Senior Housing Properties Trust (NYSE: SNH) today announced that it has acquired four health and wellness centers operated by Life Time Fitness, Inc. (NYSE: LTM) for $100 million. Simultaneously, SNH entered into a long term lease arrangement with Life Time Fitness for these same properties.
The rent payable by Life Time Fitness to SNH for these four health and wellness centers will be $9.1 million per year, plus fixed increases during the lease term. These health and wellness centers have a lease term ending in 2028, plus tenant renewal options thereafter.
The four acquired properties are summarily described as follows:
Location | Year | Acres | Interior Square | |||
| Romeoville, IL | 2005 | 10.66 | 108,890 | |||
| Allen, TX | 2006 | 12.94 | 125,475 | |||
| Alpharetta, GA | 2006 | 12.11 | 109,720 | |||
| Omaha, NE | 2007 | 13.36 | 114,061 | |||
| Total | 49.07 | 458,146 |
SNH has funded this transaction by drawing under its revolving bank credit facility.
Senior Housing Properties Trust is a real estate investment trust which owns independent and assisted living communities, nursing homes, rehabilitation hospitals, wellness centers and medical office buildings throughout the United States. SNH is headquartered in Newton, MA.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange. No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
Contacts:
Timothy A. Bonang, 617-796-8234
Director
of Investor Relations
or
Katherine L. Johnston, 617-796-8234
Manager
of Investor Relations
