S&P: Nationwide Health unchanged

Standard & Poor's said its ratings on Nationwide Health Properties Inc. (BBB-/stable) are currently unaffected by the company's announcement that it will acquire the remaining 21 of 28 medical office buildings from privately held Pacific Medical Buildings for $795 million.

The buildings are relatively new class A assets in West Coast markets, predominantly California and Washington, the agency said, adding that Nationwide Health acquired seven of the 28 properties in the portfolio in late-2007 for $120 million and will finance the remaining 21 with $283 million of attractively priced assumable debt, at least $175 million in partnership units, net proceeds from a previously announced $305 million portfolio sale and the balance from revolver draws.

According to S&P, Nationwide Health is staggering the property acquisitions over the next three years and has already secured financing for acquiring 16 properties in 2008.

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