Real Estate Trust Sells 7 Health-Care Facilities
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Health Care Property Investors Inc., a Newport Beach real estate investment trust, said Wednesday that it has sold seven assisted-living facilities for a total of $51.6 million in two transactions.
The trust, which specializes in health-care properties, said in a press release that the facilities were sold to operators that had previously leased them. The sales resulted in a gain of $4.8 million over the original investment cost.
Health Care Property, which sold about $81 million in assets during 2000, expects to reinvest the proceeds at a more favorable yield.
The company’s stock rose $1.13 Wednesday to close at $30.69 a share--after hitting a 52-week high of $30.81 during trading on the New York Stock Exchange.
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