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REDMOND, WA-Aegis Living has sold 12 senior living properties in Washington, California and Nevada to publicly held Health Care Property Investors for about $257 million in cash, assumed debt and a $5-million holdback for one property that is not yet stabilized.As part of the transaction, Aegis is leasing back the facilities for an initial period of 15 years and has three 10-year extension options beyond that, according to an HCP filing with the SEC. The initial annual lease rate is 7.1% of the purchase price, which equates to about $17.9 million annually. The rate has annual escalators based on the CPI that have a floor of 3%.The one facility that is new and not yet stabilized is being placed into service this month with 34% of the space preleased, according to HCP‘s SEC filing. The average occupancy at the other 11 facilities is 91%. Three of the 11 properties are in Washington, two in the Shoreline area and one in Kirkland.Aegis VP of strategic marketing Karen Lucas tells GlobeSt.com that the proceeds will go to pay back the company’s start-up investors. HCP’s SVP of strategic development could not be reached Monday for comment.

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