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NATIONWIDE HEALTH PROPERTIES INC. ACQUIRES TWO LONG-TERM CARE FACILITIES FOR $9,950,000

 NEWPORT BEACH, Calif., Dec. 1 ~PRNewswire~ -- Nationwide Health Properties Inc. (NYSE: NHP) announced the acquisition of two long- term health care facilities in separate transactions for an aggregate purchase price of $9,950,000. The facilities are located in San Diego and Brookville, Ind., and have 417 beds. The facilities will be operated and leased by Golden State Health Centers Inc. and Liberty Healthcare Inc.
 "The facilities are strong additions to Nationwide's portfolio of health care investments, and the management of both of the privately owned, operating companies have a lot of depth and experience," said R. Bruce Andrews, president and chief executive officer.
 Nationwide Health Properties Inc. is a real estate investment trust that invests in health care facilties. The company has investments in 155 facilities in 28 states.
 NATIONWIDE HEALTH PROPERTIES INC.
 Analyst Supplemental Information
 LESSEE: Golden State Health Centers Inc.
 Sherman Oaks, Calif.
 Operates 19 facilities in California
 FACILITY: 305 beds in San Diego
 Built in 1965, renovated 1984
 3.9-acre site
 PURCHASE PRICE: $5,750,000
 PRIVATE AND MEDICARE
 REVENUE: 12 percent
 OCCUPANCY: 91 percent
 CURRENT RENTAL
 COVERAGE: 1.8x
 BASE RENTAL RATE: 11.5 percent
 ADDITIONAL RENT: 5.75 percent of revenue increases
 LEASE TERM: 10 years, eight five-year renewals
 SECURITY PROVISIONS: $330,000 cash deposit (six months rent)
 Corporate guarantee
 LESSEE: Liberty Healthcare Inc.
 Atlanta
 Operates 24 facilities
 FACILITY: 112 beds in Brookville, Ind.
 Built in 1988
 10-acre site
 PURCHASE PRICE: $4,200,000
 PRIVATE AND MEDICARE
 REVENUE: 32 percent
 OCCUPANCY: 88 percent
 CURRENT RENTAL
 COVERAGE: 1.65x
 BASE RENTAL RATE: 11.125 percent
 ADDITIONAL RENT: 3 percent of government and 9 percent of
 private revenue increases
 LEASE TERM: 10 years, eight five-year renewals
 SECURITY PROVISIONS: $233,000 cash deposit (six months rent)
 Corporate guarantee
 Cross-defaulted
 -0- 12~1~92
 ~CONTACT: R. Bruce Andrews, president and CEO of Nationwide Health Properties, 714-251-1211~
 (NHP)


CO: Nationwide Health Properties ST: California IN: HEA SU: TNM

KJ-LS -- LA009 -- 2413 12~01~92 12:05 EST
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Publication:PR Newswire
Date:Nov 24, 1992
Words:328
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