logo
Share SHARE
FONT-SIZE Plus   Neg

Five Star Quality Care Completes Disposition Of 2 Rehabilitation Hospitals

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Online retail giant Amazon.com Inc. (AMZN) is reportedly in talks to buy luxury online fashion retailer Net-a-Porter. The news of acquisition was first reported by Women's Wear Daily, which said the deal would be completed for about 2 billion euros, indicating the biggest acquisition yet by Amazon.... Tim Cook, the CEO of tech giant Apple Inc., in an interview said he intends to give away all his wealth to charity. Cook, in an interview to Fortune, said he plans to donate all his wealth to philanthropic projects after paying for his 10-year old nephew's college education. According to Fortune,... Is it a 'personal life crisis' that led the Germanwings' co-pilot Andreas Lubitz to deliberately lowering the plane carrying 149 people to French Alps mountain? Police is investigating to find evidences to prove this suggestion.
comments powered by Disqus
Follow RTT