Healthcare Realty Trust, Nashville, said it will sell its portfolio of senior-living assets to various buyers in a deal expected to close within 60 days.
The portfolio of 62 properties and 16 mortgage investments includes assisted-living, skilled-nursing and independent-living facilities that are managed by 15 different operators. Healthcare Realty Trust said it expects to receive about $400 million and record a net gain of about $57 million from the sales, proceeds of which will be used to fund repayments of debt on the companys revolving credit facility and the payment of a one-time dividend to shareholders.
Bethany Mancini, associate vice president of corporate communications, said the sale will allow the company to focus on its medical office and outpatient facility segments. We believe that is where the growth trends are in healthcare, Mancini said. We have significant development opportunities within that sector, and were enhancing our focus on it.
After the sale, Healthcare Realty Trust said it believes its investment portfolio of mostly medical office and outpatient facility types will have lower-risk, higher-growth characteristics that will further reduce the business-risk profile of the company, according to a company news release. Established in 1993, Healthcare Realty Trust is a real estate investment trust that combines owning, managing and developing properties associated with the delivery of outpatient healthcare services in the United States. -- by Jessica Zigmond