TOLEDO, Ohio--(BUSINESS WIRE)--Oct. 9, 2006--Health Care REIT, Inc. (NYSE:HCN) announced today that it completed $175.8 million of gross investments during the third quarter of 2006. During the quarter, the company had asset sales and loan payoffs of $12.5 million. Net new investments for the quarter totaled $163.3 million. For the nine months ended September 30, 2006, the company completed $395.8 million of gross investments offset by $65.4 million of asset sales and loan payoffs, which generated $330.4 million of net new investments. The following is a summary of the company's gross investment activities (dollars in thousands):
Current Quarter Year-To-Date
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Beds/ Beds/
Facilities Units Amount Facilities Units Amount
---------- ------ --------- ---------- ------ ---------
Real property
acquisitions:
Independent/
CCRC 1 195 $ 18,556 2 346 $ 25,337
Assisted
living 1 52 4,500 4 261 30,650
Skilled
nursing 5 780 54,000 16 1,884 141,482
Land parcels 3,274
---------- ------ --------- ---------- ------ ---------
Total
acquisitions 7 1,027 77,056 22 2,491 200,743
Construction in
progress
advances:
Independent/
CCRC 7 582 11,139 7 582 32,550
Assisted
living 16 1,177 14,107 16 1,177 53,479
Skilled
nursing 4 365 4,384 4 365 15,518
Specialty
care 2 110 5,315 2 110 5,315
---------- ------ --------- ---------- ------ ---------
Total CIP
advances 29 2,234 34,945 29 2,234 106,862
Capital
improvements
to existing
properties 3,015 11,665
Loan advances 60,765 76,544
--------- ---------
Gross
investments $175,781 $395,814
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The company also confirmed that it will release its 2006 third quarter earnings results after the market closes on October 18, 2006. A conference call is scheduled for 9:00 a.m. Eastern time on October 19, 2006 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 on the press releases page of the company's Web site at www.hcreit.com.
The conference call will be accessible by telephone and through the Internet. Telephone access will be available by dialing 800-811-0667 or 913-981-4901 (international). Callers to this number will be able to listen to the company's business update. For those unable to listen to the call live, a taped rebroadcast will be available beginning two hours after completion of the live call on October 19, 2006 through November 2, 2006. To access the rebroadcast, dial 888-203-1112 or 719-457-0820 (international). The conference ID number is 2816324. To participate on the webcast, log on to www.hcreit.com or www.earnings.com 15 minutes before the call to download the necessary software. A replay will be available on these Web sites for 90 days.
Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate investment trust that invests in health care and senior housing properties. At September 30, 2006, the company had investments in 477 facilities located in 37 states and managed by 58 different operators. The portfolio included 39 independent living/continuing care retirement communities, 204 assisted living facilities, 220 skilled nursing facilities and 14 specialty care facilities. More information is available on the Internet at www.hcreit.com.
CONTACT: Health Care REIT, Inc.
Scott Estes or Mike Crabtree, 419-247-2800
SOURCE: Health Care REIT, Inc.