1.4-Million-Share Offering Completed

Health Care Property Investors Inc. completed an offering of 1.4 million shares of common stock for $38.31 a share.

The company said Tuesday that it plans to use the net proceeds of $52 million to retire short-term bank debt. Merrill Lynch & Co., BT Alex. Brown and Everen Securities Inc. managed the offering.

Health Care Property closed at $38.13 a share, up 19 cents, on the New York Stock Exchange. The company is a real estate investment trust that invests in health care-related facilities.