TOLEDO, Ohio--(BUSINESS WIRE)--July 9, 2007--Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $413.8 million of gross investments during the second quarter of 2007. This amount includes the acquisition of 17 medical office buildings and Paramount Real Estate Services from Rendina Companies for approximately $287.7 million, excluding purchase price accounting adjustments. During the quarter, the company had asset sales and loan payoffs of $27.3 million, resulting in net new investments for the quarter of $386.5 million. For the six months ended June 30, 2007, the company completed $657.5 million of gross investments, offset by $52.0 million of asset sales and loan payoffs, which generated $605.5 million of net new investments. The following is a summary of the company's gross investment activities (dollars in thousands):
2Q07
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Properties Amount
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Real property acquisitions:
Assisted living facilities
Skilled nursing facilities
Medical office buildings 18 $301,850 951,720 sq. ft.
Specialty care facilities 1 11,923 62 beds
Land parcels 6,127
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Total acquisitions 19 319,900
Construction in progress
advances:
Independent living/CCRCs 10 30,401
Assisted living facilities 14 13,172
Skilled nursing facilities 3 4,495
Specialty care facilities 4 22,857
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Total CIP advances 31 70,925
Capital improvements to existing
properties 12,017
Loan advances 10,965
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Gross investments $413,807
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Year-To-Date 2007
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Properties Amount
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Real property acquisitions:
Assisted living facilities 2 $ 9,875 68 units
Skilled nursing facilities 7 103,300 1,033 beds
Medical office buildings 19 309,849 971,826 sq. ft.
Specialty care facilities 1 11,923 62 beds
Land parcels 6,127
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Total acquisitions 29 441,074
Construction in progress
advances:
Independent living/CCRCs 10 47,125
Assisted living facilities 16 27,061
Skilled nursing facilities 3 7,849
Specialty care facilities 4 27,372
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Total CIP advances 33 109,407
Capital improvements to existing
properties 15,592
Loan advances 91,391
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Gross investments $657,464
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The company also announced that it will release its second quarter 2007 earnings results after the market closes on Tuesday, August 7, 2007. A conference call is scheduled for 9:00 a.m. Eastern Time on Wednesday, August 8, 2007 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 Web site at www.hcreit.com.
The conference call will be accessible by telephone and through the Internet. Telephone access will be available by dialing 800-811-8845 or 913-981-4905 (international). Callers to this number will be able to listen to the company's business update. For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the live call on August 8, 2007 through August 22, 2007. To access the rebroadcast, dial 888-203-1112 or 719-457-0820 (international). The conference ID number is 2934492. To participate on the webcast, log on to www.hcreit.com or www.earnings.com 15 minutes before the call to download the necessary software. A replay will be available on these Web sites for 90 days.
Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a self-administered, 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 June 30, 2007, the company's broadly diversified portfolio consisted of 617 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.