Health Care Property Buying 18 Buildings

Health Care Property Investors Inc., the largest U.S. health-care real estate investment trust, said it is buying 18 medical office and research buildings from Boyer Co. for $126 million.

Two-thirds of the buildings are in Utah, mostly at the University of Utah’s Research Park Campus, the Newport Beach company said. The rest are in Arizona, Colorado, Kansas, Idaho and Wyoming.

About half the properties target the bio-pharmaceutical and health-care laboratory industries.

The acquisition from Salt Lake City-based Boyer will help Health Care Property diversify holdings that consist mainly of long-term and congregate care facilities and medical office buildings.

Separately, Health Care said its second-quarter net income fell 5% to $28.7 million, or 54 cents a share. The latest results include a $532,000 gain on the sale of real estate properties, compared with a gain of $3 million for the 2000 quarter. Revenue rose slightly to $84.5 million from $84.1 million.

Health Care Property stock fell 25 cents to $35.80 on the New York Stock Exchange..