Acquisition and Lease of Two Assisted Living / Memory Care Facilities Located in New York
NEW YORK, Aug. 21, 2013 /PRNewswire/ -- Care Investment Trust LLC ("Care" or the "Company"), a seniors housing-focused real estate investment and finance subsidiary of Tiptree Financial Inc. (NASDAQ: TIPT), and Premier Senior Living, L.L.C., a privately-held owner and operator of senior housing facilities ("Premier"), today announced the closing of a previously announced acquisition of the real estate and operations of two senior housing facilities located in Baldwinsville and Geneva, New York for an aggregate of $21.9 million. Concurrent with the acquisition, the properties will be leased to affiliates of Premier pursuant to a triple net master lease. The initial term of the master lease will be 12 years with two renewal options of five years each.
Salvatore (Torey) V. Riso, Jr., President and Chief Executive Officer of Care, stated, "Care is pleased to be working with Premier Senior Living, an experienced operator in the senior housing sector. We sincerely hope that this will be the start of a long-lasting, mutually beneficial relationship between our growing organizations."
Wayne Kaplan, Co-founder and Managing Member of Premier, said, "We sourced this opportunity through a 25-year relationship with the sellers and we are delighted to have successfully completed our first, of what we hope will be many transactions with Care."
— Care partners with Premier, an organization that operates assisted living facilities and memory care facilities in New York, Ohio and Florida.
— Care acquires two stabilized assisted living / memory care facilities located in Baldwinsville and Geneva, New York.
— Aggregate occupancy across the properties was approximately 97% as of July 2013.
— The properties contain 131 licensed beds. The facilities are purpose built, and are well-positioned for continued success within their communities.
About Care Investment Trust LLC
Care Investment Trust LLC is a real estate investment and finance company that invests in seniors housing and healthcare-related real estate. Care is a subsidiary of Tiptree Financial Inc. ("Tiptree") (NASDAQ: TIPT), a diversified financial services holding company. Through its operating subsidiary, Tiptree Operating Company, LLC, Tiptree's primary focus is on four sectors of financial services: insurance and insurance services, real estate, asset management and specialty finance (including corporate, consumer and tax-exempt credit).
About Premier Senior Living, L.L.C
Premier Senior Living, L.L.C, is a seniors housing owner and operator with headquarters in New York City. Premier and its affiliated companies provide a spectrum of senior housing services specializing in assisted living and dementia/memory care. Premier has been successful in acquiring both high-end stabilized properties as well as troubled properties, improving their operations and creating value. Premier operates in markets with extremely favorable demographic trends.
Cautionary Statement Regarding Forward-Looking Statements
This release contains "forward-looking statements" which involve risks, uncertainties and contingencies, many of which are beyond Tiptree's control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. All statements contained in this release that are not clearly historical in nature are forward-looking, and the words "anticipate," "believe," "estimate," "expect," "plan," "target," and similar expressions are generally intended to identify forward-looking statements. Such forward-looking statements include, but are not limited to, statements about Tiptree's plans, objectives, expectations and intentions. There are various factors that could cause actual results to differ materially from those in any such forward-looking statements, many of which are beyond Tiptree's control, including economic, business, funding market, competitive and/or regulatory factors. Factors such as these are set forth under the captions "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in Tiptree's most recent Annual Report on Form 10-K and its quarterly reports on Form 10-Q, and as described in Tiptree's other filings with the Securities and Exchange Commission ("SEC"). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date of this release. We cannot guarantee the accuracy of any such forward-looking statements contained in this release, and Tiptree is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
For more information on Care Investment Trust LLC, please visit the Company's website at www.careinvestmenttrust.com
For more information on Premier Senior Living, L.L.C., please visit www.pslgroupllc.com
SOURCE Care Investment Trust LLC
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