Nationwide Health Properties Inc., a Newport Beach-based owner of nursing homes and other healthcare facilities, said late Monday that it was selling 30 communities in eight states to Chicago-based Brookdale Senior Living Inc. for $148.6 million.
Nationwide currently leases the facilities to Brookdale, an operator of retirement communities and nursing homes, for about $10 million. The sale’s scheduled to close by the end of November.
Nationwide will gain some $78 million in the fourth quarter on the deal and is set to use the money to help fund about $260 million of previously announced deals that are set to close this quarter, the company said in a release.
Chief Executive Douglas Pasquale cited several reasons for the deal.
One was diversification. Brookdale now will only account for 18% of Nationwide investments, instead of 21%. Sales from Brookdale will be 21% of Nationwide’s revenue, down from 24%.
Nationwide has investments in 493 facilities in 40 states.
