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NEWPORT BEACH, CA-The board of Health Care Property Investors Inc. has elected James F. “Jay” Flaherty III as president and CEO of the real estate investment trust, in accordance with a succession plan the company adopted last year.

Flaherty, who also was re-elected to a two-year term on the board, succeeds Kenneth B. Roath, who remains board chairman. The elections took place at the company’s annual meeting of stockholders and board of directors meeting in Newport Beach. In passing the reins to Flaherty, Roath described Health Care Property Investors as “the largest and most diversified REIT specializing in health-care real estate.”

Flaherty, 46, joined Health Care Property Investors in 2002 following a 19-year career with Merrill Lynch & Co., where he served in a variety of investment banking, capital markets and private equity functions in the firm’s New York, London and Los Angeles offices. As managing director, he headed Merrill Lynch’s Global Healthcare Group. From 1995 to 2001, he was a member of Merrill Lynch’s Investment Banking Operating Committee and before that, he was with the accounting firm of Ernst & Whinney in its Boston office.

Health Care Property Investors invests directly or through joint ventures in health-care facilities. As of March 31, the 453-property portfolio in 44 states consisted of 31 hospitals, 176 long-term care facilities, 126 retirement and assisted living facilities, 85 medical office buildings and 35 other health-care facilities.

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