Health Care REIT, Inc. Announces Gross Investments of $584.7 Million for First Quarter 2010

TOLEDO, Ohio--(BUSINESS WIRE)-- Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $584.7 million of gross investments during the first quarter of 2010. During the quarter, the company had dispositions of $32.9 million, resulting in net new investments of $551.8 million. The following is a summary of the company’s investment activities (dollars in thousands):

    1Q10
Properties   Amount
 
Real property acquisitions:
Medical office buildings 17 $ 190,000
 
Construction in progress advances:
Development projects:
CCRC - entrance fee 1 6,744
Combination - entrance fee 1 5,447
Combination - rental 5 9,818
Freestanding dementia care 2 3,871
Hospitals 3 35,928
Medical office buildings 4     18,669  
Total development projects 16 80,477
Expansion projects:
CCRC - entrance fee 3 485
Combination - entrance fee 4     1,080  
Total expansion projects 7     1,565  
Total CIP advances 23 82,042
 
Investments in unconsolidated joint ventures 6 298,791
Capital improvements to existing properties 2,728
Loan advances   11,151  
Gross investments 584,712
 
Property sales

 

 

(31,341 )
Loan payoffs

 

 

  (1,599 )
Gross dispositions (32,940 )
 
Net investments $ 551,772  
 

The company also announced that it will release its 2010 first quarter earnings results after the market closes on May 3, 2010. A conference call is scheduled for 10:00 a.m. Eastern Time on May 4, 2010 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 website at www.hcreit.com.

The conference call will be accessible by telephone and through the Internet. Telephone access will be available by dialing 888-346-2469 or 706-758-4923 (international). For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the call through May 18, 2010. To access the rebroadcast, dial 800-642-1687 or 706-645-9291 (international). The conference ID number is 67772666. To participate in the webcast, log on to www.hcreit.com or www.earnings.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days through the same websites.

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 March 31, 2010, the company’s broadly diversified portfolio consisted of 608 properties in 39 states. More information is available on the company’s website at www.hcreit.com.



CONTACT:

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  Construction & Property  Commercial Building & Real Estate  Residential Building & Real Estate

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