TOLEDO, Ohio--(BUSINESS WIRE)--Dec. 22, 2005--Health Care REIT, Inc. (NYSE:HCN) commented on the recently announced purchase of Southern Assisted Living, Inc. ("SALI") by Brookdale Senior Living ("Brookdale") (NYSE:BKD). The transaction is expected to close in the first quarter of 2006, subject to due diligence and the receipt of various consents, including that of HCN.
As of September 30, 2005, HCN leased 41 buildings and two parcels of land to SALI, with an investment balance of $197.3 million. SALI is the company's second largest operator as measured by investment balance. It is anticipated that all material terms of the SALI leases, including rental streams, will not change as a result of the acquisition by Brookdale.
Brookdale also owns Alterra Healthcare Corporation ("Alterra"). As of September 30, 2005, HCN master leased 46 buildings to Alterra with an investment balance of $98.5 million.
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 September 30, 2005, the company had investments in 426 facilities in 37 states with 52 operators and had total assets of approximately $2.7 billion. The portfolio included 233 assisted living facilities, 180 skilled nursing facilities and 13 specialty care facilities. 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 possibility that the transaction will close and the effect of that closing; the performance of the company's operators and properties; and the company's policies and plans regarding investments, financings and other matters. When the company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," 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 failure of the transaction to close; the status of the economy; the status of capital markets, including prevailing interest rates; current serious issues facing the health care industry, including compliance with, and changes to, regulations and payment policies; changes in federal, state and local legislation; negative developments in the operating results or financial condition of operators, including, but not limited to, their ability to pay rent and repay loans; changes in the company's ability to transition or sell facilities with a profitable result; inaccuracies in any of the company's assumptions; and changes in rules or practices governing the company's financial reporting. 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.