Business
Senior Housing Properties Trust Announces Business Updates
NEWTON, Mass.--(BUSINESS WIRE)-- Senior Housing Properties Trust (Nasdaq: SNH) today announced that it remains on schedule to complete the restructuring of
About this update from Diversified Healthcare Trust
[{"type":"text","content":" NEWTON, Mass.--(BUSINESS WIRE)--\nSenior Housing Properties Trust (Nasdaq: SNH) today announced that it remains on schedule to complete the restructuring of its business arrangements with its largest tenant, Five Star Senior Living Inc. (Nasdaq: FVE), or Five Star, as of January 1, 2020.\n\n\nIn addition, SNH announced the completion of $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 the restructuring. SNH also recently completed the acquisition of a 169-unit Active Adult rental property in Plano, TX for approximately $50.3 million and obtained a new, short-term $250 million senior unsecured term loan.\n\n\nDisposition Update:\n\n\nSince the conference call regarding SNH’s third quarter 2019 financial results, SNH has completed the sale of approximately $149.8 million of senior living and medical office properties. The sales include:\n\n\n\na portfolio of seven senior living communities with a combined 566 units located in California, Oregon, Arizona, Florida and Rhode Island for approximately $103.3 million.\n\n\na 150-unit senior living community located in Redmond, WA for $32.5 million, and\n\n\na 95,000 square foot medical office building located in Atlanta, GA for $14 million.\n\n\n\nAs part of this disposition plan, SNH has sold, or currently has under agreement to sell, approximately $678 million of properties. SNH also currently has an additional $231 million of properties with offers from prospective buyers. SNH expects to use the proceeds from these sales to repay debt and for general business purposes, including potential acquisitions.\n\n\nAcquisition of 169-Unit, Active Adult rental property in Plano, TX:\n\n\nDuring the fourth quarter of 2019, SNH acquired a 169-unit, Class A, Active Adult rental property built in 2016 and located in Plano, TX, a submarket of Dallas, for approximately $50.3 million. SNH funded this acquisition with proceeds from dispositions and borrowings under its $1 billion unsecured revolving credit facility. Within a 10 mile radius of this property, SNH owns two senior living facilities: the 245-unit Forum at Park Lane and the 143-unit Premier Residences of Dallas.\n\n\n“SNH is excited to add this high-quality asset to our diverse portfolio of healthcare properties,” said Je...