Senior Housing Properties Trust announced Monday it has completed the sale of its 15-facility skilled nursing portfolio.
The real estate investment trust completed the sale of the SNFs for $8 million. The REIT also completed the sale of 13 medical office building properties for $18 million. The medical office buildings are located throughout Massachusetts. Ten of the SNFs are in Nebraska, four are in Iowa and one is in Kansas.
The sales was a part of an “aggressive disposition plan” to sell up to $900 million in assets as it works to restructure its business arrangements with Five Star Senior Living — the REIT’s largest tenant.
Senior Housing President and Chief Operating Officer Jennifer Francis said the REIT was “excited to improve SNH’s portfolio into one that will produce value, strong returns and growth for our shareholders as the demand in the U.S. for healthcare services and healthcare-related products grows” during a first-quarter earnings call in May.
