Senior Housing Properties Makes Progress on $900M Disposition Plan

Image by Shutterstock

NEWTON, MA—Senior Housing Properties Trust closed on $207.8 million in property sales during the fourth quarter of 2019 as part of its previously announced plan to sell up to $900 million of properties in connection with its restructuring agreement with Five Star Senior Living. The REIT also recently acquired a 169-unit active adult rental property in Plano, Texas for $50.3 million.

The restructuring plan was announced earlier this year. Effective Jan. 1, 2020, the existing five master leases for 184 of SNH’s senior living communities (19,979 living units) that are leased to Five Star as well as the existing management agreements and pooling agreements with Five Star for 77 of SNH’s senior living communities (10,135 living units) will be terminated and replaced with new management agreements for all 261 Five Star operated senior living communities.