NATIONWIDE HEALTH PROPERTIES COMPLETES PURCHASE OF A $4.5 MILLION FACILITY
NATIONWIDE HEALTH PROPERTIES COMPLETES
PURCHASE OF A $4.5 MILLION FACILITY
NEWPORT BEACH, Calif., Nov. 6 /PRNewswire/ -- Nationwide Health Properties Inc. (NYSE: NHP) announced that it has completed the acquisition of a 106-bed long-term care facility in Atlanta for $4,550,000. This near-new facility, built in 1988, is located on a wooded site in Gwinnett County, a growing affluent suburb of Atlanta. The facility will be leased to and operated by Life Care Centers of America, a large, privately owned operator of long-term care facilities.
"This is one of the finest long-term care facilities that the company has seen and we are pleased to add it our company's portfolio," said R. Bruce Andrews, president and chief executive officer. "In addition, Life Care Centers of America does an excellent job of operating quality facilities of this nature."
Nationwide Health Properties Inc. is a real estate investment trust that invests in health care facilities. The company owns 112 facilities in 26 states.
NATIONWIDE HEALTH PROPERTIES INC.
Analyst Supplemental Information
LESSEE: Life Care Centers of America Inc.
Operates 133 facilities
FACILITY: 106 beds in Atlanta
Built in 1988
PURCHASE PRICE: $4,550,000
APPRAISED VALUE: $6,400,000
PRIVATE AND MEDICARE
REVENUE: 45 pct.
OCCUPANCY: 99 pct.
CURRENT RENTAL COVERAGE: 1.93x
BASE RENTAL RATE: 11.78 pct.
ADDITIONAL RENT: 6.25 pct. of revenue increases
LEASE TERM: 10 years, eight five-year renewals
SECURITY PROVISIONS: $250,000 letter of credit (six
/CONTACT: R. Bruce Andrews, president and CEO of Nationwide Health Properties Inc., 714-251-1211/
(NHP) CO: Nationwide Health Properties; Life Care Centers of America ST: California, Georgia IN: HEA SU: TNM KJ -- LA005 -- 1563 11/06/91 09:30 EST