Senior Housing Properties Trust Completes the Sale of One Building from our MOB Segment & a Portfolio of Three Senior Living ...
09 October 2019 - 11:00PM
Business Wire
Senior Housing Properties Trust (Nasdaq: SNH) today announced
that it has completed the sale of four assets for a total of $58
million.
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191009005045/en/
Michael Kodesch, Director, Investor Relations (617) 796-8234
www.snhreit.com
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