NorthStar Healthcare Completes $29.7 Million in Senior Housing Acquisitions
NEW YORK, Nov. 12, 2013 /PRNewswire/ -- NorthStar Healthcare Income, Inc. (NorthStar Healthcare) announced today that it recently completed three transactions resulting in the acquisition of four senior housing facilities for an aggregate total cost of $29.7 million, consisting of the following assets:
- a 70-unit assisted living and memory care facility located in Leawood, Kansas and a 48-unit assisted living and memory care facility located in Spring Hill, Kansas—each operated by an affiliate of Advantage Health Group—for an aggregate total cost of $15.6 million;
- a 48-unit memory care facility operated by an affiliate of Peregrine Health Management Company, located in Clinton, Connecticut for a total cost of $11.0 million; and
- a 14-unit assisted living facility operated by an affiliate of Peregrine Health Management Company, located in Skaneateles, New York for a total cost of $3.1 million.
Daniel R. Gilbert, chief executive officer of NorthStar Healthcare commented, "We are pleased with the growth of NorthStar Healthcare's portfolio and our ability to efficiently invest capital. We are committed to acquiring quality senior housing facilities and partnering with experienced operators, and these acquisitions demonstrate our strong presence in the senior housing market."
As of November 12, 2013, NorthStar Healthcare has invested in assets totaling $41.0 million, consisting of three equity investments totaling $29.7 million and one senior loan totaling $11.3 million.
About NorthStar Healthcare Income, Inc.
NorthStar Healthcare is a public, non-traded corporation that intends to qualify as a real estate investment trust (REIT). NorthStar Healthcare was formed to originate, acquire and asset manage a diversified portfolio of debt and equity investments in the healthcare real estate sector with a focus on the mid-acuity senior housing sector, which we define as assisted living, memory care, skilled nursing and independent living facilities that have an emphasis on private pay patients.
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "will" or other similar words or expressions. These statements are based on NorthStar Healthcare's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; NorthStar Healthcare can give no assurance that its expectations will be attained. Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any forward-looking statements will not materialize or will vary significantly from actual results. Variations of assumptions and results may be material. Factors that could cause actual results to differ materially from NorthStar Healthcare's expectations include, but are not limited to, the ability to efficiently invest capital, the ability to acquire quality senior housing facilities, the ability to partner with experience operators, the ability of our property operators to successfully manage our properties, the impact of any losses on cash flows and returns, market rental rates and property level cash flows, changes in economic conditions generally and the real estate and debt markets specifically, the ability to maintain a qualified diversified portfolio, the impact of local economics, the ability to successfully implement an exit strategy, availability of investment opportunities, availability of capital, the ability to achieve its targeted returns, generally accepted accounting principles, policies and rules applicable to REITs and the factors described in Item 1A of NorthStar Healthcare's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 under the heading "Risk Factors." The foregoing list of factors is not exhaustive. All forward-looking statements included in this press release are based upon information available to NorthStar Healthcare on the date hereof and NorthStar Healthcare is under no duty to update any of the forward-looking statements after the date of this press release to conform these statements to actual results.
SOURCE NorthStar Healthcare Income, Inc.