Omega Healthcare Investors Inc. acquires 63 long-term care facilities

Hunt Valley real estate investment trust buys facilities from affiliates of CapitalSource

April 21, 2010|By Lorraine Mirabella, The Baltimore Sun

Omega Healthcare Investors Inc., a Hunt Valley real estate investment trust that finances the long-term care industry, has acquired 63 long-term care facilities for $295 million, the company said.

Omega acquired facilities in 19 states with a total of 6,607 beds under an option agreement with the seller, affiliates of CapitalSource Inc., for $34 million in cash and the repayment of $261 million in debt. The sale is expected to close in June.

Omega had acquired the option to purchase the facilities as part of a previously announced securities purchase agreement with CapitalSource that included the acquisition in December of entities owing 40 facilities. As of December, Omega owned or held mortgages on 293 skilled nursing facilities, assisted living facilities and other specialty hospitals in 32 states.

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