Real estate investment trust Senior Housing Properties Trust (SHPT) said Monday it bought four health and wellness centers operated by Life Time Fitness Inc. for $100 million that are located in Illinois, Texas, Georgia and Nebraska. It also entered into a long-term lease arrangement with Life Time for the properties, for yearly rent of $9.1 million for all four, plus fixed increases during the lease term ending in 2028.
The facilities are located in Romeoville, IL, Allen, TX, Alpharetta, GA, and Omaha, NE. This type of transaction represents an interesting perspective on the investment mission for SHPT as they are choosing to execute their mission of their REIT charter along the long-term prospect lines of seniors aging and exercising.
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