TOLEDO, Ohio--(BUSINESS WIRE)--April 9, 2007--Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $243.7 million of gross investments during the first quarter of 2007. During the quarter, the company had asset sales and loan payoffs of $24.7 million, resulting in net new investments for the quarter of $218.9 million. The following is a summary of the company's gross investment activities (dollars in thousands):
1Q07
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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 1 7,999 20,106 sq. ft.
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Total acquisitions 10 121,174
Construction in progress
advances:
Independent living/CCRC 9 16,724
Assisted living facilities 15 13,889
Skilled nursing facilities 3 3,354
Specialty care facilities 3 4,515
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Total CIP advances 30 38,482
Capital improvements to existing
properties 3,574
Loan advances 80,427
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Gross investments $ 243,657
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The company also announced that it will release its 2007 first quarter earnings results after the market closes on May 7, 2007. A conference call is scheduled for 9:00 a.m. Eastern Time on May 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 888-694-4702 or 973-582-2741 (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 May 8, 2007 through May 22, 2007. To access the rebroadcast, dial 877-519-4471 or 973-341-3080 (international). The conference ID number is 8675011. 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, project management, facility planning and property development services. As of March 31, 2007, the company's broadly diversified portfolio consisted of 597 properties in 37 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.