American Health Properties, Inc. purchases assisted living facility.DENVER--(BUSINESS WIRE)--Sept. 1, l995--American Health Properties, Inc. (NYSE NYSE See: New York Stock Exchange : AHE) announced that it has purchased for $3,000,000 a 50-unit, 60-bed assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. facility located in Boise, Idaho, known as "Summer Wind Residence." The facility will be leased to and operated by Emeritus Corporation of Seattle, Washington, pursuant to a ten-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. . Joseph P. Sullivan, President and Chief Executive Officer of the Company, stated: "This represents our fourth investment with Emeritus Corporation. We believe that Emeritus Corporation is, and will continue to be, one of the national leaders in the emerging assisted living industry. This investment is representative of our strategy to diversify into new and existing assisted living and long-term care facilities long-term care facility n. See skilled nursing facility. . Our objective is to finance well-designed facilities managed by strong operators." 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 currently has in excess of $600,000,000 of investments in health care properties located in sixteen states. CONTACT: American Health Properties, Inc., Denver Joseph P. Sullivan, 303/796-9793 |
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