TOLEDO, Ohio--(BUSINESS WIRE)--Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $349.5 million of gross investments during the third quarter of 2008. During the quarter, the company had asset sales and loan payoffs of $17.8 million, resulting in net new investments of $331.7 million. For the nine months ended September 30, 2008, the company completed $1,019.0 million of gross investments, offset by $151.1 million of asset sales and loan payoffs, which generated $867.9 million of net new investments. The following is a summary of the company's gross investment activities (dollars in thousands):
3Q08
-----------------------------------
Properties Amount
---------- --------
Real property acquisitions:
CCRC - entrance fee
CCRC - rental
Combination - rental
Freestanding assisted living
Freestanding dementia care
Freestanding skilled nursing 1 $11,360 164 beds
Specialty care facilities 2 40,003 170 beds
Medical office buildings 3 73,957 214,770 sq. ft.
Land parcels
---------- --------
Total acquisitions 6 125,320
Construction in progress advances:
Development projects:
CCRC - entrance fee 3 36,089
CCRC - rental 1 1,765
Combination - entrance fee 4 36,669
Combination - rental 15 49,157
Freestanding dementia care 3 5,582
Freestanding skilled nursing 2 4,080
Specialty care facilities 3 24,834
Medical office buildings 5 48,501
---------- --------
Total development projects 36 206,677
Expansion projects:
CCRC - entrance fee 3 1,202
Combination - entrance fee 4 2,571
---------- --------
Total expansion projects 7 3,773
---------- --------
Total CIP advances 43 210,450
Capital improvements to existing
properties 6,712
Loan advances 7,001
--------
Gross investments $349,483
========
Year-to-date 2008
-------------------------------------
Properties Amount
---------- ----------
Real property acquisitions:
CCRC - entrance fee 1 $56,500 192 units
CCRC - rental 1 11,800 181 units
Combination - rental 1 34,500 110 units
Freestanding assisted living 1 4,600 45 units
Freestanding dementia care 1 6,390 44 units
Freestanding skilled nursing 1 11,360 164 beds
Specialty care facilities 6 182,303 408 beds
Medical office buildings 7 121,809 414,793 sq. ft.
Land parcels 1 10,000
---------- ----------
Total acquisitions 20 439,262
Construction in progress
advances:
Development projects:
CCRC - entrance fee 3 79,502
CCRC - rental 2 4,342
Combination - entrance fee 5 77,726
Combination - rental 18 102,382
Freestanding dementia care 3 10,539
Freestanding skilled nursing 2 12,816
Specialty care facilities 5 60,560
Medical office buildings 5 62,129
---------- ----------
Total development projects 43 409,996
Expansion projects:
CCRC - entrance fee 3 4,706
Combination - entrance fee 4 16,474
---------- ----------
Total expansion projects 7 21,180
---------- ----------
Total CIP advances 50 431,176
Capital improvements to existing
properties 14,540
Loan advances 134,002
----------
Gross investments $1,018,980
==========
The company also announced that it will release its 2008 third quarter earnings results after the market closes on November 3, 2008. A conference call is scheduled for 10:00 a.m. Eastern Time on November 4, 2008 to discuss these results. The information to be discussed on the call will be contained in the company's earnings release and supplemental information, 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 800-218-9073 or 303-262-2130 (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 18, 2008. To access the rebroadcast, dial 800-405-2236 or 303-590-3000 (international). The conference ID number is 11120871. 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., with headquarters in Toledo, Ohio, is an equity real estate investment trust that invests across the full spectrum of senior housing and health care real estate. Founded in 1970, the company was the first real estate investment trust to invest exclusively in health care facilities. The company also offers a full array of property management and development services. As of September 30, 2008, the company's broadly diversified portfolio consisted of 641 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.