Omega Healthcare Investors, Inc., has exercised its option to acquire 63 additional long-term care facilities from affiliates of CapitalSource, Inc.
The facilities to be acquired represent 6,607 beds in 19 states and are part of 30 in-place triple net leases among 18 operators. The 30 leases generate approximately $34 million of annualized revenue.
Omega Healthcare is a Hunt Valley, Md.-based real estate investment trust investing in and providing financing to the long-term care industry.
According to Omega, the aggregate consideration to be paid at the closing under the option agreement with CapitalSource is approximately $295 million, consisting of $34 million in cash to sellers and repayment of $261 million of debt at closing.
Closing is expected to occur in June.
Omega acquired the option to purchase the 63 facilities in connection with the firm's previously announced securities purchase agreement with CapitalSource. Omega acquired entities owning 40 facilities on Dec. 22, 2009, and has agreed to acquire 40 other facilities subject to obtaining consent of the U.S. Department of Housing and Urban Development.
At the end of last year, Omega owned or held mortgages on 293 skilled nursing facilities, assisted living facilities and other specialty hospitals with approximately 34,312 licensed beds in 32 states and operated by 35 third-party healthcare operating companies.