[September 11, 2014] |
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Health Care REIT Announces Anticipated Second Half 2014 Acquisition Pipeline of Approximately $1.7 Billion
TOLEDO, Ohio --(Business Wire)--
Health Care REIT, Inc. (NYSE:HCN) announced today that, based on
acquisitions closed thus far in the third quarter and potential
acquisitions for which HCN has signed a letter of intent or other
customary preliminary documentation, HCN anticipates acquiring
approximately $1.7 billion of properties in the second half of 2014. The
aggregate anticipated acquisition amount includes the previously
announced approximately $950 million HealthLease Properties REIT
acquisition and $257 million Gracewell acquisition with Sunrise Senior
Living and $535 million of expected future acquisitions. HCN expects the
aggregate acquisitions to include approximately $597 million of
post-acute and long-term care properties, $468 million of seniors
housing triple-net lease properties, $371 million of seniors housing
operating properties and $306 million of medical office properties.
Demonstrating the success of HCN's relationship investing approach,
approximately 71% of these acquisitions, excluding HealthLease, are
expected to involve existing portfolio partners including Sunrise,
Genesis HealthCare, Senior Resource Group and Avery Healthcare. The
aggregate anticipated acquisition amount includes approximately $236
million of secured debt that HCN expects to assume at an average annual
interest rate of 4.5%.
All currency references are in U.S. dollars and, where applicable, based
upon the exchange rate of GBP to USD of 1.00:1.68 or CAD to USD of
1.087:1.00. Certain amounts are reflected at HCN's expected pro rata
investment for unconsolidated joint venture investments. All amount
reported in this announcement are preliminary estimates, are subject to
downward or upward adjustment, are subject to changes in currency
exchange rates, and are subject to change. HCN's anticipated property
transactions are in various stages of completion and some or all of them
may not be completed on currently anticipated terms, or within currently
anticipated timeframes, or at all. The completion of the anticipated
property transactions is subject to the satisfaction of various
conditions.
About Health Care REIT, Inc.
HCN, an S&P 500 company with headquarters in Toledo, Ohio, is a real
estate investment trust that invests across the full spectrum of seniors
housing and health care real estate. The company also provides an
extensive array of property management and development services. As of
June 30, 2014, the company's broadly diversified portfolio consisted of
1,224 properties in 46 states, the United Kingdom and Canada.
Forward-Looking Statements and Risk Factors
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 that do not
relate solely to historical matters, it is making forward-looking
statements. In particular, these forward-looking statements include, but
are not limited to, those relating to the company's opportunities to
acquire, develop or sell properties and the company's ability to close
its anticipated acquisitions, investments or dispositions on currently
anticipated terms, or within currently anticipated timeframes.
Forward-looking statements are not guarantees of future performance and
involve risks and uncertainties that may cause the company's actual
results to differ materially from the company's expectations discussed
in the forward-looking statements. This may be a result of various
factors, including, but not limited to, the satisfaction of closing
conditions to the anticipated acquisitions, including, as applicable,
the receipt of health care licenses, regulatory approvals and lender
consents; the respective parties' performance of their obligations under
the acquisition agreements; unanticipated difficulties and/or
expenditures relating to the anticipated acquisitions; competition
within the health care and seniors housing industries; cooperation of
joint venture partners; and negative developments in the operating
results or financial condition of operators/tenants, including their
ability to pay rent. 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 undertakes
no obligation to update or revise publicly any forward-looking
statements, whether because of new information, future events or
otherwise, or to update the reasons why actual results could differ from
those projected in any forward-looking statements.
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