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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.
                                Cleveland, Tenn.
                                Operates 133 facilities
    FACILITY:                   106 beds in Atlanta
                                Gwinnett County
                                Built in 1988
                                Eight-acre site
    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
                                  months)
                                Corporate guarantee
                                Cross-defaulted
    -0-                        11/6/91
    /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
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 6, 1991
Words:292
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