Health Care Properties to Sell 3 Million Shares

Health Care Property Investors Inc., a Costa Mesa-based real estate investment trust, will offer 3 million shares of its common stock in a public offering at $24.875 a share. A significant portion of the net proceeds will be used to repay bank indebtedness incurred in acquiring some of its facilities.

The company owns directly, or in partnerships, 40 long-term health care facilities, two acute-care hospitals, one psychiatric hospital and one rehabilitation hospital. An underwriting group co-managed by Merrill Lynch Capital Markets and Robertson, Colman & Stephens will handle the offering.