2008-08-05 16:04:00
Health Care REIT, Inc. Reports Second Quarter Results
TOLEDO, Ohio–(EMWNews)–Health Care REIT, Inc. (NYSE:HCN) today announced operating
results for the company’s second quarter ended
June 30, 2008.
“Our successful investment program,
highlighted by record second quarter gross investments of $488 million,
drove very strong 12% quarterly FFO growth,”
commented George L. Chapman, chief executive officer of Health Care
REIT, Inc. “In addition, our line of credit,
proven access to capital and proceeds from strategic dispositions
provide liquidity to capitalize on additional investment opportunities
throughout the remainder of the year.”
Recent Highlights.
-
Achieved record 2Q08 normalized FFO of $0.87 per share, up 12%
-
Achieved record 2Q08 normalized FAD of $0.82 per share, up 12%
-
Completed record 2Q08 gross investments totaling $488.2 million
-
Completed 2Q08 net new investments totaling $354.9 million
-
Issued 4.6 million shares of common stock, which generated $193.0
million in net proceeds in July
-
Increasing 2008 normalized FFO guidance to a range of $3.33 to $3.39
per share from $3.30 to $3.38 per share
-
Increasing 2008 normalized FAD guidance to a range of $3.08 to $3.14
per share from $3.04 to $3.12 per share
Key Performance Indicators.
|
|
|
2Q08 |
|
2Q07 |
|
Change |
|
2008 |
|
2007 |
|
Change |
||||||
|
Net income available to common stockholders (NICS) per diluted share |
|
$ |
1.74 |
|
$ |
0.32 |
|
444 |
% |
|
$ |
2.12 |
|
$ |
0.64 |
|
231 |
% |
|
Normalized FFO per diluted share |
|
$ |
0.87 |
|
$ |
0.78 |
|
12 |
% |
|
$ |
1.68 |
|
$ |
1.54 |
|
9 |
% |
|
Normalized FAD per diluted share |
|
$ |
0.82 |
|
$ |
0.73 |
|
12 |
% |
|
$ |
1.57 |
|
$ |
1.43 |
|
10 |
% |
|
Dividends per common share (1) |
|
$ |
0.68 |
|
$ |
0.66 |
|
3 |
% |
|
$ |
1.34 |
|
$ |
1.30 |
|
3 |
% |
|
Normalized FFO Payout Ratio |
|
|
78% |
|
|
85% |
|
|
|
|
80% |
|
|
84% |
|
|
||
|
Normalized FAD Payout Ratio |
|
|
83% |
|
|
90% |
|
|
|
|
85% |
|
|
91% |
|
|
||
|
(1) |
|
The $0.3409 prorated dividend paid on December 28, 2006 in connection with the Windrose merger has been included in 2007. |
2Q08 Earnings. The
following table summarizes certain items impacting NICS, FFO and FAD:
|
|
NICS |
|
FFO |
|
FAD |
|||||||||||||||||||||||||
|
|
|
2Q08 |
|
2Q07 |
|
Change |
|
2Q08 |
|
2Q07 |
|
Change |
|
2Q08 |
|
2Q07 |
|
Change |
||||||||||||
|
Per diluted share |
|
$ |
1.74 |
|
$ |
0.32 |
|
|
444 |
% |
|
$ |
0.87 |
|
$ |
0.75 |
|
|
16 |
% |
|
$ |
0.91 |
|
$ |
0.74 |
|
|
23 |
% |
|
Includes impact of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Gain (loss) on sales of real property (1) |
|
$ |
1.32 |
|
$ |
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
One-time acquisition finders’ fees (2) |
|
|
|
|
($0.02 |
) |
|
|
|
|
|
|
($0.02 |
) |
|
|
|
|
|
|
($0.02 |
) |
|
|
||||||
|
Prepaid/straight-line rent cash receipts (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.09 |
|
$ |
0.04 |
|
|
|
|||||||||
|
Per diluted share – normalized (a) |
|
|
|
|
|
|
|
$ |
0.87 |
|
$ |
0.78 |
|
|
12 |
% |
|
$ |
0.82 |
|
$ |
0.73 |
|
|
12 |
% |
||||
|
(a) |
|
Amounts may not sum due to rounding |
||
|
(1) |
|
$118,168,000 and $1,033,000 of gains in 2Q08 and 2Q07, respectively. |
||
|
(2) |
$1,750,000 of one-time acquisition finders’ fees in 2Q07. |
|||
|
(3) |
$7,922,000 and $2,832,000 of receipts in 2Q08 and 2Q07, respectively. |
|||
2008 Year-To-Date Earnings.
The following table summarizes certain items impacting NICS, FFO and FAD:
|
|
NICS |
|
FFO |
|
FAD |
|||||||||||||||||||||||||
|
|
|
2008 |
|
2007 |
|
Change |
|
2008 |
|
2007 |
|
Change |
|
2008 |
|
2007 |
|
Change |
||||||||||||
|
Per diluted share |
|
$ |
2.12 |
|
$ |
0.64 |
|
|
231 |
% |
|
$ |
1.68 |
|
$ |
1.51 |
|
|
11 |
% |
|
$ |
1.70 |
|
$ |
1.47 |
|
|
16 |
% |
|
Includes impact of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Gain (loss) on sales of real property (1) |
|
$ |
1.34 |
|
$ |
0.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
One-time acquisition finders’ fees (2) |
|
|
|
|
($0.02 |
) |
|
|
|
|
|
|
($0.02 |
) |
|
|
|
|
|
|
($0.02 |
) |
|
|
||||||
|
Debt extinguishment gain (3) |
|
$ |
0.02 |
|
|
|
|
|
$ |
0.02 |
|
|
|
|
|
$ |
0.02 |
|
|
|
|
|||||||||
|
Cash receipts – prepaid/straight-line rent (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
0.12 |
|
$ |
0.06 |
|
|
|
|||||||||
|
Per diluted share – normalized (a) |
|
|
|
|
|
|
|
$ |
1.68
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