The acquisitions, which included $86 million during the fourth quarter, consisted of 66% investments in real estate and 34% in loans, the company noted. It said it chose its investments from a total of $7.7 billion of investment opportunities that it reviewed throughout the year.

According to Kenneth B. Roath, chairman and CEO of the real estate investment trust, the year's investments surpassed the company's previously stated goal of $400 million for the year. It also continued to balance and diversify the health care properties the company owns by adding acquisitions of retirement living and assisted living properties.

Among the company's fourth-quarter transactions were a deal to construct a 48,000-sf short-stay surgical hospital with an attached 40,000-sf medical office building in Chandler, Ariz. For $19.7 million; an investment of $14.6 million in two assisted living facilities located in Florida; the $14.2 million purchase of five wellness facilities totaling 198,474 sf the Northeastern United States; and a $16 million loan to an affiliate of Emeritus Corp.

As of Dec. 31, the REIT investment portfolio consisted of 462 facilities in 43 states. Among these were 184 long-term care facilities, 101 assisted living facilities, 85 medical office buildings, 21 acute care hospitals, nine rehabilitation facilities, 14 retirement living communities, eight health-care laboratory and biotech research facilities, 35 physician group practice clinics and five wellness centers.

At the end of 2002, Health Care Property Investors had $144 million in commitments to fund additional investments in a variety of health-care sectors.