Newcastle Completes $186 Million Acquisition of Senior Housing Portfolio
June 30 2014 - 5:44PM
Business Wire
Newcastle Investment Corp. (NYSE:NCT; “Newcastle”, the
“Company”) announced today it has completed the acquisition of 6
senior housing communities for a purchase price, excluding
transaction costs, of $186 million. The purchase price was funded
with unrestricted cash at Newcastle. The 6 rental continuing care
retirement communities (“CCRCs”) consist of a total of 1,265 beds
and are all located in Texas.
Concurrent with the acquisition, Newcastle entered into a
triple-net master lease agreement with a subsidiary of Lifecare
Companies LLC ("LCS”). The lease has an initial term of 15 years
with two 5-year renewal options. The initial cash lease yield is
7.6% with 3.75% increases in years 2 to 4 and 2.50% in years 5 to
15.
LCS was established in 1971 and is a leading manager of CCRCs
throughout the United States.
Newcastle has invested more than $700 million of equity
throughout the past 24 months to acquire 95 senior housing
properties with over 11,900 beds, totaling over $1.8 billion in
assets.
ABOUT NEWCASTLE
The Company focuses on investing in, and actively managing, real
estate related assets and primarily invests in: (1) Senior Housing
Assets (2) Real Estate Debt and (3) Golf & Other Investments.
The Company conducts its operations to qualify as a real estate
investment trust ("REIT") for federal income tax purposes. The
Company is managed by an affiliate of Fortress Investment Group
LLC, a global investment management firm.
Newcastle Investment Corp.Investor Relations,
212-479-3195ir@newcastleinv.com
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