The shares have been purchased by two institutional investors, based on NHP's closing market price of $19.58 per share. Cohen & Steers Quality Income Realty Fund has acquired one million shares, while a unit investment trust sponsored by Salomon Smith Barney has acquired 869,565 shares.
The transactions have resulted in net proceeds of approximately $34.6 million for the REIT. NHP will use the proceeds to invest in more health care properties. Pending such use, the REIT will use the proceeds to reduce NHP's revolving line of credit, according to a company statement.
NHP has investments in 308 facilities in 37 states. In 2001, the REIT paid out quarterly dividends of $.46 per share or $1.84 annually.
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