This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mainstreet Property Group Announces $141.7 Million Of Property Acquisitions For Affiliated REIT

INDIANAPOLIS, March 25, 2013 /PRNewswire/ -- Mainstreet Property Group, one of the country's largest and most innovative developers of seniors housing and care properties, announced today that the board of trustees of its affiliated REIT, HealthLease Properties Real Estate Investment Trust (TSX: HLP.UN), has approved the acquisition of 13 senior housing and care properties located in North Carolina, Pennsylvania and Virginia totaling 978 beds for an aggregate purchase price of approximately $141.7 million.

The acquisition properties consist of four skilled nursing facilities, comprising a total of 355 units, eight combination assisted living/Alzheimer's facilities, comprising 563 units, and one standalone Alzheimer facility, comprising 60 units.

The acquisition is consistent with Mainstreet's and HealthLease's strategy of owning best-in-class facilities, as the acquisition properties are newer-generation facilities with an average age of approximately four years from the year built or substantially renovated. 

Zeke Turner, Chairman and CEO of Mainstreet and HealthLease, said, "The acquisition of these newly-built or newly-renovated properties greatly enhances our scale and diversification with respect to health care product mix and geography, in addition to lowering the average age of our portfolio properties to approximately  6 years.  It continues our expressed strategy of building a portfolio of high-quality care facilities, leased under triple-net structures, to leading national operators."

The Acquisition Properties are triple-net leased to tenants affiliated with leading national operators of assisted living, memory care, and skilled nursing facilities and will be managed by those operators.  Six facilities will be managed by Meridian Senior Living.  Meridian, headquartered in Hickory, North Carolina, is a national operator of 91 facilities across 12 states.  Seven facilities will be managed by Saber Healthcare Group, LLC.  Saber, headquartered in Bedford Heights, Ohio, operates 56 facilities across six states.  The Acquisition Properties have a weighted average lease term of 10.5 years. 

Upon completion of the acquisition, HealthLease Properties REIT's portfolio will increase to 28 facilities comprised of 2,909 units geographically diversified across five states and two Canadian provinces. The addition of Meridian and Saber will enhance diversification amongst tenant operators, which will now total 11 operators.  In addition, the Acquisition will result in greater diversification of need-driven care services.  The REIT's portfolio will consist of 57.8% skilled nursing/long-term care units, 37.6% assisted living/memory care units, and 4.6% independent living units.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.21 -0.03%
FB $117.40 -0.35%
GOOG $703.92 0.35%
TSLA $209.37 -1.00%
YHOO $37.09 0.41%


Chart of I:DJI
DOW 17,645.89 -14.82 -0.08%
S&P 500 2,043.36 -7.27 -0.35%
NASDAQ 4,701.3810 -15.7130 -0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs