Senior Housing To Buy 38 Senior Living Communities For $790 Mln Including Debt

(RTTNews) - Senior Housing Properties Trust (SNH) said it has entered into an agreement with CNL Lifestyle Properties, Inc. to acquire 38 high quality senior living communities for about $790 million, including the assumption of debt.

These 38 communities have 3,466 total living units, including 826 independent living units, 1,860 assisted living units, 744 memory care units and 36 skilled nursing beds.

Historically, more than 95 percent of revenues at these communities came from residents' private resources, and these combined 38 communities were around 93 percent occupied for the month of November.

Eighteen of the 38 communities, with 1,847 living units, are currently leased to six senior living operators. The weighted average remaining lease term for the 18 leased properties as of January 1, 2015 will be 10.4 years.

The remaining 20 communities, with 1,619 living units, are currently managed by six senior living operators, and are subject to agreements that are terminable upon the occurrence of certain conditions.

Senior Housing currently expects to assume approximately $153 million of mortgage debt on certain of the 38 senior living communities at an average interest rate of 4.8 percent per annum. The acquisition is expected to close in the second quarter of 2015.