F O R I M M E D I A T E R E L E A S E
PRESS RELEASE
July 20, 1994
For more information contact:
Erin Ibele (419) 247-2800
Robert Pruger (419) 247-2800
HEALTH CARE REIT, INC. DECLARES DIVIDEND
AND ANNOUNCES SECOND QUARTER RESULTS
AND AN INCREASE IN CREDIT RATING
Toledo, Ohio, July 20, 1994....The Directors of Health
Care REIT, Inc. (NYSE/HCN) voted to pay a quarterly dividend at the
rate of $.505 per share, an increase of $.005 per share from the
previous dividend. The dividend will be payable August 19, 1994 to
shareholders of record on August 5, 1994. This will be the REIT's
93rd consecutive dividend distribution.
Net cash provided from operating activities for the six
months ended June 30, 1994 was $15,807,478 ($1.38 per share)
compared with $10,988,850 ($1.25 per share) for the six months
ended June 30, 1993.
For the quarter ended June 30, 1994, net income per share
of $.68 was up $.14 or 25.9% from the second quarter of 1993. The
increase is principally the result of gains on the exercise of
options in the second quarter of 1994. For the first half of 1994,
net income per share was $1.11 compared to $1.13 for the first half
of 1993.
Gross income for the three months ended June 30, 1994 was
up 42.3% from the second quarter of 1993. Total assets of $306.8
million at June 30, 1994 reflect a 10.4% increase from a year ago.
The following chart presents the information highlighted
above.
Three Months Ended
June 30, (Unaudited)
------------------------------
1994 1993
------------ ------------
Gross income $ 12,730,715 $ 8,949,136
Net income $ 7,799,857 $ 4,789,912
Funds from operations $ 9,515,056 $ 5,424,459
Net income per share $ .68 $ .54
Funds from operations per share $ .83 $ .62
Average number of shares outstanding 11,504,848 8,811,802
Six Months Ended
June 30, (Unaudited)
------------------------------
1994 1993
------------ ------------
Gross income $ 21,171,954 $ 17,552,005
Net income $ 12,784,107 $ 9,930,521
Funds from operations $ 15,807,478 $ 10,988,850
Net income per share $ 1.11 $ 1.13
Funds from operations per share $ 1.38 $ 1.25
Average number of shares outstanding 11,486,049 8,791,582
Total assets as of June 30 $306,843,312 $278,032,160
The Company is pleased to announce that it recently
received a notice of an increase in its credit rating to BBB from
Duff & Phelps Credit Rating Co.
Health Care REIT, Inc. is a real estate investment trust
which invests in health care facilities, primarily nursing homes.
The Company also invests in assisted living and retirement
facilities, rehabilitation centers, primary care facilities and
psychiatric hospitals.