TOLEDO, Ohio--(BUSINESS WIRE)-- Health Care REIT, Inc. (NYSE:HCN) today announced investment results for the company’s third quarter ended September 30, 2010.
“We are pleased to announce $1.6 billion of gross investments to-date, positioning the company to exceed $2 billion of gross investments for the year,” commented George L. Chapman, chief executive officer of Health Care REIT. “We have completed our previously-announced $817 million partnership with Merrill Gardens. Our robust investment pipeline, which currently exceeds $5 billion, further demonstrates the success of our platform and relationship-based investment approach.”
|Real property acquisitions:|
|Senior housing - operating(1)||25||$||510,000||25||$||510,000|
|Combination - rental||5||110,280||7||142,580|
|Freestanding assisted living||-||-||7||72,750|
|Freestanding dementia care||-||-||1||3,800|
|Medical office buildings||-||-||19||213,430|
|Construction in progress advances:|
|CCRC - entrance fee||-||-||1||11,685|
|Combination - entrance fee||-||-||1||5,447|
|Combination - rental||4||6,416||9||31,163|
|Freestanding dementia care||1||1,275||2||6,391|
|Medical office buildings||6||31,120||7||91,042|
|Total development projects||14||58,301||24||234,864|
|CCRC - entrance fee||4||1,275||4||2,442|
|Combination - entrance fee||4||2,423||4||4,987|
|Total expansion projects||9||8,493||9||12,224|
|Total CIP advances||23||66,794||33||247,088|
|Investments in unconsolidated life sciences joint ventures||-||-||7||327,064|
|Capital improvements to existing properties||4,672||9,377|
(1) Amount represents 100% of purchase price related to the acquisition of 25 additional properties in the partnership with Merrill Gardens LLC.
The company also announced that it will release its 2010 third quarter earnings results after the market closes on November 3, 2010. A conference call is scheduled for 10:00 a.m. Eastern Time on November 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 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 November 18, 2010. To access the rebroadcast, dial 800-642-1687 or 706-645-9291 (international). The conference ID number is 16264752. 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 September 30, 2010, the company’s broadly diversified portfolio consisted of 645 properties in 39 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 and senior housing industries; the failure of closings to occur as and when anticipated; and unanticipated difficulties and/or expenditures relating to future acquisitions. 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 Construction & Property Commercial Building & Real Estate Residential Building & Real Estate