TOLEDO, Ohio--(BUSINESS WIRE)--April 9, 2008--Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $181.3 million of gross investments during the first quarter of 2008. During the quarter, the company had no asset sales or loan payoffs. The following is a summary of the company's gross investment activities (dollars in thousands):
1Q08
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Properties Amount
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Real property acquisitions:
Independent/CCRCs 1 $ 11,800 181 units
Assisted living facilities 1 4,600 45 units
Medical office buildings 3 41,628 172,575 sq. ft.
Specialty care facilities 1 35,200 40 beds
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Total acquisitions 6 93,228
Construction in progress advances:
Independent living/CCRCs 16 49,726
Assisted living facilities 14 14,937
Skilled nursing facilities 3 4,104
Medical office buildings 3 3,954
Specialty care facilities 3 4,587
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Total CIP advances 39 77,308
Capital improvements to existing
properties 2,998
Loan advances 7,751
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Gross investments $181,285
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The company also announced that it will release its 2008 first quarter earnings results after the market closes on May 7, 2008. A conference call is scheduled for 9:00 a.m. Eastern Time on May 8, 2008 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 888-686-9703 or 913-312-0975 (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 22, 2008. To access the rebroadcast, dial 888-203-1112 or 719-457-0820 (international). The conference ID number is 5309542. 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, including independent living/continuing care retirement communities, assisted living facilities, skilled nursing facilities, hospitals, long-term acute care hospitals and medical office buildings. 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 March 31, 2008, the company's broadly diversified portfolio consisted of 646 properties in 38 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.
CONTACT: Health Care REIT, Inc.
Scott Estes, 419-247-2800
Mike Crabtree, 419-247-2800
SOURCE: Health Care REIT, Inc.