Health Care Property Investors will finance the development of a medical office building in Bountiful, Utah, for a maximum of $6.1 million. Upon completion, the facility will be leased to Healthtrust-The Hospital Co., the Nashville-based hospital chain. Separately, the company completed a 15-year, $6.3 million first mortgage loan secured by a medical office building in Agoura, Calif. The facility's physicians provide pediatric care to the northwestern Los Angeles community. Los Angeles-based HCPI has investments in 176 healthcare properties in 31 states.
Nationwide Health Properties said its net income increased 11% to $11.2 million, or 62 cents per share, from net income of $10.1 million, or 58 cents per share, for the three months ended June 30. Revenues increased 18% to $17.4 million and funds from operations rose 14% to $14.4 million. For the first half of 1994, net income increased 13% to $22.2 million, or $1.22 per share, compared with earnings of $19.7 million, or $1.14 per share, in the year-ago period. The Newport, Calif.-based real estate investment trust posted a 16% increase in revenues, to $33.9 million, and a 15% rise in funds from operations, to $28.3 million. The company has investments in 169 healthcare facilities in 29 states.
LTC Properties' net income for the three months ended June 30 rose 100% to $3.8 million, or 25 cents per share, from $1.9 million, or 21 cents per share, in the year-ago period. Revenues increased 53% to $6.3 million, and cash available for distribution jumped 87% to $4.5 million. For the first half of 1994, net income rose 110% to $6.3 million, or 48 cents per share, compared with $3 million, or 35 cents per share, in the year-ago period. The Oxnard, Calif., real estate investment trust said revenues increased 58% to $11.9 million and cash available for distribution soared 96% to $7.6 million. The company has invested in 152 skilled-nursing facilities in 22 states.