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Published: Wednesday, 8/8/2007

Profit, revenue rise at Health Care REIT

Toledo s Health Care REIT Inc. said yesterday it increased profits and revenues for the second quarter.

The report, released a day after the company increased its credit line significantly to $1.15 billion, said it had a profit of $25.6 million, or 32 cents a share, for the quarter, up from $22.7 million, or 37 cents a share, for the period a year ago. Revenues grew to $119 million from $78 million.

The real-estate investment trust which owns health care facilities nationwide said its acquisition plans for the year have increased to a range of $750 million to $950 million from $700 million to $800 million projected earlier, and its development plans have decreased to $250 million from a range of $300 million to $400 million forecast earlier.

Its funds from operations, considered a key financial measure by the industry, rose to 78 cents a share from 74 cents a year ago.



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