Thursday, May 26, 2016
Current Weather
Loading Current Weather....
Published: Wednesday, 2/8/2006

Profit edges down at Health Care REIT

Health Care REIT Inc. reported yesterday that its profit for 2005 was $84.3 million, or $1.15 a share, down 1 percent from $85.4 million, or $1.39 a share,

The results were posted during a year when the company's assets grew to nearly $3 billion, an increase of 16 percent from $2.6 billion at the end of 2004.

The Toledo real estate investment trust said it would bump its quarterly dividend to 64 cents, up 2 cents from what it has paid.

"We enjoyed a record year," said George Chapman, chairman and chief executive.

The firm invested more than $642 million into nursing homes, assisted-living facilities, and specialty-care operations last year. It sold $147 million worth of its non-core assets and reduced its debt.

The company reported revenue of $282 million for 2005, up 18 percent from $239 million a year earlier.

For the fourth quarter, the company reported profit of $31.9 million, or 47 cents a share, a gain of 50 percent from $21.2 million, or 30 cents a share for the period a year earlier. Fourth-quarter revenue totaled $78 million, up 17 percent from $66 million a year ago.

Funds from operations, a measure that includes depreciation, grew 12 percent to $165 million, or $1.15 a share, during the year.

Health Care REIT said it expects to invest $300 million to $450 million in health-care properties in 2006. The company has investments in 442 facilities in 36 states.

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.