logo
Share SHARE
FONT-SIZE Plus   Neg

Five Star Quality Care Completes Disposition Of 2 Rehabilitation Hospitals

Five Star Quality Care, Inc. (FVE) said Thursday that effective December 31, it has transferred the operations of two rehabilitation hospitals to entities affiliated with Reliant Hospital Partners, LLC Richardson, Texas.

The two hospitals are New England Rehabilitation Hospital located in Woburn, MA and Braintree Rehabilitation Hospital located in Braintree, MA, plus several leased in-patient and out-patient locations in eastern Massachusetts which are affiliated with these hospitals. The hospitals were formerly leased by Five Star Quality Care from Senior Housing Properties Trust (SNH).

Senior Housing Properties sold the hospitals' real estate assets to HSRE-TST III, LLC, a joint venture comprised of affiliates of The Sanders Trust, LLC of Birmingham, AL and Harrison Street Real Estate Capital, LLC of Chicago, IL

With the hospitals' sale and operations transfers complete, Five Star Quality Care expects to realize cash proceeds of about $8.0 million from the retention of its working capital investment in those hospitals. Five Star Quality Care will be relieved of rent obligations totaling about $11.5 million per year, including rents to Senior Housing Properties Trust and rents to third parties.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Tech giant Apple Inc. has developed a new technology that will prohibit audiences using their iPhones to record concerts. The Cupertino, California-based company has secured a patent in the US for its new technology. The technology uses infrared signals to shut down cameras on audience members' smartphones. The... Snacks giant Mondelez International Inc. (MDLZ) made a takeover bid of $23 billion to acquire chocolate behemoth Hershey Co. (HSY) that would create the world's largest chocolate company. Nevertheless, shares of Hershey jumped over 15 percent after the company revealed that it has rejected the offer. "The... Mortgage rates dropped this week to the lowest level in more than three years hurt by the UK's shocking decision to exit European Union. Releasing the results of its primary mortgage market survey, Freddie Mac said that the 30-year fixed-rate mortgage or FRM averaged 3.48 percent for the week ended...
comments powered by Disqus
Follow RTT