Health Care REIT Inc. (HCN), a real estate investment trust (REIT) that operates senior housing and health care real estate, has reported dismal third quarter 2009 results with FFO (fund from operations) of 53 cents per share compared to 85 cents in the year-earlier quarter. Fund from operations, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.

The year-over-year decrease in FFO was due to the loss on extinguishment of debts and impairment charges totaling 25 cents per share. Excluding one-time charges, FFO for the quarter was 77 cents per share compared to 86 cents in the year-ago period.

During the quarter, Health Care completed $156.3 million of gross new investments in large senior housing properties and state-of-the-art medical facilities. The company also strengthened its liquidity by raising $434.6 million of net equity proceeds. Year-till-date, Health Care received $177.4 million in proceeds from asset sale and loan-pay-offs, realizing net profit of $26.9 million.

During the quarter, the company prepaid $58.8 million of secured debt and repurchased $161.4 million of unsecured notes scheduled to mature in 2012. In addition, Health Care received $132.5 million of mortgage loans from Freddie Mac (FRE). At quarter end, Health Care had cash and cash equivalents of $102.4 million.

Health Care declared a cash dividend of 68 cents per share during the quarter, which marks the 154th consecutive quarterly dividend payment. For full year 2009, the company has revised its normalized FFO guidance to $3.10 ? $3.12 per share from its earlier projections of $3.07 ? $3.14 per share.

Zacks Investment Research
View original at: Zacks.com News Feed

1. (CVH) Coventry Health Care in Expansion ModeEarly this morning, Coventry Health Care Inc. (CVH) announced that it has agreed to acquire...
2. (UNH) State Unemployment Rates & Health CareThere are now 14 states (well including DC) that have double-digit unemployment rates, and only...
3. (BAX) Top Health Equity Funds – Mutual Fund CommentaryToday we are featuring top-performing “Health” equity mutual funds, which primarily invest in equity securities...
4. (GTIV) Gentiva Health Services Acquires Rush Home CareYesterday, Gentiva Health Services Inc. (GTIV) announced the completion of its acquisition of Rush Home...
5. (MDT) Top Health Equity Mutual FundsToday we are featuring top-performing “Health” equity mutual funds, which primarily invest in equity securities...
6. (AOC) Expect Health Care Costs to RiseCost to employers for health care plans is expected to rise 10.5% within the next...

Search Posts by Tag: FRE | Freddie Mac | HCN | Health Care REIT Inc | Financial | REIT - Healthcare Facilities

RSS Feeds by Tag: FRE | Freddie Mac | HCN | Health Care REIT Inc | Financial | REIT - Healthcare Facilities |

Other Posts by: vitalstocks | RSS Feed for this author