TORONTO, Aug. 1, 2013 /PRNewswire/ - HealthLease Properties Real Estate Investment Trust (HLP.UN) ("HealthLease" or "the REIT") announced today that it has successfully completed the acquisitions of two senior housing portfolios that consist of an aggregate of 12 senior housing and care properties in the U.S. and Canada, previously announced on July 2, 2013. The U.S. portfolio consists of six properties totaling 495 beds, including one property in each of North Carolina and Ohio and four in Virginia, with a purchase price of US$77.6 million. The Canadian portfolio is located in Alberta and totals 468 beds, and was acquired for a purchase price of $69.7 million. The combined portfolios have an average age of approximately five years. The acquisition was partially funded by proceeds from a $69 million equity offering that closed July 23, 2013. Both acquisitions are anticipated to be accretive to the REIT.
"We are excited about these acquisitions," said Zeke Turner, Chairman and CEO of HealthLease. "This continues the growth momentum we set at our initial public offering and increases our geographic diversity. We began our journey with 15 properties just over one year ago and have now nearly tripled our portfolio while maintaining one of the newest property portfolios in the industry. Consistent with our growth strategy, we have also significantly grown our AFFO per unit over the past year."
With the completion of the acquisition, HealthLease's portfolio now consists of 43 facilities with a total of 4,526 beds across seven states and two provinces.
About HealthLease Properties Real Estate Investment Trust
HealthLease Properties Real Estate Investment Trust (TSX: HLP.UN) owns a premier portfolio of seniors housing and care facilities located in the United States and Canada. The properties 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 of properties meets the needs 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.
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
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