Nationwide Buys Nursing Homes: Nationwide Health Properties...

Nationwide Buys Nursing Homes: Nationwide Health Properties Inc. said Tuesday it has completed the purchase of 11 nursing homes in Tennessee and Massachusetts for $35.6 million.

Nationwide, a fast-growing real estate investment trust, bought the “long-term care facilities” from American Health Centers of Parsons, Tenn., and will lease them back. That way, Nationwide investors can take advantage of tax benefits while American remains the operator, Nationwide President R. Bruce Andrews said.

Nationwide, based in Newport Beach, has investments in 170 facilities in 29 states. It has set a goal of adding $100 million in new investments to its portfolio annually and expects to come close to that this year.