NHP Reports Private Placement

Published April 30, 2003, 2:00 p.m. EDT

1 Min Read

Nationwide Health Properties Inc., Newport Beach, Calif., has priced a private placement of $115.5 million of common stock to a number of large institutional investors on behalf of certain client accounts and the Teachers Insurance and Annuity Association of America.NHP, a real estate investment trust, said 9.625 million shares will be sold at $12 per share and will yield net proceeds of approximately $113 million, which will be used to reduce the company's debt. Cohen & Steers Capital Advisors acted as placement agent for the transaction. NHP also declared a common stock dividend of $0.37 per share for shareholders of record on May 16, but announced that it plans to reduce the dividend in the future "to take into account the effects of the equity transaction and to establish a more conservative dividend payout." The REIT can be found on the Web at http://www.nhp-reit.com.

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