Nationwide Health Properties Inc., a Newport Beach owner of healthcare buildings, said it plans to sell up to 24 assisted living and dementia care facilities to Emeritus Corp.
Seattle-based Emeritus, which operates the facilities, is paying $305 million for the buildings, including about $56.2 million of mortgage debt that will be repaid at closing or assumed by Emeritus and deducted from the purchase price, according to a Nationwide filing with the Securities and Exchange Commission.
Nationwide currently leases the facilities to Emeritus.
Nationwide said in the filing that the deal’s expected to close by June 30.
Emeritus had made a deposit of $3.1 million on the properties, which is refundable if Emeritus chooses to terminate the buy during a due diligence period.
Nationwide, which is scheduled to report its fourth-quarter earnings at the end of the month, owns all or part of 447 healthcare buildings in 39 states. The company also provides financing to healthcare providers.
