TOLEDO, Ohio, Apr 08, 2009 (BUSINESS WIRE) -- Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $173.8 million of gross investments during the first quarter of 2009. During the quarter, the company had dispositions of $44.3 million, resulting in net new investments of $129.5 million. The following is a summary of the company's gross investment activities (dollars in thousands):
| 1Q09 | |||||
| Properties | Amount | ||||
| Construction in progress advances: | |||||
| Development projects: | |||||
| CCRC - entrance fee | 3 | $ 28,008 | |||
| CCRC - rental | 1 | 483 | |||
| Combination - entrance fee | 4 | 21,705 | |||
| Combination - rental | 15 | 55,594 | |||
| Freestanding dementia care | 3 | 2,474 | |||
| Freestanding skilled nursing | 1 | 3,097 | |||
| Specialty care facilities | 3 | 22,210 | |||
| Medical office buildings | 5 | 26,305 | |||
| Total development projects | 35 | 159,876 | |||
| Expansion projects: | |||||
| CCRC - entrance fee | 3 | 1,433 | |||
| Combination - entrance fee | 4 | 683 | |||
| Total expansion projects | 7 | 2,116 | |||
| Total CIP advances | 42 | 161,992 | |||
| Capital improvements to existing properties | 5,538 | ||||
| Loan advances | 6,234 | ||||
| Gross investments | $ 173,764 | ||||
The company also announced that it will release its 2009 first quarter earnings results after the market closes on May 4, 2009. A conference call is scheduled for 10:00 a.m. Eastern Time on May 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 May 19, 2009. To access the rebroadcast, dial 800-642-1687 or 706-645-9291 (international). The conference ID number is 92034109. 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 March 31, 2009, the company's broadly diversified portfolio consisted of 632 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.
Health Care REIT, Inc. Scott Estes, 419-247-2800 or Mike Crabtree, 419-247-2800