PLANO, Texas, June 12 /PRNewswire-FirstCall/ -- A subsidiary of LifeCare Holdings, Inc. ("LifeCare"), has entered into a restated and amended sale/leaseback transaction with Health Care REIT ("HCN") of Toledo, Ohio. HCN has purchased from LifeCare the long term acute care hospital currently being constructed by the company in Waukesha, Wisc., and has leased the facility back to LifeCare. The total purchase price for the hospital, following the completion of construction, is expected to be approximately $25.6 million. The initial lease term is 15 years and LifeCare has one 15-year renewal option.
LifeCare previously announced the development of a long term acute care hospital in Boise, Idaho, which a subsidiary of LifeCare leases from HCN pursuant to a Master Lease Agreement. The Company also recently announced the sale and leaseback of a long term acute care hospital in San Antonio, Texas, which is scheduled to open this month.
LifeCare, based in Plano, Texas, operates 19 long term acute care hospitals located in nine states. Long term acute care hospitals specialize in the treatment of medically complex patients who typically require extended hospitalization. For more information on LifeCare, visit our website at http://www.lifecare-hospitals.com/.
