REIT ACQUIRES 100-UNIT SENIORS HOUSING FACILITY FOR $16.9M

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CRAWFORDSVILLE, IND. — HealthLease Properties Real Estate Investment Trust has acquired a newly built, 100-unit seniors housing facility in Crawfordsville from Mainstreet Property Group LLC, the asset manager for the publicly traded REIT. Wellbrooke of Crawfordsville sold for $16.9 million. The facility is leased on a triple-net basis to an operator that is owned 50 percent by Life Care Services and 50 percent by an affiliate of Mainstreet. Of the 100 units at Crawfordsville, 70 are licensed to provide skilled nursing, rehabilitation and therapy services, while the other 30 provide assisted living. The Toronto-based REIT (TSX: HLP.UN) owns 45 seniors housing facilities with 12 in Canada and 33 in eight U.S. states.

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