Health Care Property Firm to Purchase 5 New Homes
Health Care Property Investors Inc. said it agreed to acquire four nursing homes and one retirement home for a total of $20 million in cash and assumed debt.
The Costa Mesa-based real estate investment trust said it is purchasing the properties from independent owners. Two of the nursing homes and the retirement home are in Kansas, and the other two nursing homes are in Oklahoma. All were leased to Horizon Health Systems, a Tacoma, Wash.-based limited partnership.
Two of the properties are still in escrow, and completion of the transaction is expected by Nov. 17.
When the acquisitions are completed, Health Care Property Investors will operate a total of 90 health care facilities and two retirement homes in 26 states.
For the first nine months of 1986, the company, formed in May, 1985, reported net income of $9.2 million on revenue of $19.5 million.
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