are unrated. SNH currently expects to assume approximately $30M of mortgage debt on two of the MOBs to be acquired and to fund the balance of the purchase price using cash on hand and drawings under its unsecured revolving bank credit facility. On a longer term basis, SNH expects to finance this acquisition with an appropriate mix of debt and equity capital, depending on the cost of such financings and future market conditions. The acquisition GAAP capitalization rate is expected to be approximately 6.4%. The 23 properties will be purchased in connection with the purchase by Select Income REIT (SIR) of Cole Corporate Income Trust.
06:07 EDTSNHSelect Income REIT to acquire Cole Corporate Income Trust for $3B
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