Exhibit 99.1
| | | | | | |
| NEWS RELEASE | | | | Contact: | | Talya Nevo-Hacohen |
| | | | | | | Laura Catalino
562-733-5100 |
HEALTH CARE PROPERTY INVESTORS, INC. REPORTS RESULTS FOR
THE QUARTER ENDED JUNE 30, 2004
LONG BEACH, CA, July 29, 2004 — Health Care Property Investors, Inc. (NYSE:HCP), a health care real estate investment trust (“REIT”), today announced operating results for the quarter ended June 30, 2004. Net income applicable to common shares for the quarter ended June 30, 2004 totaled $36.3 million, or $0.27 per diluted share of common stock. This compares with net income applicable to common shares of $20.3 million, or $0.17 per diluted share of common stock for the quarter ended June 30, 2003.
Funds From Operations (“FFO”) was $58.0 million, or $0.44 per diluted share of common stock, for the quarter ended June 30, 2004. This compares with FFO of $40.0 million, or $0.33 per diluted share of common stock, for the quarter ended June 30, 2003. Prior to asset impairment charges, FFO was $0.45 and $0.35 per diluted share for the quarters ended June 30, 2004 and 2003, respectively.
The Company has revised its presentation of FFO for all periods to include the effect of asset impairment charges, consistent with recent clarifications from the National Association of Real Estate Investment Trusts (“NAREIT”). For the second quarter of 2004 and 2003, asset impairments reduced FFO by $2.5 million and $2.8 million, respectively. FFO is a supplemental non-GAAP financial measurement used to evaluate the operating performance of real estate investment trusts.
SECOND QUARTER HIGHLIGHTS AND RECENT DEVELOPMENTS
| | • | On June 1, 2004, the Company acquired two long-term care facilities with a total of 234 beds for approximately $16 million. As previously announced, on April 30, 2004, the Company acquired seven long-term care facilities with a total of 700 beds for approximately $47 million. The nine facilities, all leased to the same operator, have an initial lease term of five years, with three five-year renewal options. The initial annual lease rate is approximately 9.3% with annual rent escalators of 2%. |
| | • | On June 10, 2004, the Company acquired a 79,000 square foot medical office building located in Las Vegas, Nevada, for a purchase price of approximately $22 million at a capitalization rate of 9.7%. The medical office building is 100% occupied. |
| | • | On July 15, 2004, the Company acquired substantially all of American Retirement Corporation’s (“ARC”) interest in three continuing care retirement communities and one assisted living facility for $113 million, including transaction costs. The transaction was structured as a sale lease-back with ARC using a portion of the proceeds to repay its existing $82.6 million mezzanine loan to the Company. These facilities have an initial lease term of ten years, with three ten-year renewal options. The annual lease rate is 9% with additional rents contingent on facility revenue exceeding certain thresholds. Additionally, the Company provided ARC with a new $5.7 million two-year mortgage loan at 9%, secured by three properties, and maintained its minority equity investment in two other ARC assets. The Company’s cash investment in ARC related entities, after transaction costs, increased by $36 million. |
| | • | On July 23, 2004, the Company announced that its Board of Directors declared a quarterly common stock cash dividend of $0.4175 per share. The common stock dividend will be paid on August 19, 2004, to stockholders of record as of the close of business on August 4, 2004. This most recent dividend equals $1.67 on an annualized basis. |
| | • | On July 28, 2004, the Company agreed to acquire 11 assisted living facilities from Emeritus Corporation for $84 million, including $56 million of assumed debt, through a sale lease-back transaction. These facilities have an initial lease term of 15 years, with two ten-year renewal options. The initial annual lease rate is approximately 9.25% with CPI based escalators not exceeding 3% annually. These properties will be added to an existing master lease presently comprised of 25 properties. As part of this transaction, nine existing property leases will be extended by five years. The debt to be assumed currently bears interest at 6.5% and is based on LIBOR plus 4.15% with a 6.5% floor, and contains a prepayment fee that declines over time. Emeritus will use $17 million of the proceeds to repay mezzanine and other debt to the Company. |
| | • | The Company and GE Commercial Finance have agreed, subject to final documentation, to increase the size of their joint venture from $600 million to $1.1 billion total capitalization. |
Page 2 of 9
FUTURE OPERATIONS
For the full year 2004, the Company presently expects net income applicable to common shares to range between $1.14 and $1.17 per diluted share, and expects FFO to range between $1.74 and $1.79 per diluted share, including the impact of impairment charges through June 30, 2004, but excluding the impact of future impairments, if any. Excluding asset impairment charges, the Company continues to expect FFO to range between $1.76 and $1.81 per diluted share. Asset impairment charges reduced FFO by $0.02 for the six months ended June 30, 2004.
COMPANY INFORMATION
Health Care Property Investors, Inc. has scheduled a conference call and webcast today, Thursday, July 29, 2004 at 9:00 a.m. Pacific Time (12:00 p.m. Eastern Time) in order to present the Company’s performance and operating results for the quarter ended June 30, 2004. The conference call is accessible by dialing 800-901-5231 (U.S.) and 617-786-2961 (International). The participant pass code is 42411448. The webcast is accessible via the Company’s Internet web site atwww.hcpi.com. A webcast replay of the conference call will be available after 2:00 p.m. Pacific Time on July 29, 2004 through August 12, 2004 on the Company’s website.
Health Care Property Investors, Inc. (NYSE:HCP) is a self-administered real estate investment trust (“REIT”) that invests directly or through joint ventures in health care facilities. As of June 30, 2004, the Company’s portfolio of properties, including investments through joint ventures and mortgage loans, included 538 properties in 43 states and consisted of 30 hospitals, 178 long-term care facilities, 121 assisted living and continuing care retirement communities (“CCRCs”), 185 medical office buildings and 24 other health care facilities. For more information on Health Care Property Investors, Inc., visit the Company’s web site atwww.hcpi.com.
###
Statements in this news release and the supplement that are not historical may contain forward-looking statements subject to risks and uncertainties, such as competition for the acquisition and financing of health care facilities, competition for lessees and mortgagors (including with respect to new leases and mortgages and the renewal or roll-over of existing leases); continuing operational difficulties in the long-term care and assisted living sectors; the Company’s ability to acquire, sell or lease facilities and the timing of acquisitions, sales and leasings; changes in health care laws and regulations and other changes in the health care industry which affect the operations of the Company’s lessees or mortgagors; changes in management; costs of compliance with building regulations; changes in tax laws and regulations; changes in the financial position of the Company’s lessees and mortgagors; changes in rules governing financial reporting, including new accounting pronouncements; and changes in economic conditions, including changes in interest rates and the availability and cost of capital, which affect opportunities for profitable investments. Some of these risks are described from time to time in the SEC reports filed by the Company.
Page 3 of 9
HEALTH CARE PROPERTY INVESTORS, INC.
Summary Information (Unaudited)
In Thousands, Except Per Share Data
| | | | | | | | | | | | | | |
| | | Quarter Ended June 30,
| | | | Six Months Ended June 30,
|
| | | 2004
| | 2003
| | | | 2004
| | 2003
|
Revenue | | $ | 107,186 | | $ | 92,417 | | | | $ | 204,808 | | $ | 177,730 |
Net income applicable to common shares | | $ | 36,302 | | $ | 20,295 | | | | $ | 77,854 | | $ | 41,734 |
Basic earnings per share | | $ | 0.28 | | $ | 0.17 | | | | $ | 0.59 | | $ | 0.35 |
Diluted earnings per share | | $ | 0.27 | | $ | 0.17 | | | | $ | 0.59 | | $ | 0.34 |
Shares used to calculate diluted earnings per share | | | 132,856 | | | 122,436 | | | | | 132,778 | | | 121,240 |
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Funds from operations1 | | $ | 57,998 | | $ | 39,989 | | | | $ | 111,975 | | $ | 78,843 |
Diluted funds from operations per share1 | | $ | 0.44 | | $ | 0.33 | | | | $ | 0.84 | | $ | 0.65 |
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Impairments | | $ | 2,462 | | $ | 2,800 | | | | $ | 3,437 | | $ | 11,652 |
Per share impact of impairments on diluted funds
from operations | | $ | 0.01 | | $ | 0.02 | | | | $ | 0.02 | | $ | 0.10 |
1 The Company believes that Funds From Operations (FFO) and Diluted Funds From Operations per share are important supplemental measures of operating performance for a real estate investment trust. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. The term FFO was designed by the real estate investment trust industry to address this issue.
The Company defines FFO as net income applicable to common shares (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from real estate dispositions, plus real estate depreciation and amortization, and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles, is not necessarily indicative of cash available to fund cash needs, and should not be considered as an alternative to net income. A reconciliation of net income applicable to common shares to FFO is provided herein.
Page 4 of 9
HEALTH CARE PROPERTY INVESTORS, INC.
Consolidated Statements of Income (Unaudited)
In Thousands, Except Per Share Data
| | | | | | | | | | | | | | | | | | |
| | | Quarter Ended June 30,
| | | | | Six Months Ended June 30,
| |
| | | 2004
| | | 2003
| | | | | 2004
| | | 2003
| |
Revenues | | | | | | | | | | | | | | | | | | |
Rental income | | $ | 95,350 | | | $ | 82,724 | | | | | $ | 182,581 | | | $ | 157,895 | |
Equity income from unconsolidated joint ventures | | | 849 | | | | 22 | | | | | | 2,086 | | | | 164 | |
Interest and other income | | | 10,987 | | | | 9,671 | | | | | | 20,141 | | | | 19,671 | |
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| | | | 107,186 | | | | 92,417 | | | | | | 204,808 | | | | 177,730 | |
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Expenses | | | | | | | | | | | | | | | | | | |
Interest | | | 20,618 | | | | 22,411 | | | | | | 42,466 | | | | 43,688 | |
Real estate depreciation and amortization | | | 21,076 | | | | 18,390 | | | | | | 41,558 | | | | 36,610 | |
Operating expenses from medical office buildings | | | 10,192 | | | | 7,415 | | | | | | 19,241 | | | | 14,735 | |
General and administrative | | | 8,394 | | | | 5,662 | | | | | | 15,698 | | | | 10,904 | |
Impairments | | | 1,216 | | | | — | | | | | | 1,216 | | | | — | |
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| | | | 61,496 | | | | 53,878 | | | | | | 120,179 | | | | 105,937 | |
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Income from operations | | | 45,690 | | | | 38,539 | | | | | | 84,629 | | | | 71,793 | |
Minority interests | | | (3,289 | ) | | | (2,264 | ) | | | | | (6,153 | ) | | | (4,259 | ) |
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Income from continuing operations | | | 42,401 | | | | 36,275 | | | | | | 78,476 | | | | 67,534 | |
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Discontinued operations | | | | | | | | | | | | | | | | | | |
Operating income from discontinued operations | | | 143 | | | | 3,011 | | | | | | 1,895 | | | | 5,679 | |
Gain (loss) on real estate dispositions and impairments | | | (960 | ) | | | (2,372 | ) | | | | | 8,048 | | | | (8,635 | ) |
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| | | | (817 | ) | | | 639 | | | | | | 9,943 | | | | (2,956 | ) |
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Net income | | | 41,584 | | | | 36,914 | | | | | | 88,419 | | | | 64,578 | |
Dividends to preferred stockholders | | | (5,282 | ) | | | (4,848 | ) | | | | | (10,565 | ) | | | (11,073 | ) |
Preferred stock redemption charges | | | — | | | | (11,771 | ) | | | | | — | | | | (11,771 | ) |
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Net Income applicable to common shares | | $ | 36,302 | | | $ | 20,295 | | | | | $ | 77,854 | | | $ | 41,734 | |
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Basic earnings per share | | | | | | | | | | | | | | | | | | |
Income from continuing operations applicable to common shares | | $ | 0.28 | | | $ | 0.16 | | | | | $ | 0.52 | | | $ | 0.37 | |
Discontinued operations | | | — | | | �� | 0.01 | | | | | | 0.07 | | | | (0.02 | ) |
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Net Income applicable to common shares | | $ | 0.28 | | | $ | 0.17 | | | | | $ | 0.59 | | | $ | 0.35 | |
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Diluted earnings per share | | | | | | | | | | | | | | | | | | |
Income from continuing operations applicable to common shares | | $ | 0.28 | | | $ | 0.16 | | | | | $ | 0.51 | | | $ | 0.37 | |
Discontinued operations | | | (0.01 | ) | | | 0.01 | | | | | | 0.08 | | | | (0.03 | ) |
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Net Income applicable to common shares | | $ | 0.27 | | | $ | 0.17 | | | | | $ | 0.59 | | | $ | 0.34 | |
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Shares used to calculate earnings per share | | | | | | | | | | | | | | | | | | |
Basic | | | 131,653 | | | | 121,456 | | | | | | 131,196 | | | | 120,307 | |
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Diluted | | | 132,856 | | | | 122,436 | | | | | | 132,778 | | | | 121,240 | |
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Page 5 of 9
HEALTH CARE PROPERTY INVESTORS, INC.
Funds From Operations Information (Unaudited)
In Thousands, Except Per Share Data
| | | | | | | | | | | | | | | | | | |
| QUARTERLY RESULTS: | | Quarter Ended June 30,
| | | | | Six Months Ended June 30,
| |
| | | 2004
| | | 2003
| | | | | 2004
| | | 2003
| |
Net income applicable to common shares | | $ | 36,302 | | | $ | 20,295 | | | | | $ | 77,854 | | | $ | 41,734 | |
Real estate depreciation and amortization | | | 21,076 | | | | 18,390 | | | | | | 41,558 | | | | 36,610 | |
Gain on real estate dispositions | | | (286 | ) | | | (428 | ) | | | | | (10,269 | ) | | | (3,017 | ) |
Depreciation and amortization included in discontinued operations | | | 102 | | | | 1,386 | | | | | | 918 | | | | 2,929 | |
Joint venture FFO adjustments | | | 804 | | | | 346 | | | | | | 1,914 | | | | 587 | |
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Funds from operations1 | | $ | 57,998 | | | $ | 39,989 | | | | | $ | 111,975 | | | $ | 78,843 | |
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Dividend on convertible partnership units | | | 2,195 | | | | — | | | | | | 2,195 | | | | — | |
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Dilutive funds from operations | | $ | 60,193 | | | $ | 39,989 | | | | | $ | 114,170 | | | $ | 78,843 | |
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Diluted funds from operations per share1 | | $ | 0.44 | | | $ | 0.33 | | | | | $ | 0.84 | | | $ | 0.65 | |
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Shares used to calculate diluted FFO | | | 138,115 | | | | 122,436 | | | | | | 135,407 | | | | 121,240 | |
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Impairments | | $ | 2,462 | | | $ | 2,800 | | | | | $ | 3,437 | | | $ | 11,652 | |
Per share impact of impairments on diluted funds from operations | | $ | 0.01 | | | $ | 0.02 | | | | | $ | 0.02 | | | $ | 0.10 | |
| | | | |
| FUTURE OPERATIONS: | | Full Year 2004
| | | | | | | | | |
| | | Low
| | | High
| | | | | | | | | |
Diluted earnings per share | | $ | 1.14 | | | $ | 1.17 | | | | | | | | | | | |
Gain on sale | | | (0.08 | ) | | | (0.08 | ) | | | | | | | | | | |
Real estate depreciation and amortization | | | 0.66 | | | | 0.68 | | | | | | | | | | | |
Joint venture adjustments | | | 0.03 | | | | 0.03 | | | | | | | | | | | |
Dilutive impact of operating partnership units | | | (0.01 | ) | | | (0.01 | ) | | | | | | | | | | |
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Diluted funds from operations per share | | $ | 1.74 | | | $ | 1.79 | | | | | | | | | | | |
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Impairments per share2 | | | 0.02 | | | | 0.02 | | | | | | | | | | | |
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Diluted funds from operations per share, excluding impairment charges | | | 1.76 | | | | 1.81 | | | | | | | | | | | |
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| 1 | The Company believes that Funds From Operations (FFO) and Diluted Funds From Operations per share are important supplemental measures of operating performance for a real estate investment trust. Because the historical cost accounting convention used for real estate assets requires straight-line depreciation (except on land), such accounting presentation implies that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be less informative. The term FFO was designed by the real estate investment trust industry to address this issue. |
| | The Company defines FFO as Net Income applicable to common shares (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from real estate dispositions, plus real estate depreciation and amortization, and after adjustments for unconsolidated joint ventures. Adjustments for unconsolidated joint ventures are calculated to reflect FFO on the same basis. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles, is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income. |
| 2 | Represents actual impairment charges through June 30, 2004. Future impairments, if any, are excluded because they cannot by projected. |
Page 6 of 9
HEALTH CARE PROPERTY INVESTORS, INC.
Consolidated Balance Sheets (Unaudited)
In Thousands
| | | | | | | | |
| | | June 30,
| | | December 31,
| |
| | | 2004
| | | 2003
| |
Assets | | | | | | | | |
Real estate investments: | | | | | | | | |
Buildings and improvements | | $ | 2,745,553 | | | $ | 2,682,206 | |
Accumulated depreciation | | | (512,906 | ) | | | (486,421 | ) |
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| | | | 2,232,647 | | | | 2,195,785 | |
Construction in progress | | | 35,589 | | | | 64,303 | |
Land | | | 277,835 | | | | 283,352 | |
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| | | | 2,546,071 | | | | 2,543,440 | |
Loans receivable, net | | | 168,569 | | | | 184,360 | |
Loans to joint venture partners | | | 80,380 | | | | 83,253 | |
Investments in and advances to unconsolidated joint ventures | | | 72,339 | | | | 172,450 | |
Accounts receivable, net | | | 17,077 | | | | 16,471 | |
Cash and cash equivalents | | | 11,549 | | | | 17,768 | |
Other assets | | | 22,839 | | | | 18,215 | |
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Total Assets | | $ | 2,918,824 | | | $ | 3,035,957 | |
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Liabilities and Stockholders’ Equity | | | | | | | | |
Bank notes payable | | $ | 154,000 | | | $ | 198,000 | |
Senior notes payable | | | 1,013,902 | | | | 1,050,476 | |
Mortgage notes payable | | | 124,769 | | | | 158,808 | |
Accounts payable and accrued expenses | | | 54,813 | | | | 55,055 | |
Deferred revenue | | | 14,735 | | | | 16,080 | |
Minority interests in joint ventures | | | 13,714 | | | | 12,931 | |
Minority interests convertible into common stock | | | 103,473 | | | | 103,990 | |
Stockholders’ equity: | | | | | | | | |
Preferred stock | | | 285,173 | | | | 285,173 | |
Common stock | | | 132,631 | | | | 131,040 | |
Additional paid-in capital | | | 1,384,437 | | | | 1,355,299 | |
Cumulative net income | | | 1,267,468 | | | | 1,179,049 | |
Cumulative dividends | | | (1,618,241 | ) | | | (1,497,727 | ) |
Other equity | | | (12,050 | ) | | | (12,217 | ) |
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Total Stockholders’ Equity | | | 1,439,418 | | | | 1,440,617 | |
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Total Liabilities and Stockholders’ Equity | | $ | 2,918,824 | | | $ | 3,035,957 | |
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Page 7 of 9
HEALTH CARE PROPERTY INVESTORS, INC.
Supplemental Financial and Operating Information
As of June 30, 2004
INVESTMENTS
During the quarter and six months ended June 30, 2004, the Company acquired properties with an aggregate cost of approximately $85 million and $133 million, respectively.
As of June 30, 2004, the Company’s total undepreciated investment in properties, including investments through joint ventures and mortgage loans, was approximately $3.3 billion.
OTHER INFORMATION
The following summarizes certain information for the six months ended June 30, 2004 and 2003 (In thousands):
| | | | | | | | | | | | |
| | | Quarter Ended June 30, 2004
| | Six Months Ended June 30, 2004
|
| | | 2004
| | 2003
| | 2004
| | 2003
|
Capitalized interest | | $ | 707 | | $ | 120 | | $ | 881 | | $ | 281 |
Amortization of deferred financing costs | | | 688 | | | 701 | | | 1,655 | | | 1,321 |
Income from straight line rents and interest | | | 1,854 | | | 954 | | | 3,693 | | | 1,726 |
Lease commissions and tenant and capital improvements on medical office buildings | | | 193 | | | 1,454 | | | 1,318 | | | 2,808 |
| | |
| | | Quarter Ended June 30, 2004
| | Six Months Ended June 30, 2004
|
| | | 2004
| | 2003
| | 2004
| | 2003
|
Rental Income: | | | | | | | | | | | | |
Triple net | | $ | 67,920 | | $ | 62,403 | | $ | 130,563 | | $ | 117,222 |
Medical office buildings | | | 27,430 | | | 20,321 | | | 52,018 | | | 40,673 |
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| | | $ | 95,350 | | $ | 82,724 | | $ | 182,581 | | $ | 157,895 |
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Page 8 of 9
HEALTH CARE PROPERTY INVESTORS, INC.
Supplementary Financial Information-Portfolio Overview as of June 30, 2004 (Unaudited)
Dollars In Thousands, Except Investment Per Bed/Unit/Square Foot
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | PORTFOLIO OVERVIEW1
| |
| | | Hospitals
| | | Long-Term
Care
| | | Assisted Living
& CCRCs
| | | Medical Office
Building
MOP.(Excl. HCP)
| | | Other
| | | HCP Medical
Office Portfolio,
LLC
("HCP MOP")2
| |
Investment3 | | $ | 795,934 | | | $ | 733,986 | | | $ | 815,459 | | | $ | 732,392 | | | $ | 210,266 | | | $ | 52,932 | |
Number of properties | | | 30 | | | | 178 | | | | 121 | | | | 89 | | | | 24 | | | | 96 | |
Assets held for sale | | | — | | | | 4 | | | | — | | | | — | | | | 3 | | | | 1 | |
Number of beds/units/square feet4, 5 | | | 3,483 Beds | | | | 21,545 Beds | | | | 13,072 Units | | | | 5,141,000 Sq Ft | | | | 1,441,000 Sq Ft | | | | 5,244,000 Sq Ft | |
Investment per bed/unit/square foot6 | | $ | 229,000 | | | $ | 34,000 | | | $ | 62,000 | | | $ | 144 | | | $ | 146 | | | $ | 89 | |
Occupancy data:4, 7 | | | | | | | | | | | | | | | | | | | | | | | | |
Current quarter | | | 63 | % | | | 81 | % | | | 82 | % | | | 91 | % | | | 100 | % | | | 87 | % |
First quarter 2004 | | | 61 | % | | | 80 | % | | | 80 | % | | | 94 | % | | | 100 | % | | | 87 | % |
Cash flow coverage after management fees4, 7, 8, 9 | | | 2.4x | | | | 1.3x | | | | 1.2x | | | | N/A | | | | N/A | | | | N/A | |
| 1 | All amounts exclude assets held for sale unless otherwise indicated. |
| 2 | The Company is the managing member of HCP Medical Office Portfolio, LLC, an unconsolidated joint venture, and has a 33% interest therein. |
| 3 | Represents the historical cost of the Company's real estate investments and the net book value of our unconsolidated joint ventures and secured loans receivable. |
| 4 | Information for the Company's hospital, long-term care, and assisted and retirement living facilities was derived from information provided by its lessees without verification. |
| 5 | Hospital and long-term care facilities are measured by bed count. Assisted and retirement living facilities are apartment-like facilities and are stated in units (studio, one or two bedroom apartments). Medical office buildings and other health care facilities are measured in square feet. |
| 6 | Excludes facilities under construction. |
| 7 | Excludes facilities under construction, newly completed facilities under start up, vacant facilities and facilities where data is not available or meaningful. |
| 8 | Results exclude data related to nine hospitals leased to HealthSouth until greater assurances about HealthSouth's financial information is received. |
| 9 | Includes imputed management fees of 2% to 5%. |
| | | |
| TENANT OVERVIEW1 | |
| PORTFOLIO BY OPERATOR/TENANT: | |
| | | Six Months Ended June 30, 2004
| |
Operator/Tenant
| | Percentage of Revenue Less Operating Expenses2
| |
Tenet Healthcare | | 14.3 | % |
American Retirement Corp. | | 9.7 | % |
Emeritus Corporation | | 5.9 | % |
HealthSouth Corporation | | 4.9 | % |
Kindred Healthcare, Inc. | | 4.3 | % |
HCA Inc. | | 3.6 | % |
Not-for-profit investment grade tenants | | 1.4 | % |
Other publicly traded operators or guarantors | | 10.6 | % |
Other non-public operators and tenants | | 45.3 | % |
| | |
|
|
| | | 100.0 | % |
| | |
|
|
| | | |
| SAME PROPERTY OVERVIEW1 | |
| SAME PROPERTY GROWTH: | | | |
| | | | |
Comparable Facilities for the Six Months Ended June 30, 2004 vs. June 30, 2003
| | | |
| Investment properties, excluding medical office buildings | | | |
Number of same properties | | 284 | |
Revenue percentage increase | | 1.0 | % |
Medical office buildings, excluding HCP MOP | | | |
Number of same properties | | 71 | |
Occupancy percentage at June 30, 2004 | | 94 | % |
Revenue percentage decrease | | -0.3 | % |
| | | | |
| 1 | All amounts exclude assets sold and assets held for sale. |
| 2 | Since the tenant is responsible for operating expenses under a triple-net lease, management believes revenues are not comparable between property types without deducting operating expenses for properties leased under gross or modified gross leases. Revenue excludes non-property specific revenue and equity income from unconsolidated joint ventures. |
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