Recent investments in medical buildings that are paired with health-care systems powered Health Care REIT Inc. to a strong first quarter, the Toledo-based real estate investment trust reported Tuesday.
The real-estate investment trust said that funds from operations, the industry's most common financial measure, rose to 87 cents a share from 70 cents for the same period a year ago. The company credited its performance to its investment of $426 million in 12 medical office buildings, each affiliated with a health-care system and having an average occupancy rate of 94 percent.
The company said net income for the quarter rose to $39.3 million, or 19 cents a share, from $23.4 million, or 15 cents a share, a year ago. Revenues were $435.4 million, up from $245.7 million.