NEWTON, MA-Locally based Senior Housing Properties Trust has closed a $58-million sale-leaseback transaction with Five Star Quality Care Inc. The deal gives the new owner title to six Pennsylvania assisted-living communities. Five Star will maintain its role as manager for the properties.
The six-community acquisition brings to 190 the number of senior communities owned by the REIT. In addition to its senior communities, the trust also owns nursing homes and hospitals in 32 states. As part of the agreement, Five Star will lease the six properties for $5.2 million per year under a lease that extends to 2020 with an option to renew, Timothy A. Bonang, manager of investor relations at Senior Housing, tells GlobeSt.com.
Five Star purchased all six properties last June for $58 million, the same amount they sold it for three months later, Bonang says. The sale followed Five Star's acquisition of 12 management contracts with Sunrise Senior Living and Five Star's subsequent $82-million buyout of those contracts.
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