Health Properties REIT Reports on Share Sale

Nationwide Health Properties Inc. said Wednesday that it has raised $18 million by selling 1 million shares to two mutual funds advised by Cohen & Steers Capital Management Inc.

The Newport Beach real estate investment trust, which focuses on health care properties, said in a press release that it sold the stock at $18 a share in a transaction that did not involve any underwriting fees or other costs.

Nationwide said the proceeds will initially be used to reduce its revolving line of credit with its banks.