Gross Investments of $1.6 Billion for Fourth Quarter 2010
TOLEDO, Ohio--(BUSINESS WIRE)-- Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $3.2 billion of gross investments during calendar 2010. During the year, the company had dispositions of $196 million, resulting in 2010 net investments of $3.0 billion. For the three months ended December 31, 2010, the company completed $1.6 billion of gross investments, offset by $77 million of asset sales and loan payoffs, generating $1.5 billion of net new investments for the fourth quarter. Approximately $1.2 billion of our fourth quarter investments closed during the final week of December.
“Health Care REIT’s relationship-driven investment strategy has delivered unprecedented growth in 2010,” commented George L. Chapman, chief executive officer of Health Care REIT, Inc. “We have completed $3.2 billion of investments, exceeding the high-end of our most recent 2010 guidance by $450 million. Our growth has been disciplined as we continue to opportunistically form partnerships with the premier operators and health systems throughout the health care industry. We expect that our sector-leading operator and health system relationships will generate a consistent, predictable pipeline of proprietary investment opportunities. Most importantly, the substantial level of investments we completed in 2010 positions the company for more significant earnings growth in 2011.”
|4Q10||Year ended 2010|
|(dollars in thousands)|
|Acquisitions and joint ventures:|
|Senior housing and care||38||$||1,032,848||78||$||1,761,978|
|Construction in progress advances:|
|Senior housing and care||16||23,878||24||85,993|
|Capital improvements to existing properties||4,251||13,628|
Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of senior housing and health care real estate. The company also provides an extensive array of property management and development services. As of December 31, 2010, the company’s broadly diversified portfolio consisted of 683 properties in 41 states. More information is available on the company’s website 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 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, competition within the health care, senior housing and life science industries; negative developments in the operating results or financial condition of operators, tenants or partners; the failure of closings to occur as and when anticipated; the cooperation of partners; unanticipated difficulties and/or expenditures relating to future acquisitions and the integration of multi-property acquisitions; and changes in rules or practices governing the company’s financial reporting. Additional factors are discussed in the company’s Annual Report on Form 10-K and in its other reports filed from time to time with the Securities and Exchange Commission. 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.
Health Care REIT, Inc.
Scott Estes, 419-247-2800
Mike Crabtree, 419-247-2800
KEYWORDS: United States North America Ohio
INDUSTRY KEYWORDS: Health Hospitals Other Health Professional Services REIT Banking Other Professional Services Construction & Property Commercial Building & Real Estate Residential Building & Real Estate Other Construction & Property