Healthcare: Senior Housing Properties To Buy 27 Medical Office Properties – Quick Facts
by RTT Staff Writer
(RTTNews) – Senior Housing Properties Trust Friday said that it has agreed to purchase 27 medical office properties for $470 million. The properties to be purchased include approximately 2.8 million sq.ft. and are located in 12 states.
The properties being purchased have a current average occupancy of approximately 95% and are leased, primarily to medical services providers and other tenants in medical related businesses, the company noted.
SNH believes that these purchases will results in the diversification of its investments and revenues. After these purchases are completed, SNH will have around $3.9 billion invested in 326 properties located in 37 states and Washington, DC, including 88 office properties primarily leased to approximately 450 medical services businesses which will be responsible for approximately 37% of SNH’s total rents.
The 27 properties are being purchased from CommonWealth REIT . SNH was a 100% owned subsidiary of CWH until it was spun out to CWH shareholders in 1999.