Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Five Star Quality Care Completes Disposition Of 2 Rehabilitation Hospitals

RELATED NEWS
Trade FVE now with 

Five Star Quality Care, Inc. (FVE: Quote) 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: Quote).

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.

Register
To receive FREE breaking news email alerts for Five Star Quality Care Inc and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Stocks moved notably higher over the course of the trading day on Friday after initially showing a lack of direction. The gains on the day extended the recent upward trend by the markets, with the tech-heavy Nasdaq reaching its best closing level in almost a month. Looking to capitalize on news of an Ebola diagnosis in New York City, Republican Senate candidate Scott Brown issued a statement Friday criticizing his Democratic opponent Sen. Jeanne Shaheen, D-N.H., for "waffling" on a travel ban. In another troubling sign for Democrats, the results of a Gallup poll released on Friday show that Tea Party Republicans are much more motivated to vote in the upcoming midterm elections than other Americans. The poll found that 73 percent of Tea Party Republicans are "extremely" or "very" motivated to vote in this year's elections.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.