Health Care REIT, Inc. Announces Gross Investments of $156.3 Million for Third Quarter 2009

October 13, 2009 5:07 PM EDT

TOLEDO, Ohio--(BUSINESS WIRE)-- Health Care REIT, Inc. (NYSE: HCN) announced today that it completed $156.3 million of gross investments during the third quarter of 2009. During the quarter, the company had dispositions of $30.1 million, resulting in net new investments of $126.2 million. For the nine months ended September 30, 2009, the company completed $507.7 million of gross investments, offset by $153.1 million of asset sales and loan payoffs, which generated $354.6 million of net new investments. The following is a summary of the company's investment activities (dollars in thousands):

                                 3Q09                     Year-To-Date 2009

                                 Properties   Amount      Properties   Amount

Construction in progress
advances:

Development projects:

CCRC - entrance fee              2            $ 12,133    3            $ 62,930

CCRC - rental                    1              1,908     1              2,813

Combination - entrance fee       3              16,357    4              60,697

Combination - rental             10             26,201    16             126,015

Freestanding dementia care       2              2,366     3              6,949

Freestanding skilled nursing     0              0         1              5,559

Specialty care facilities        3              30,816    3              82,671

Medical office buildings         6              50,893    6              96,642

Total development projects       27             140,674   37             444,276

Expansion projects:

CCRC - entrance fee              3              467       3              2,297

Combination - entrance fee       4              1,157     4              2,340

Total expansion projects         7              1,624     7              4,637

Total CIP advances               34             142,298   44             448,913

Capital improvements to existing                4,176                    11,938
properties

Loan advances                                   9,835                    46,882

Gross investments                               156,309                  507,733

Property sales                                  28,128                   132,700

Loan payoffs                                    2,000                    20,440

Gross dispositions                              30,128                   153,140

Net investments                               $ 126,181                $ 354,593

The company also announced that it will release its 2009 third quarter earnings results after the market closes on November 4, 2009. A conference call is scheduled for 10:00 a.m. Eastern Time on November 5, 2009 to discuss these results. The information to be discussed on the call will be contained in the company's earnings release, which will be available in the News & Events section of the company's website at www.hcreit.com.

The conference call will be accessible by telephone and through the Internet. Telephone access will be available by dialing 888-346-2469 or 706-758-4923 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through November 19, 2009. To access the rebroadcast, dial 800-642-1687 or 706-645-9291 (international). The conference ID number is 34821337. To participate in the webcast, log on to www.hcreit.com or www.earnings.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days through the same websites.

Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of senior housing and health care real estate. The company also provides an extensive array of property management and development services. As of September 30, 2009, the company's broadly diversified portfolio consisted of 608 properties in 39 states. More information is available on the Internet at www.hcreit.com.

This document may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. When the company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions, it is making forward-looking statements. Forward-looking statements reflect current plans and expectations and are based on information currently available. They are not guarantees of future performance and involve risks and uncertainties. The company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.

    Source: Health Care REIT, Inc.

Related Categories

Press Releases

Stocks Mentioned

Related Entities

• Life, Style and Real Estate

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?