health care reit inc (HCN) Key Developments
Health Care REIT, Inc. Announces Pricing of $750 Million of 4.0% Senior Unsecured Notes Due June 1, 2025
May 20 15
Health Care REIT, Inc. announced that it has priced $750 million in aggregate principal amount of 4.0% senior unsecured notes due June 1, 2025. The notes were priced at 99.926% of their face amount to yield 4.009%. Subject to customary closing conditions, the offering is expected to close on May 26, 2015. The company intends to use the net proceeds from this offering to repay advances under its primary unsecured credit facility and for general corporate purposes, including investing in health care and seniors housing properties. Pending such use, the net proceeds may be invested in short-term, investment grade, interest-bearing securities, certificates of deposit or indirect or guaranteed obligations of the United States. Citigroup Global Markets Inc., Jefferies LLC, J.P. Morgan Securities LLC, UBS Securities LLC, Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Morgan Stanley & Co. LLC are serving as joint book-running managers for the offering.
Health Care REIT, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Revises Earnings Guidance for the Full Year Ending December 31, 2015; Announces Impairment of Assets for the First Quarter Ended March 31, 2015
May 8 15
Health Care REIT, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported income from continuing operations before income taxes and income from unconsolidated entities of $164,921,000 against $72,556,000 reported last year. Income from continuing operations was $152,577,000 against $64,740,000 last year. Net income attributable to common stockholders was $190,799,000 or $0.56 per diluted share against $50,022,000 or $0.17 per diluted share reported in the same period last year. Funds from operations were $344,250,000 or $1.02 per share against $288,803,000 or $0.99 per share reported last year. Funds from operations - normalized were $349,663,000 or $1.04 per diluted share against $289,712,000 or $1.00 per diluted share reported last year. Cap-ex, tenant improvements, lease commissions was $10,485,000 against $12,392,000 reported last year. First quarter results were impacted by the February equity raise, decreasing leverage to 37.3% net debt to un depreciated book capitalization, completing $2.2 billion of high-quality investments and total same store NOI growth of 3.1%. Rental income of $379,587,000 compared to $336,455,000 a year ago.
The company reported impairment of assets for the first quarter ended March 31, 2015 of $2,220,000.
The company also revised earnings guidance for the year ending December 31, 2014. For the year 2015 the company expects to report normalized FFO in a range of $4.25 to $4.35 per diluted share, representing a 3% to 5%, an increase, and normalized FAD in a range of $3.83 to $3.93 per diluted share, representing a 5% to 7% increase. The guidance includes the impact of the February equity raise and reduced leverage for 2015. Net income attributable to common stockholders guidance has been increased to a range of $2.62 to $2.72 per diluted share from the previous range of $1.70 to $1.80 per diluted share. Capital expenditure is expected to be approximately $58 million for 2015.
Health Care REIT Seeks Acquisitions
May 1 15
Health Care REIT, Inc. (NYSE:HCN) has filed a Shelf Registration in the amount of $1,080.30 million, Health Care REIT will use the proceeds for general corporate purposes, which may include repaying debt and investing in health care and seniors housing properties.
Health Care REIT, Inc. Declares Dividend for the First Quarter Ended March 31, 2015, Payable May 20, 2015
Apr 30 15
Health Care REIT, Inc. announced that its board of directors declared a cash dividend for the quarter ended March 31, 2015 of $0.825 per share. The dividend will be the company's 176th consecutive quarterly payment, payable May 20, 2015, to stockholders of record on May 12, 2015.
Health Care REIT, Inc. to Report Q1, 2015 Results on May 08, 2015
Apr 17 15
Health Care REIT, Inc. announced that they will report Q1, 2015 results at 10:00 AM, US Eastern Standard Time on May 08, 2015