As CapitalSource (CSE) management described on the first quarter conference call, CSE is indeed spinning off its healthcare net lease unit. In a press release after the bell today, CapitalSource announced that its subsidiary, CapitalSource Healthcare REIT, would file an S-11 to register an IPO of the subsidiary. The IPO of common shares in CapitalSource Healthcare REIT is expected to raise at least $300 million for CapitalSource.
CapitalSource will continue to own the majority of CapitalSource Healthcare REIT following the IPO. CapitalSource Healthcare REIT will invest in income producing healthcare-related facilities, principally long-term skilled nursing facilities, through triple-net lease structures.
It remains to be seen how CapitalSource will satisfy the REIT requirements for the remainder for 2008.
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