NEWPORT BEACH, CA-Nationwide Health Properties Inc. has lined up $122 million in new investments in senior housing and long-term care facilities, the healthcare property REIT reports, increasing its total investments thus far for 2006 to $630 million. The $122 million of new investment includes $64 million for senior housing and $58 million in long-term care facilities.
The senior housing comprises seven facilities in Washington and California, including investment with a new customer, Koelsch Senior Communities. The long-term care deal involves seven facilities in Massachusetts and Texas.
NHP says that the senior housing deal, $5 million of which has already closed, is expected to close fully in July. NHP says the deal is comparable to the company's Wingate Healthcare and Hearthstone transactions earlier this year. Specifically, the REIT partnered with a management team to buy out its existing investors while allowing management to continue to operate the facilities.
The long-term care deal, $40 million of which is already closed, is expected to close fully around the end of the third quarter. The $58 million in long-term facilities investment includes $49 million with Wingate under NHP's acquisition line entered into earlier this year.
Donald Bradley, chief investment officer for the Newport Beach-based REIT, notes that it is "already over 50% ahead of our previous record pace" of investments after back-to-back record investment years of $400 million each in 2004 and 2005. Nationwide Health Properties Inc. has investments in 487 facilities in 40 states.
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