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February 15, 2013
07:17 EDTFVE, SNH, 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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