Health Properties REIT Reports on Share Sale
Nationwide Health Properties Inc. said Wednesday that it has raised $18 million by selling 1 million shares to two mutual funds advised by Cohen & Steers Capital Management Inc.
The Newport Beach real estate investment trust, which focuses on health care properties, said in a press release that it sold the stock at $18 a share in a transaction that did not involve any underwriting fees or other costs.
Nationwide said the proceeds will initially be used to reduce its revolving line of credit with its banks.
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