TOLEDO, Ohio--(BUSINESS WIRE)--Jan. 9, 2006--Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $374.6 million of gross investments during the fourth quarter of 2005, resulting in total gross investments for the full year 2005 of $642.5 million.
New facility acquisitions for the quarter included 18 skilled nursing facilities with 2,475 beds for $135.9 million and 11 independent living/continuing care retirement communities with 1,763 units for $230.2 million. The balance of the gross investment amount consisted primarily of construction and other advances. During the quarter, the company had asset sales and loan payoffs of $104.5 million. Net new investments for the quarter totaled $270.1 million.
The year ended December 31, 2005 was the fourth consecutive year of record gross investments. The company completed gross investments of $642.5 million, offset by $147.0 million of asset sales and loan payoffs, which generated a total of $495.5 million of net new investments.
The company also confirmed that it will release its 2005 year end earnings results after the market closes on February 7, 2006. A conference call is scheduled for 9:00 a.m. Eastern time on February 8, 2006 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 on the press releases page 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 888-202-2422 or 913-981-5592. 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 February 8, 2006 through February 15, 2006. To access the rebroadcast, dial 888-203-1112 or 719-457-0820. The conference ID number is 3503451. 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 real estate investment trust that invests in health care and senior housing properties. At December 31, 2005, the company had investments in 195 assisted living facilities, 203 skilled nursing facilities, 31 independent living/continuing care retirement communities and 13 specialty care facilities located in 36 states and managed by 54 different operators. 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. These forward-looking statements concern and are based upon, among other things, the possible expansion of the company's portfolio; the sale of properties; the performance of its operators and properties; its ability to enter into agreements with new viable tenants for properties that we take back from financially troubled tenants, if any; its ability to make distributions; its policies and plans regarding investments, financings and other matters; its tax status as a real estate investment trust; its ability to appropriately balance the use of debt and equity; its ability to access capital markets or other sources of funds; and its ability to meet its earnings guidance. When the company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "estimate" or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The company's expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited to: the status of the economy; the status of capital markets, including prevailing interest rates; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies and operators' difficulty in obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and senior housing industries; negative developments in the operating results or financial condition of operators, including, but not limited to, their ability to pay rent and repay loans; the company's ability to transition or sell facilities with a profitable result; the failure of closings to occur as and when anticipated; acts of God affecting our properties; the company's ability to reinvest sale proceeds at similar rates to assets sold; operator bankruptcies or insolvencies; government regulations affecting Medicare and Medicaid reimbursement rates; liability claims and insurance costs for operators; unanticipated difficulties and/or expenditures relating to future acquisitions; environmental laws affecting the company's properties; delays in reinvestment of sale proceeds; changes in rules or practices governing the company's financial reporting; and structure related factors, including real estate investment trust qualification, anti-takeover provisions and key management personnel. Finally, 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.
Ray Braun, 419-247-2800
Mike Crabtree, 419-247-2800
Scott Estes, 419-247-2800
SOURCE: Health Care REIT, Inc.