Home›Real Estate›REITs›National Healthcare Properties to sell 40 outpatient f…

National Healthcare Properties to sell 40 outpatient facilities for about $531M

The REIT expects to net $511M after retiring debt on the portfolio, using proceeds to repay its revolving credit facility and buy senior housing assets.

Reported · Written up by our desk · REITs

National Healthcare Properties agreed to sell 40 outpatient medical facilities as part of its shift to a purely senior housing business. Bisnow reports the deal is valued at about $531M, with NHP not disclosing the buyer.

NHP expects to pocket $511M from the transaction because it recently retired the debt on the portfolio. The REIT said it plans to use the proceeds to repay its revolving credit facility and acquire senior housing assets.

Bisnow also reports that NHP signed a nonbinding letter of intent for its final four outpatient medical facilities, which it expects to generate $11M in gross proceeds. As of June 30, the company owned 130 outpatient medical facilities totaling 3.7M square feet, alongside a senior housing portfolio of 39 communities with roughly 3,600 units.

NHP began its pivot earlier this year, and in May it agreed to sell 86 other outpatient facilities for $528M, according to Securities and Exchange Commission filings. Bisnow notes this transaction would complete the company’s exit from the medical sector.

More like this

Sources