MedEquities Realty Trust signs new triple net lease agreement for Texas Ten Portfolio.
Global Banking News-November 12, 2018-MedEquities Realty Trust signs new triple net lease agreement for Texas Ten Portfolio
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MedEquities Realty Trust Inc (NYSE:MRT) has signed a new, 15-year triple net lease with Creative Solutions in Healthcare, for all 10 of the company's locations currently leased to affiliates of OnPointe (the Texas Ten Portfolio), the company reported on Saturday.
Creative Solutions is a regional skilled nursing and assisted living facility operator based in Fort Worth, Texas, USA. The lease is guaranteed by its management company along with personal guarantees from its two co-founders. It will start operating the facilities after receiving all outstanding regulatory approvals, expected to be on or about 1 January 2019, at which time the new lease will begin. Initial annual base rent under the lease will be USD7.7m with annual lease escalators of 2% and two, five-year tenant renewal options.
Founded in 2000, Creative Solutions operates in the long-term care industry and currently has 55 skilled nursing facilities and seven assisted living facilities, all in Texas.
MedEquities is a real estate investment trust that invests in a diversified mix of healthcare properties and healthcare-related real estate debt investments.
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