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 |
|
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(31,341 | ) | ||||
| Loan payoffs |
|
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(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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