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Senior Housing Properties Trust Announces Purchase and Leaseback Agreement with Life Time Fitness, Inc. Involving Four Properties

August 25, 2008
Download this Press Release (PDF 13 KB)

NEWTON, Mass.--Senior Housing Properties Trust (NYSE: SNH) today announced that it has acquired four health and wellness centers operated by Life Time Fitness, Inc. (NYSE: LTM) for $100 million. Simultaneously, SNH entered into a long term lease arrangement with Life Time Fitness for these same properties.

The rent payable by Life Time Fitness to SNH for these four health and wellness centers will be $9.1 million per year, plus fixed increases during the lease term. These health and wellness centers have a lease term ending in 2028, plus tenant renewal options thereafter.

The four acquired properties are summarily described as follows: 

                                         Interior
                    Year       Square
Location             Built     Acres       Feet

Romeoville, IL       2005      10.66     108,890
Allen, TX            2006      12.94     125,475
Alpharetta, GA       2006      12.11     109,720
Omaha, NE            2007      13.36     114,061

Total                          49.07     458,146

SNH has funded this transaction by drawing under its revolving bank credit facility.

Senior Housing Properties Trust is a real estate investment trust which owns independent and assisted living communities, nursing homes, rehabilitation hospitals, wellness centers and medical office buildings throughout the United States. SNH is headquartered in Newton, MA.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the New York Stock Exchange. No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

Senior Housing Properties Trust
Timothy A. Bonang
617-796-8234
Director of Investor Relations
or
Katherine L. Johnston
617-796-8234
Manager of Investor Relations

© Business Wire , 2008 - 08/25/2008 04:24 PM

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