TOLEDO, Ohio, Jan 08, 2008 (BUSINESS WIRE) -- Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $297.7 million of gross investments during the fourth quarter of 2007. During the quarter, the company had asset sales and loan payoffs of $24.6 million, resulting in net new investments of $273.0 million. For the year ended December 31, 2007, the company completed $1.2 billion of gross investments, offset by $125.9 million of asset sales and loan payoffs, which generated $1.1 billion of net new investments. The following is a summary of the company's gross investment activities (dollars in thousands):
4Q07
-------------------------------------
Properties Amount
---------- --------
Real property acquisitions:
Independent/CCRCs
Assisted living facilities 1 $ 21,258 119 units
Skilled nursing facilities
Medical office buildings 3 30,970 124,302 sq. ft.
Specialty care facilities
Land parcels
---------- --------
Total acquisitions 4 52,228
Construction in progress
advances:
Independent living/CCRCs 16 71,074
Assisted living facilities 13 20,706
Skilled nursing facilities 3 6,468
Medical office buildings 2 4,277
Specialty care facilities 5 16,146
---------- --------
Total CIP advances 39 118,671
Capital improvements to
existing properties 12,211
Loan advances 114,556
--------
Gross investments $297,666
========
Year Ended 2007
-----------------------------------------
Properties Amount
---------- ----------
Real property acquisitions:
Independent/CCRCs 1 $ 43,000 224 units
Assisted living facilities 4 36,233 244 units
Skilled nursing facilities 8 122,875 1,158 beds
Medical office buildings 28 387,488 1,271,736 sq. ft.
Specialty care facilities 1 11,923 62 beds
Land parcels 8,928
---------- ----------
Total acquisitions 42 610,447
Construction in progress
advances:
Independent living/CCRCs 17 154,488
Assisted living facilities 23 55,839
Skilled nursing facilities 5 21,895
Medical office buildings 2 14,683
Specialty care facilities 5 60,288
---------- ----------
Total CIP advances 52 307,193
Capital improvements to
existing properties 34,680
Loan advances 237,152
----------
Gross investments $1,189,472
==========
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 December 31, 2007, the company's broadly diversified portfolio consisted of 638 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.
SOURCE: Health Care REIT, Inc.
Health Care REIT, Inc
Scott Estes, 419-247-2800
Mike Crabtree, 419-247-2800