Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, August 4, 1999

Boat Days group holding fund-raiser

Aloha Boat Days, the organization that since January has been greeting cruise ships at the Aloha Tower Marketplace with flowers, leis, band music, hula and fireboat displays, will hold a fund-raiser luncheon Saturday aboard the S.S. Independence.

Ticket prices are $75, $250 and $1,000 and the organizers said some of the cost qualifies for a tax deduction. Aloha Boat Days said it is seeking to raise $20,000. For more information contact Vivian Flores at Aloha Tower Marketplace, 528-5700.

Health-care trusts in $1 billion merger

NEWPORT BEACH, Calif. -- Health Care Property Investors Inc. said today it has agreed to acquire American Health Properties Inc., a real estate investment trust, for $1 billion in stock and debt assumption.

Health Care Property, also a real-estate investment trust, said the acquisition adds 68 health-care properties to its portfolio, bringing the total to 423 in 44 states.

The properties include hospitals, clinics and medical office buildings. Real-estate investment trusts purchase and manage a portfolio of real estate properties to earn profits for shareholders.

The deal values American Health, based in Denver, at $20.18 a share based on yesterday's close, a premium to its current price.

Under the terms of the agreement, Health Care Property of Newport Beach, Calif., said it will exchange 0.78 shares for each American Health share. Health Care Property also will assume $300 million of American Health debt.

The deal is expected to close by the end of 1999.

U.S. factory orders increased in June

WASHINGTON -- Orders to factories, bolstered by higher demand for autos and electronic equipment, rose 0.7 percent in June in a fresh sign of recovery for the manufacturing sector.

This 10th increase in the last 13 months followed a 1 percent gain in May, the Commerce Department said today.

Many analysts expected factory orders to rise by 0.4 percent in June.

Excluding the volatile transportation category, factory orders still would have risen a solid 0.5 percent in June.

"Overall, the factory sector continues to show signs of a jagged recovery, but it appears to be on an improving path," said economist Lynn Reaser with Bank of America Private Bank.

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