Senior Housing Properties Trust Announces $620 Million Mortgage Financing on Boston Seaport Buildings
18 7월 2016 - 9:00PM
Business Wire
Senior Housing Properties Trust (Nasdaq:SNH) today announced
that it has closed on a $620 million mortgage loan that matures in
August 2026. The loan is secured by two 15 story, class A
life-science buildings, which include 1.65 million gross square
feet of lab space, corporate office space, structured parking and
street level retail located in Boston’s Seaport District. The
buildings were acquired by SNH in May 2014 for $1.125 billion when
their construction was completed, and they are 96% leased to Vertex
Pharmaceuticals, Inc. through 2028.
The 10-year loan is non-amortizing and carries a fixed interest
rate of 3.53% per annum. SNH expects to use the proceeds of this
loan to repay a portion of the outstanding borrowings under the
Company’s $1 billion unsecured revolving credit facility and for
general business purposes. Following the repayment, there will be
approximately $900 million available under SNH’s unsecured
revolving credit facility.
“We are pleased to take advantage of the current low interest
rate environment to term out the majority of the outstanding
balance on our unsecured revolving credit facility and to extend
the average maturity of our debt to 8.9 years,” said David Hegarty,
SNH’s President and Chief Operating Officer. “We believe that this
transaction also highlights the value and quality of our medical
office and life-science portfolio.”
The loan financing was provided by Morgan Stanley and Citi.
Eastdil Secured acted as SNH’s advisor and Skadden, Arps,
Meagher & Flom LLP provided legal counsel to SNH in this
transaction.
Senior Housing Properties Trust is a real estate investment
trust, or REIT, which owns senior living communities, medical
office buildings and wellness centers throughout the United States.
SNH is managed by the operating subsidiary of The RMR Group Inc.
(Nasdaq:RMR), an alternative asset management company that is
headquartered in Newton, MA.
WARNING REGARDING
FORWARD LOOKING STATEMENTS
THIS PRESS RELEASE INCLUDES STATEMENTS AND HAS IMPLICATIONS
WHICH CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND OTHER
SECURITIES LAWS. ALSO, WHENEVER SNH USES WORDS SUCH AS BELIEVES,
EXPECTS, INTENDS, ANTICIPATES, ESTIMATES, WILL, MAY OR SIMILAR
EXPRESSIONS, SNH IS MAKING FORWARD LOOKING STATEMENTS. THESE
FORWARD LOOKING STATEMENTS ARE BASED UPON SNH’S CURRENT INTENT,
BELIEFS, OR EXPECTATIONS, BUT THEY ARE NOT GUARANTEED TO OCCUR AND
MAY NOT OCCUR FOR VARIOUS REASONS. ACTUAL RESULTS MAY DIFFER
MATERIALLY FROM THOSE STATED OR IMPLIED BY FORWARD LOOKING
STATEMENTS. FOR EXAMPLE:
- THIS PRESS RELEASE STATES THAT THERE
WILL BE APPROXIMATELY $900 MILLION AVAILABLE UNDER SNH’S UNSECURED
REVOLVING CREDIT FACILITY AFTER MORTGAGE PROCEEDS ARE USED TO REPAY
A PORTION OF THE OUTSTANDING BALANCE. THE BALANCE OF THE CREDIT
FACILITY MAY INCREASE OR DECREASE IN THE FUTURE DEPENDING ON
ACTIONS OF THE COMPANY AND MAY HAVE AVAILABLITY LESSER OR GREATER
THAN THE AMOUNT STATED.
THE INFORMATION CONTAINED IN SNH’S FILINGS WITH THE SECURITIES
AND EXCHANGE COMMISSION, OR THE SEC, INCLUDING UNDER THE CAPTION
“RISK FACTORS” IN SNH’S PERIODIC REPORTS OR INCORPORATED THEREIN,
COULD CAUSE SNH’S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE
STATED OR IMPLIED IN THIS PRESS RELEASE. SNH’S FILINGS WITH THE SEC
ARE AVAILABLE AT THE SEC’S WEBSITE AT WWW.SEC.GOV.
FOR THIS REASON, AMONG OTHERS, INVESTORS ARE CAUTIONED NOT TO
PLACE UNDUE RELIANCE UPON FORWARD LOOKING STATEMENTS.
EXCEPT AS REQUIRED BY LAW, SNH DOES NOT INTEND TO UPDATE OR
CHANGE ANY FORWARD LOOKING STATEMENTS AS A RESULT OF NEW
INFORMATION, FUTURE EVENTS OR OTHERWISE.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest on the Nasdaq.No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
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version on businesswire.com: http://www.businesswire.com/news/home/20160718005320/en/
For Senior Housing Properties TrustBrad Shepherd,
617-796-8234Director, Investor Relations
Senior Housing Properties (NASDAQ:SNHNI)
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