Health and Rehabilitation Properties Trust has agreed to acquire 14 retirement projects in seven states from Host Marriott Corp. for $320 million.
Proceeds from an upcoming sale of 10 million shares of stock will be used to fund the acquisitions.
The facilities are leased to a subsidiary of Marriott International. They include independent living residences as well as assisted-living and skilled-nursing facilities.
The leases on the facilities provide fixed rents totaling $28 million annually plus additional rents based on revenues from operations.
The Newton, Mass.-based real estate investment trust also has agreed to negotiate additional investments in retirement and skilled-nursing facilities operated by Marriott.
The agreement is expected to be completed early in June.