This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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

Newcastle Completes $186 Million Acquisition Of Senior Housing Portfolio

Newcastle Investment Corp. (NYSE:NCT; “Newcastle”, the “Company”) announced today it has completed the acquisition of 6 senior housing communities for a purchase price, excluding transaction costs, of $186 million. The purchase price was funded with unrestricted cash at Newcastle. The 6 rental continuing care retirement communities (“CCRCs”) consist of a total of 1,265 beds and are all located in Texas.

Concurrent with the acquisition, Newcastle entered into a triple-net master lease agreement with a subsidiary of Lifecare Companies LLC ("LCS”). The lease has an initial term of 15 years with two 5-year renewal options. The initial cash lease yield is 7.6% with 3.75% increases in years 2 to 4 and 2.50% in years 5 to 15.

LCS was established in 1971 and is a leading manager of CCRCs throughout the United States.

Newcastle has invested more than $700 million of equity throughout the past 24 months to acquire 95 senior housing properties with over 11,900 beds, totaling over $1.8 billion in assets.

ABOUT NEWCASTLE

The Company focuses on investing in, and actively managing, real estate related assets and primarily invests in: (1) Senior Housing Assets (2) Real Estate Debt and (3) Golf & Other Investments. The Company conducts its operations to qualify as a real estate investment trust ("REIT") for federal income tax purposes. The Company is managed by an affiliate of Fortress Investment Group LLC, a global investment management firm.

Copyright Business Wire 2010

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,698.18 -77.94 -0.44%
S&P 500 2,059.69 -8.20 -0.40%
NASDAQ 4,880.2280 -20.6570 -0.42%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs