Kenneth B. Roath, chairman and chief executive officer of the company, says the REIT expects to use the line of credit for acquisitions in its ongoing program of purchasing health care-related real estate. The line of credit, at LIBOR plus 112.5 basis points, has a three-year term, can be renewed annually, and brings in five new lenders.
BNY Capital Markets Inc., a subsidiary of The Bank of New York, led the syndication of the revolving line. The Bank of New York will act as administrative agent.
As of Sept. 30, Health Care Property Investors' portfolio consisted of 442 facilities in 42 states. It has investments in 183 long-term care facilities, 88 assisted living facilities, 85 medical office buildings, 35 physician group practice clinics, 21 acute care hospitals, nine free-standing rehabilitation facilities, seven health-care laboratory and biotech research facilities and 14 retirement living communities.
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