American Health Properties Inc. Announces $64 Million of New Investments and Commitments.DENVER--(BUSINESS WIRE)--Feb. 19, 1998--American Health Properties, Inc. (NYSE NYSE See: New York Stock Exchange :AHE) today announced that it has acquired two medical office buildings for total consideration of approximately $29 million and closed a $35 million forward funding commitment with Balanced Care Corporation pursuant to which AHE will develop up to five 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. facilities to be managed by Balanced Care. One of the newly acquired medical office buildings is the 155,000 square foot Morristown Professional Plaza, located on approximately six acres of land immediately adjacent to Morristown Memorial Hospital in Morristown, New Jersey Morristown is a town in Morris County, New Jersey, United States. As of the United States 2000 Census, the town population was 18,544. Its estimated population in 2004 was 18,842. It is the county seat of Morris CountyGR6. . This multi-tenant building is currently 100% occupied by a broad range of leading physician groups. The second medical office building, Westpark Plaza, is located adjacent to the campus of a Columbia/HCA hospital in Plano, Texas Plano (IPA: /ˈpleɪnoʊ/) is a wealthy suburb of Dallas, Texas, located to the north, mainly within Collin County, but also extending into Denton County. According to the 2000 U.S. and is leased to WellPoint Health Networks, Inc., which occupies all 70,000 square feet of rentable space in the building. AHE has also acquired two sites under the development commitment with Balanced Care Corporation, one in Jackson, Tennessee and the other in Anderson, Indiana. AHE will fund up to approximately $10 million to develop assisted living facilities on these two sites. Joseph P. Sullivan, Chairman, President and Chief Executive Officer of American Health Properties stated, "Our acquisition of the Morristown and Plano medical office buildings reflects the Company's continuing strategy to acquire well-located medical properties which are part of integrated health care integrated health care, n healthcare services combining the best of conventional and complementary health care. systems. The Balanced Care commitment reflects our selective participation in the funding of long-term care facilities long-term care facility n. See skilled nursing facility. operated or managed by quality operators." American Health Properties, Inc. 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 approximately $780 million of investments in health care properties located in 21 states. CONTACT: American Health Properties Inc. Joseph P. Sullivan or Michael J. McGee 303/796-9793 |
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