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Omega Healthcare details property transactions

OmegaHealthcare Investors Inc. made a number of acquisitions in recentmonths.

On March 1, it purchased 21 skilled nursing facilitiescomprising 2,446 operating beds in Virginia and North Carolina from anunrelated third party for $212.5 million. The deal also includedcertain ancillary facilities, including an office building and a pharmacybuilding. The SNFs and other real estate were combined into a single 12-yearmaster lease with an existing operator, to which the company also provided a$20 million term loan to acquire the stock of the operating company.

On Feb. 1, Omega acquired 10 SNFs comprising 985 operatingbeds in Ohio, Virginia and Michigan for approximately $169.0 million and leasedthem to an existing operator. The SNFs were combined into a new 12-year masterlease.

In April, it bought 10 care homes in the U.K. from anunrelated third party for approximately US$113.8 million and leased them to itsexisting U.K. operator. The properties, with 743 registered beds, were added tothe existing operator's 12-year master lease.

Also in April, the company acquired three assisted livingfacilities/independent living facilities in Texas, representing 355 operatingbeds, for approximately $66.0 million and leased them to a new operator toOmega. The facilities were combined into a 12-year master leaseagreement.

In May, it acquired three SNFs in Colorado and Missouri froman unrelated third party for $31.8 million and leased them to an existingoperator. The SNFs, consisting of 344 operating beds, were added to theexisting operator's master lease.

On April 29, the company sold four facilities for $24million. It will book an estimated $9 million gain on the transaction for thequarter ending June 30.

On March 1, the company completed a purchase/lease-back oftwo ALFs with 164 operating beds in Georgia for roughly $20.2 million from anew third party operator. The two-facility master lease has an initial term of12 years.

On Jan. 18, Omega acquired one care home facility in theU.K. for approximately US$8.3 million and leased it to an existing operator.The 52-registered-bed facility was added to an existing 12-year master lease.

On March 15, it purchased one 33-registered-bed care home inthe U.K. for approximately US$6.1 million and leased it to its existing U.K.operator. The facility was added to the existing operator's master lease.