Healthcare: Toledo’s Health Care REIT made gross investments of $717M last year

TOLEDO, Ohio — Health care real estate firm Health Care REIT made gross investments of $717 million in 2009, down about 41 percent from the prior year.

The bulk of the 2009 investments were in construction projects for medical office buildings and specialty care facilities, according to a statement from the company. The gross investments were offset by about $281 million in asset sales and loan payoffs, resulting in net new investments of $436 million. That number was down significantly from last year when the company reported $1 billion in net investments.

Health Care REIT’s investment portfolio consisted of 596 properties in 39 states, as of Dec. 31. It invests in health care and senior housing, and offers property management services.

In September, the company raised $310.3 million after completing a sale of 9.2 million shares. The amount raised was less than expected. Initially, the company hoped to raise between $323 million and $371 million from the sale. Also, the company sold more stock than it had planned. Initially, the company planned to sell 5.75 million shares.

Health Care REIT’s stock rose slightly Wednesday, up about 1.5 percent to $44.41 in late-afternoon trading.

The company plans to release its fourth-quarter earnings on Feb. 24.

Last year, the company’s stock price appreciated 13 percent despite a less-than-rosy outlook in the commercial real estate financing market for 2010.

by Brandon Glenn for MedCity News


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