A newly formed affiliate of LeBlanc Healthcare assumed Physicians Realty Trust's single master lease without change for the three long-term acute care hospital assets that were previously operated by LifeCare Holdings LLC, which filed for Chapter 11 bankruptcy in May.
The affiliate, LifeCare 2.0 LLC, recently received bankruptcy court approval for its acquisition of certain assets from LifeCare used in connection with the latter's operation of certain long-term acute care and behavioral health facilities across Pennsylvania and Texas. These include the three facilities owned by the healthcare real estate investment trust in Pittsburgh; and Fort Worth and Plano, Texas.
LifeCare 2.0 has also made the current October rent payment to the REIT and agreed to pay approximately $1.0 million in monthly installments over the next 12 months, representing all past due rent, real estate taxes, late charges and interest under the lease, as well as $125,000 for attorneys fees incurred by the REIT in connection with LifeCare's bankruptcy.
