LTC Properties said it has closed $14.4 million in new investments, including mortgage loans backed by seven skilled-nursing facilities in California, Nebraska, Ohio, Tennessee and Texas. A recent analysis of real estate investment trusts by NatWest Securities Corp. said LTC Properties continues to show the largest price gains among the 12 healthcare REITs tracked by the investment-banking firm. For the year-to-date, shares of the Oxnard, Calif.-based REIT rose 8.7% on NatWest's Equity REIT Index, which measures price performance, compared with a 5.7% gain for the healthcare group. Over the past year, shares of LTC Properties have traded on the New York Stock Exchange at prices ranging from $12 to $15.13 per share.
Donald Freeberg, Summit Health's former chairman and majority shareholder, has decided not to sell the remainder of his shares in OrNda HealthCorp. Mr. Freeberg had requested that OrNda make a public offering of all of his 3.6 million OrNda shares (June 27, p. 60). He received the shares when Summit, a Burbank, Calif.-based chain, was purchased by OrNda in April. Since OrNda announced the offering last month, Mr. Freeberg has sold 700,000 shares, and the company's stock had slumped to $13.25 last week, down from $16 on June 1. OrNda said Mr. Freeberg's request was withdrawn "due to changing market conditions." Nashville, Tenn.-based OrNda operates 49 hospitals in 17 states.
Welsh, Carson, Anderson & Stowe, a New York-based venture capital firm, has invested $25 million in a newly formed holding company called Housecall Medical Resources. The new company will purchase Housecall, a Knoxville, Tenn.-based home healthcare company and other home-care firms. Housecall will be headed by George D. Shaunnessy, a former executive with Foster Medical Corp. and Charter Medical Corp. Housecall has annual revenues of $55 million and provides home-care services in Tennessee and Virginia.
Health Science Properties, a new real estate investment trust formed to acquire and develop real estate for biotechnology, biopharmaceutical and health science companies, has acquired its first two properties for $23 million. The two La Jolla, Calif., properties house several health science companies, including Scripps Research Institute. The Pasadena, Calif.-based REIT expects to acquire $75 million to $150 million worth of properties in the next 12 to 18 months. The company, which hopes to go public in a year or so, is pursuing additional acquisitions in San Diego, the San Francisco Bay area, New England and the mid-Atlantic region.
Luther Medical Products has signed agreements with 14 companies to distribute its specialty catheter products. Tustin, Calif.-based Luther also will add four to six more distributors, said David Rollo, president and chief executive officer. The company ended an exclusive agreement with St. Paul, Minn.-based distributor Pharmacia Deltec because product sales this year fell by 50%, or about $600,000, Mr. Rollo said. New distributors include Millersville, Md.-based Marquette Medical and Westmont, Ill.-based Columbia Vital Systems.