Wednesday, August 27, 2008

Life Time Fitness Complets $100 Millon Sale Leaseback of Four US Fitness Centers

MarketWatch / Business Wire - August 25, 2008

Senior Housing Properties Trust (SNH) today announced that it has acquired four health and wellness centers operated by Life Time Fitness, Inc. (LTM) for $100 million. Simultaneously, SNH entered into a long term lease arrangement with Life Time Fitness for these same properties.

The rent payable by Life Time Fitness to SNH for these four health and wellness centers will be $9.1 million per year (9.1% cap rate), plus fixed increases during the lease term. These health and wellness centers have a lease term ending in 2028, plus tenant renewal options thereafter. SNH has funded this transaction by drawing under its revolving bank credit facility.

Senior Housing Properties Trust is a real estate investment trust which owns independent and assisted living communities, nursing homes, rehabilitation hospitals, wellness centers and medical office buildings throughout the United States. SNH is headquartered in Newton, MA. Sphere: Related Content

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