Newport Real Estate Trust Renews Leases
Health Care Property Investors Inc., a Newport Beach real estate investment trust, said Thursday that it has renewed its leases of 22 nursing centers to a Louisville long-term care provider for an additional $3.3 million in annual rent.
Kindred Healthcare Inc. will pay a total of $16.1 million a year under the new leases, which run for 10 years and carry three five-year renewal periods. The increase was anticipated in Kindred’s plan of reorganization, which was approved by the U.S. Bankruptcy Court in Delaware two months ago.
The leases were due to expire in August.
Health Care Properties stock closed unchanged Thursday at $34.50 a share on the New York Stock Exchange.
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