Nationwide Health Properties, Inc. (NYSE: NHP) recently announced the acquisition of two medical office buildings under an amendment to the original agreement with Pacific Medical Buildings LLC, a California limited liability company ("Pac Med"), and certain of its affiliates. The two transactions were effective as of February 1, 2010 and included the acquisition of the Pomerado Outpatient Pavilion in Poway, California for an aggregate purchase price of $74.0 million consisting of cash and the issuance of 301,599 units of limited partnership interest in NHP/PMB L.P., a limited partnership, for which a subsidiary of NHP acts as general partner ("NHP/PMB").
The other transaction involved NHP entering into a limited liability company agreement and a contribution agreement with PMB Gilbert LLC. Under these agreements, NHP and PMB Gilbert LLC formed a limited liability company (the "Gilbert JV") to acquire the Mercy Gilbert Medical Plaza in Gilbert, Arizona (the "Gilbert Property"). PMB Gilbert LLC contributed the Gilbert Property to the Gilbert JV, and NHP contributed $6.3 million in cash. In addition, NHP agreed to loan the Gilbert JV up to $8.8 million as project financing, including $6.8 million that was disbursed initially. NHP owns a 71.2% interest in the Gilbert JV.