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July 1, 2016 Comments Off on MA-Based Five Star Strikes $112M Sale-Leaseback Deal Views: 519 California News, Massachusetts, National News, Northeast

MA-Based Five Star Strikes $112M Sale-Leaseback Deal

Newton, MA-based Five Star Quality Care Inc. agreed to a $112.4-million sale-leaseback transaction with Senior Housing Properties Trust. The portfolio involved consists of seven assisted living properties (545 units) in North Carolina, South Carolina, Tennessee and Virginia.

The leases are 12.5 years, with renewal options. Five Star continues ownership of 26 senior living communities, consisting of 2,666 units.

“This transaction allows us to recognize and utilize a portion of the value of Five Star’s owned real estate to improve our financial position while preserving the properties’ operating economics within our portfolio,” said Bruce Mackey, President and Chief Executive Officer of Five Star. “Additionally, the amendments to our management arrangements with SNH will increase management fee revenue from certain managed communities.”

Read More at Businesswire

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