The sales include:
- A 205,439 square foot property located at 77 Corporate Drive, Bridgewater, NJ for $47.5 million.
- A portfolio of three senior living communities with a combined 361 units located in South Dakota for $10.5 million.
The sales were part of SNH’s previously announced disposition plan to sell up to $900 million of assets in connection with the restructuring of its business arrangements with Five Star Senior Living Inc. SNH expects to use the proceeds from these sales to repay debt and for general business purposes.
Senior Housing Properties Trust is a real estate investment trust, or REIT, which owns medical office and life science buildings, senior living communities and wellness centers throughout the United States. SNH is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.
Warning Concerning Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever SNH uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, SNH is making forward-looking statements. These forward-looking statements are based upon SNH’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by SNH’s forward-looking statements as a result of various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond SNH's control. For example:
- This press release states that the asset sales announced today were part of SNH’s previously approved disposition plan to sell up to $900 million of assets. SNH cannot be sure that it will be able to sell additional assets or that any additional assets it may sell, when combined with proceeds from previous sales, will aggregate $900 million. Further, SNH is not obligated to continue to pursue this disposition plan and it may elect to abandon pursuit of this disposition plan at any time. If SNH does not complete its disposition plan, its credit ratings may be adversely impacted and it may be limited in pursuing its business strategies.
- This press release states that SNH expects to use the net proceeds from the sale of assets announced today to repay debt and for general business purposes. However, SNH may elect to use these proceeds for other reasons. Further, any reduction in SNH’s debt that may result from any repayment of its debt with these proceeds may be offset by future borrowings that SNH may incur.
The information contained in SNH’s filings with the SEC, including under “Risk Factors” in SNH’s periodic reports, or incorporated therein, identifies other important factors that could cause SNH’s actual results to differ materially from those stated in or implied by SNH’s forward-looking statements. SNH’s filings with the SEC are available on the SEC's website at www.sec.gov.
You should not place undue reliance upon forward-looking statements.
Except as required by law, SNH does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.