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Healthlease Properties Real Estate Investment Trust Announces Acquisition And Closing of Willows at Hamburg And Sale of Avalon Springs


Friday, 25 Oct 2013 08:30am EDT 

Healthlease Properties Real Estate Investment Trust announced the acquisition and close of the Willows at Hamburg from Health Care REIT, Inc. The 123-unit facility is located in Lexington, Kentucky and has been fully leased on a long-term, triple-net basis to Trilogy Healthcare of Fayette I, LLC. HealthLease has acquired the property for $14,123,350 with an expected initial rental income of $1,205,745 per year. The Willows at Hamburg is comprised of 123 units; 54 are licensed to provide skilled nursing, rehabilitation and therapy services, 34 provide assisted living, and 35 provide for memory care assisted living. In addition, HealthLease has announced the sale of Avalon Springs Health Campus, one of its initial properties from its IPO, to Trilogy Real Estate of Porter, LLC. The lease granted Trilogy the right to purchase the facility from HealthLease. This 132-bed facility, which is located in Valparaiso, Indiana, was sold in the amount of USD11,469,996. These transactions will have no material net effect on AFFO.