TORONTO, Sept. 24, 2013 /PRNewswire/ – HealthLease Properties Real Estate
Investment Trust (HLP.UN) (“HealthLease” or “the REIT”) announced the
completion of three development properties acquired from the Smith
Packett Portfolio (I) (“SP I”) earlier this year and the commencement
of the operating triple-net leases of the facilities. The facilities
located in North Carolina consist of two assisted living/Alzheimer
facilities (“ALF/ALZ”) and one Alzheimer facility (“ALZ”) comprising a
total of 191 beds. Since the acquisition, these facilities had been
head leased by Smith Packett.

“The successful acquisition and completion of these development
properties are testaments of our ability to execute on our growth
strategy,” stated Zeke Turner, Chairman and CEO of the REIT. “The
completion of these development properties is consistent with our goal
of adding high-quality assets that further strengthen and diversify our
property portfolio.”

The SP I Portfolio, acquired earlier this year, is triple-net leased to
tenants affiliated with leading national operators of assisted living,
memory care and skilled nursing facilities. Two of the recently
completed facilities, a 54-bed ALZ facility located in Youngsville and
a 77-bed combination AL/ ALZ facility located in Clayton, will be
managed by Saber Health Care Group, LLC (“Saber”). Saber, headquartered
in Bedford Heights, Ohio, operates 74 facilities across six states,
including twelve properties currently owned by the REIT. Management
estimates that Saber is the 24^th largest skilled nursing operator in the U.S. The 60-bed AL/ALZ facility
located in Greensboro, North Carolina has been fully leased on a
long-term, triple-net basis to Meridian Senior Living (“Meridian”).
Meridian, headquartered in Hickory, North Carolina, operates 91
facilities across 12 states, including seven properties currently owned
by the REIT. Management estimates that Meridian is the 11^th largest assisted living operator in the U.S.

About HealthLease Properties Real Estate Investment Trust

HealthLease Properties Real Estate Investment Trust (TSX: HLP.UN) owns
one of the youngest and highest quality portfolios of seniors housing
and care facilities with 12 properties located in two provinces of
Canada and 32 properties located seven states of the United States for
a total of 4,343 beds. The facilities are leased to experienced tenant
operators who have significant operational experience in the U.S. and
Canada. The leases are structured as long-term and triple-net: features
that provide stability and dependability to the REIT’s cash flow and
distributions. The REIT’s best-in-class portfolio of premier
properties meets the growing demands of modern seniors by emphasizing
features such as hotel-like design, private rooms and baths and
hospitality-inspired amenities. For more information, visit
www.hlpreit.com.

Forward-Looking Information

This news release contains forward-looking statements which reflect the
REIT’s current expectations regarding future events. The
forward-looking statements involve risks and uncertainties, including
those set forth in the REIT’s AIF dated March 6, 2013 under the section
“Risk Factors”, a copy of which can be obtained at www.sedar.com. Actual results could differ materially from those projected herein.
The REIT disclaims any obligation to update these forward-looking
statements.

SOURCE HealthLease Properties Real Estate Investment Trust