REIT Watch: Health Care REIT Signs Lease on 38 Properties

on Jun 28, 2013

**United States**

**Health Care REIT Signs Leasing Deal for 38 Properties** Friday June 28th: Health Care REIT announced yesterday that it had entered into a leasing agreement with Emeritus Senior Living on 38 high-quality senior housing communities. The Ohio-based real estate investment trust has an 80 percent stake in the properties, with the rest held by Merrill Gardens.

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Health Care also said it would acquire Merril Gardens’ 20 percent stake in the properties for $173 million (₤113.4 million), which includes assuming a mortgage debt of $82 million (₤53.7 million). The transaction is expected to close in the third quarter of this year, once regulatory approval has been granted.
“This transaction reflects the flexibility of our business model and the power of our relationship investing platform,” George L. Chapman, chief executive of Health Care REIT, said in a statement. “We are excited to grow our longtime relationship with Emeritus. Their strong existing footprint in the markets where this portfolio is located will allow for a seamless transition and value creation over the long-term.”

**Three Apple REITs Considering Merger**
In separate regulatory filings, New York-based Apple REITs Seven, Eight and Nine said that their respective boards had “authorized the evaluation of a potential consolidation transaction” in which the three non-traded real estate investment trusts would merge.
The REITs added that no decision had been made and “and there can be no assurance that the evaluation of a potential consolidation transaction will result in such transaction being accomplished.”

Apple REIT Seven was established in 2006 and has a portfolio of 51 hotels worth about $901 million (₤590.5 million). Apple REIT Eight, which began raising money from investors in 2007, also owns 51 hotels, worth about $950 million (₤623 million). Apple REIT Nine, established in 2008, has 89 hotels in its portfolio, which are worth about $1.5 billion (₤983 million).

**Milestone Apartments Appoints New CFO**
Milestone Apartments, a real estate investment trust with a portfolio of 53 multifamily garden-style residential properties, announced yesterday that it had appointed Ryan Newberry, CPA, as chief financial officer, starting from August 15. Newberry is succeeding Chris Phillips, who will remain at the REIT until September 30 to ensure a smooth transition.
“Ryan has extensive experience working with public companies, supporting financial and regulatory reporting, audit services, and strategic transactions,” Robert Landin, chief executive officer, said in a statement. “We look forward to Ryan playing a strong leadership role in the financial management of
Milestone as we advance our growth strategy.”
**Canadian REIT Income Fund to Hold Shareholders Meeting on July 23**
Canadian REIT Income Fund has asked of its investors to attend a shareholders meeting on July 23 in order to vote on the merger of the fund into First Asset REIT Income Fund. Both REITs are managed by First Asset Investment Management and the proposed merger is an alternative to the automatic conversion of the REIT into an open-end mutual fund.
!m[Three Apple REITs May Merge, Milestone Apartments Appoints New CFO](/uploads/story/3515/thumbs/pic1_inline.jpg)
The two REITs have similar investment objectives and strategies and according to the company’s board
the tie-up will result in significantly enhanced liquidity, economies of scale and cost synergies for shareholders.
**Health Care REIT’s share price was $67.13 as of 28.06.2013, 13.21 BST.**
**Milestone Apartments’ share price was C$10.00 as of 28.06.2013, 13.22 BST.**
**Canadian REIT Income Fund’s share price was C$10.66 as of 28.06.2013, 13.29 BST.**


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