HEALTH AND REHABILITATION PROPERTIES TRUST PURCHASES THREE LONG-TERM CARE FACILITIES PURSUANT TO OPTION FROM SUBSIDIARIES OF SAFECO CORP.
NEWTON, Mass., July 28 /PRNewswire/ -- Health and Rehabilitation Properties Trust (NYSE: HRP) today announced that in June it acquired three long-term care facilities and related improvement loans pursuant to a previously announced Option Agreement with SAFECARE Company, Inc. and SCIT, Inc., both subsidiaries of SAFECO Corporation (NASDAQ: SAFC). The purchase price of the facilities including the related improvement loans was $5,778,000. The three facilities are leased to tenants operating a total of 428 beds located in Grove City, Ohio (200 beds), Council Bluffs, Iowa (108 beds), and St. Joseph, Mo. (120 beds). The facilities are subject to existing leases which have initial terms expiring between 1995 and 2001. The leases have several renewal options. The original Option Agreement provided HRP an option to acquire nine nursing homes for approximately $19 million. However, six of the facilities' tenants exercised rights of first refusal to acquire the properties with the last one being resolved yesterday. HRP is a real estate investment trust headquartered in Newton, Mass., which invests in health care related real estate. After the transaction announced today, HRP has approximately $447 million invested in 85 health care facilities which are located in 22 states. SAFECO, a holding company based in Seattle, owns operating subsidiaries engaged in various segments of insurance and financial services. -0- 7/28/93 /CONTACT: Mark J. Finkelstein, president, or David J. Hegarty, executive vice president, both of HRPT, 617-332-3990/ (HRP SAFC)
CO: Health and Rehabilitation Properties Trust; SAFECO Corp. ST: Massachusetts IN: HEA SU: TNM
CM-DJ -- NE007 -- 6662 07/28/93 09:34 EDT
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|Date:||Jul 28, 1993|
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