Health Care Property REIT to Buy 19 Medical Buildings

Health Care Property Investors Inc. has agreed to buy 19 medical office buildings for about $108 million from Boyer Co., a closely held developer in the Western United States.

Health Care Property, a real estate investment trust based in Newport Beach, said about 25% of the purchase price would be paid in operating partnership units that can be converted into common stock.

Sixteen of the buildings are in Salt Lake City, two are in Arizona and one is in Nevada. They contain a total of 773,000 square feet and are 91% leased to tenants such as Columbia/HCA Healthcare Corp.

Health Care Property invests in a range of health care properties, including long-term care and assisted living facilities. It has investments in 346 properties in 43 states.

The stock fell 56 cents a share Tuesday to $28.31.