Omega Healthcare Investors, Inc. (NYSE:OHI) announced last week that it closed on its option to purchase 63 long-term care facilities from affiliates of CapitalSource Inc. for $293 million in cash. The option to purchase, previously announced in November of 2009, represents 6,607 available beds located in 19 states and are part of 30 in-place triple net leases among 18 operators. The 30 leases generate approximately $34 million of annualized revenue.
Pursuant to the terms of the securities purchase agreement, Omega acquired 40 CapitalSource facilities on December 22, 2009 for an aggregate purchase price of approximately $294 million, and agreed to purchase an additional 40 CapitalSource facilities for an aggregate purchase price of approximately $270 million, which includes the assumption of $204 million of indebtedness guaranteed by the U.S. Department of Housing and Urban Development (“HUD”) and other indebtedness. The consummation of the HUD closing is subject to HUD approval and other customary closing conditions, and there can be no assurance as to when or whether such transaction will be consummated.