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HEALTH AND REHABILITATION PROPERTIES TRUST ANNOUNCES PURCHASE OF 26 NURSING HOMES AND SIX RETIREMENT APARTMENT COMPLEXES

 NEWTON, Mass., Sept. 30 /PRNewswire/ -- Health and Rehabilitation Properties Trust (NYSE: HRP) today announced that it has entered into an agreement to acquire 26 nursing homes with 2,183 beds and six retirement apartment complexes with 119 units. These facilities are located in six mid-west states:
 No. of No. of No. of No. of
 States Nursing Homes Nursing Beds Apart. Complx. Units
 Colorado 6 594 1 47
 Iowa 5 507 4 59
 Kansas 1 83 --- ---
 Missouri 1 95 --- ---
 Nebraska 11 684 --- ---
 Wyoming 2 220 1 13
 Totals: 26 2,183 6 119
 The purchase price for the facilities will be approximately $60 million. In addition, HRP has agreed to provide at least $5 million for capital improvements to these facilities.
 Upon acquisition all of these facilities will be net leased to a new corporation which will be privately owned by its management personnel and certain venture capital interests, all of whom will make substantial equity investments in the tenant.
 The closing of this transaction is subject to various conditions, including health regulatory approvals, customary in purchase lease transactions of healthcare facilities. An HRP spokesman said details concerning the identity of the proposed new tenant and the lease terms will be available when documentation and licensing is completed. HRP expects this transaction to close during the last calendar quarter of 1993.
 HRP is a real estate investment trust, headquartered in Newton, Mass., which invests in healthcare related real estate. Including the transaction announced today, HRP will have investments and outstanding commitments totaling approximately $504 million in 127 healthcare facilities located in 24 states and operated by 27 separate companies.
 -0- 9/30/93
 /CONTACT: David J. Hegarty, executive vice president, of HRP, 617-332-3990/
 (HRP)


CO: Health and Rehabilitation Properties Trust ST: Massachusetts IN: HEA SU: REA TNM

DJ-JL -- NE006 -- 7204 09/30/93 10:52 EDT
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Publication:PR Newswire
Date:Sep 30, 1993
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