A strong portfolio of 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 today.
Health Care REIT said that its funds from operations, the industry’s most common financial measure, rose 24 percent to 87 cents a share from 70 cents a share for the same period a year ago. The investment trust credited performance to its quarterly investment of $426 million in 12 medical office buildings, each of which is affiliated with a health care system and having an average occupancy rate of 94 percent. Overall for the quarter, Health Care REIT had gross investments totaling $753 million.
Health Care REIT said its recent acquisitions increased its quarterly funds available for distribution by 26 percent, to 78 cents a share from 62 cents a share for the same quarter a year ago. The company said it had quarterly revenues of $435.4 million, up from $245.7 million from the same period a year ago. Its net income for the quarter rose 77 percent to $39.3 million, or 19 cents a share, from $23.4 million, or 15 cents a share, from a year ago.