Summit Healthcare REIT, Inc: M&A transaction — Summit Healthcare REIT sells three California skilled nursing facilities for $30M; IRR over 50%

Summit Healthcare REIT, Inc

Sale of 191-bed skilled nursing portfolio in San Bernardino County for $30M closed Sept 6, 2024.
Net cash proceeds of ~$14.9M after repaying $15M CIBC loan and expenses.
Internal rate of return (IRR) on the sale exceeded 50%.
Sold to affiliates of current operator; no outside brokerage used.
CEO Elizabeth Pagliarini says sale advances strategic plan and shareholder value.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Summit Healthcare REIT, Inc completed a disposition involving affiliates of the current operator of the facilities for $30.0 million (closed 2024-09-06).

Action: disposition
Counterparty: affiliates of the current operator of the facilities
Consideration: $30.0 million
Closing: 2024-09-06

Exact text from the filing

On September 6, 2024, Summit Healthcare REIT, Inc. (the “Company”) completed the sale of three skilled nursing facilities in California (“CA3 Properties”), which were held through wholly owned subsidiaries, to affiliates of the current operator of the facilities (“Buyer”) for an aggregate purchase price of $30.0 million.

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Source: SEC EDGAR

accession 0001104659-24-098886

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