BUSINESS BRIEF

Health Care REIT posts $20.7M profit in quarter

11/5/2013

Toledo’s Health Care REIT Inc on Tuesday reported a third-quarter profit of $20.7 million, or 7 cents a share, a decrease of 43 percent from the same period a year ago when the real estate investment trust had a profit of $36.7 million, or 16 cents a share.

The trust, which in July completed the $745 million final phase of its acquisition of Sunrise Senior Living properties, said that its third quarter revenues totaled $786.9 million, up from $461.8 million a year ago. Health Care REIT’s assets also increased significantly, totaling $23 billion, up from $18.2 billion a year ago.

The trust said its funds from operations, a key measurement of the performance of a real estate investment trust, totaled 97 cents a share, up from 91 cents a share a year ago.

As announced earlier, Health Care REIT declared a third quarter cash dividend of 76.5 cents a share, which was up from 74 cents a share a year ago. Its stock closed at $62.85 a share on Tuesday on the New York Stock Exchange, down $2.26.