TOLEDO, Ohio--(BUSINESS WIRE)--July 9, 2008--Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $488.2 million of gross investments during the second quarter of 2008. During the quarter, the company had asset sales and loan payoffs of $133.3 million, resulting in net new investments of $354.9 million. For the six months ended June 30, 2008, the company completed $669.5 million of gross investments, offset by $133.3 million of asset sales and loan payoffs, which generated $536.2 million of net new investments. The following is a summary of the company's gross investment activities (dollars in thousands):
2Q08
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Properties Amount
---------- --------
Real property
acquisitions:
CCRC - entrance
fee 1 $56,500 192 units
CCRC - rental
Combination -
rental 1 34,500 110 units
Freestanding
assisted living
Freestanding
dementia care 1 6,390 44 units
Specialty care
facilities 3 107,100 198 beds
Medical office
buildings 1 6,225 27,448 sq. ft.
Land parcels 1 10,000
---------- --------
Total
acquisitions 8 220,715
Construction in
progress advances:
Development
projects:
CCRC - entrance
fee 3 29,056
CCRC - rental 2 1,698
Combination -
entrance fee 4 20,896
Combination -
rental 15 35,851
Freestanding
dementia care 3 2,369
Freestanding
skilled nursing 2 5,054
Specialty care
facilities 4 31,139
Medical office
buildings 3 9,675
---------- --------
Total
development
projects 36 135,738
Expansion
projects:
CCRC - entrance
fee 2 2,154
Combination -
entrance fee 3 5,526
---------- --------
Total
expansion
projects 5 7,680
---------- --------
Total CIP advances 41 143,418
Capital
improvements to
existing
properties 4,830
Loan advances 119,249
--------
Gross investments $488,212
========
Year-to-date 2008
-----------------------------------
Properties Amount
---------- --------
Real property
acquisitions:
CCRC - entrance
fee 1 $56,500 192 units
CCRC - rental 1 11,800 181 units
Combination -
rental 1 34,500 110 units
Freestanding
assisted living 1 4,600 45 units
Freestanding
dementia care 1 6,390 44 units
Specialty care
facilities 4 142,300 238 beds
Medical office
buildings 4 47,853 200,023 sq. ft.
Land parcels 1 10,000
---------- --------
Total
acquisitions 14 313,943
Construction in
progress advances:
Development
projects:
CCRC - entrance
fee 3 43,413
CCRC - rental 2 2,577
Combination -
entrance fee 4 41,057
Combination -
rental 16 53,225
Freestanding
dementia care 3 4,957
Freestanding
skilled nursing 2 8,736
Specialty care
facilities 4 35,726
Medical office
buildings 3 13,628
---------- --------
Total
development
projects 37 203,319
Expansion
projects:
CCRC - entrance
fee 2 3,504
Combination -
entrance fee 3 13,902
---------- --------
Total
expansion
projects 5 17,406
---------- --------
Total CIP advances 42 220,725
Capital
improvements to
existing
properties 7,828
Loan advances 127,001
--------
Gross investments $669,497
========
The company also announced that it will release its 2008 second quarter earnings results after the market closes on August 5, 2008. A conference call is scheduled for 9:00 a.m. Eastern Time on August 6, 2008 to discuss these results. The information to be discussed on the call will be contained in the company's earnings release and supplemental information, 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 800-926-7061 or 913-312-1375 (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 August 20, 2008. To access the rebroadcast, dial 888-203-1112 or 719-457-0820 (international). The conference ID number is 5496936. 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., with headquarters in Toledo, Ohio, is an equity real estate investment trust that invests across the full spectrum of senior housing and health care real estate. Founded in 1970, the company was the first real estate investment trust to invest exclusively in health care facilities. The company also offers a full array of property management and development services. As of June 30, 2008, the company's broadly diversified portfolio consisted of 635 properties in 38 states. 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. 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 reflect current plans and expectations and are based on information currently available. They are not guarantees of future performance and involve risks and uncertainties. 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.
Scott Estes, 419-247-2800
Mike Crabtree, 419-247-2800
SOURCE: Health Care REIT, Inc.