Health Care Property Acquires 4 Facilities in Michigan and Missouri

Continuing a string of 24 acquisitions since January, Health Care Property Investors Inc. spent $14 million to purchase two nursing homes in Michigan and one nursing home and an assisted-living center in Missouri. Since it was formed in May, 1985, the Costa Mesa-based investment firm has purchased 87 health-care facilities, including 82 nursing homes scattered throughout 24 states. James G. Reynolds, the firm’s chief financial officer, placed the value of those properties--which were either purchased directly or indirectly through partnerships--at about $310 million.

The company posted net earnings of $3.4 million for its second quarter ended June 30 and six-month earnings of $5.45 million.