Business & Finance
Business and Finance
Business and Finance
Fri, July 9, 2010
Thu, July 8, 2010 Health Care REIT, Inc. Announces Gross Investments of $292.9 Million for Second Quarter 2010
TOLEDO, Ohio--([ BUSINESS WIRE ])--Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $292.9 million of gross investments during the second quarter of 2010. During the quarter, the company had dispositions of $14.6 million, resulting in net new investments of $278.3 million. For the six months ended June 30, 2010, the company completed $877.6 million of gross investments, offset by $47.5 million of asset sales and loan payoffs, which generated $830.1 million of net new investments. The following is a summary of the companya™s investment activities (dollars in thousands):
| 2Q10 | Year-to-date 2010 | ||||||||||||||
| Properties | Amount | Properties | Amount | ||||||||||||
| Real property acquisitions: | |||||||||||||||
| Combination - rental | 2 | $ | 32,300 | 2 | $ | 32,300 | |||||||||
| Freestanding assisted living | 7 | 72,750 | 7 | 72,750 | |||||||||||
| Freestanding dementia care | 1 | 3,800 | 1 | 3,800 | |||||||||||
| Medical office buildings | 2 | 23,430 | 19 | 213,430 | |||||||||||
| Total acquisitions | 12 | 132,280 | 29 | 322,280 | |||||||||||
| Construction in progress advances: | |||||||||||||||
| Development projects: | |||||||||||||||
| CCRC - entrance fee | 1 | 4,940 | 1 | 11,685 | |||||||||||
| Combination - entrance fee | - | - | 1 | 5,447 | |||||||||||
| Combination - rental | 3 | 14,929 | 7 | 24,747 | |||||||||||
| Freestanding dementia care | 1 | 1,245 | 2 | 5,116 | |||||||||||
| Hospitals | 4 | 33,718 | 4 | 69,646 | |||||||||||
| Medical office buildings | 6 | 41,253 | 7 | 59,922 | |||||||||||
| Total development projects | 15 | 96,085 | 22 | 176,563 | |||||||||||
| Expansion projects: | |||||||||||||||
| CCRC - entrance fee | 4 | 683 | 4 | 1,167 | |||||||||||
| Combination - entrance fee | 4 | 1,484 | 4 | 2,564 | |||||||||||
| Total expansion projects | 8 | 2,167 | 8 | 3,731 | |||||||||||
| Total CIP advances | 23 | 98,252 | 30 | 180,294 | |||||||||||
| Investments in unconsolidated life sciences joint ventures | 1 | 28,273 | 7 | 327,064 | |||||||||||
| Capital improvements to existing properties | 1,977 | 4,705 | |||||||||||||
| Loan advances | 32,103 | 43,254 | |||||||||||||
| Gross investments | 292,885 | 877,597 | |||||||||||||
| Property sales | (14,588) | (45,929) | |||||||||||||
| Loan payoffs | - | (1,599) | |||||||||||||
| Gross dispositions | (14,588) | (47,528) | |||||||||||||
| Net investments | $ | 278,297 | $ | 830,069 | |||||||||||
The company also announced that it will release its 2010 second quarter earnings results after the market closes on August 4, 2010. A conference call is scheduled for 10:00 a.m. Eastern Time on August 5, 2010 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 section of the companya™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 August 19, 2010. To access the rebroadcast, dial 800-642-1687 or 706-645-9291 (international). The conference ID number is 86007698. 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 June 30, 2010, the companya™s broadly diversified portfolio consisted of 625 properties in 39 states. More information is available on the companya™s website at [ www.hcreit.com ].
