American Health Properties, Inc. invests in Alzheimer's care facility.DENVER--(BUSINESS WIRE)--May 5, 1995--American Health Properties, Inc. (NYSE NYSE See: New York Stock Exchange :AHE) announced that it has entered into an agreement to provide $4 million of financing for a 96-bed Alzheimer's care facility to be constructed in Houston. The company is providing construction financing and will purchase the facility upon completion and enter into a 10-year operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. . Construction of the facility will commence immediately and will take approximately nine months. The facility was designed and developed by Morris Architects, a national architecture firm based in Houston, in consultation with leading medical experts in the treatment of Alzheimer's and dementia. The developer of the facility intends to enter into a management agreement for the facility with an experienced operator of long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. , Alzheimer's and assisted-living facilities. Joseph P. Sullivan, president and chief executive officer of the company, stated: "This investment is representative of our strategy to diversify into new and existing long-term care facilities long-term care facility n. See skilled nursing facility. which may include skilled nursing facilities skilled nursing facility n. Abbr. SNF An establishment that houses chronically ill, usually elderly patients, and provides long-term nursing care, rehabilitation, and other services. , Alzheimer's or assisted- living and congregate living facilities. Our objective is to finance well-designed facilities with strong clinical programs." AHE is a real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) specializing in quality health care facilities. The company's investments include 25 acute care, rehabilitation, psychiatric, medical office and long-term care properties located in 13 states. CONTACT: American Health Properties, Inc., Denver Joseph P. Sullivan or Victor C. Streufert, 303/796-9793 |
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