Nationwide Health Properties, a Newport Beach, Calif.-based real estate investment trust, will exceed $1 billion in investments with a proposed $96 million acquisition of a private operator's long-term-care retirement housing assets.
NHP agreed to keep the Wisconsin-based operator's name confidential until the sale-leaseback closes this September, said Mark L. Desmond, the REIT's senior vice president and chief financial officer.
Located on five campuses in two Midwestern states, the facilities have a total of 550 skilled-nursing beds and 950 independent- and assisted-living units. The purchase price includes cash, the assumption of debt and shares of NHP stock.
"It's a big single investment, but it's in keeping with our strategy," Desmond said.