F O R I M M E D I A T E R E L E A S E
PRESS RELEASE
February 9, 1995
For more information contact:
Erin Ibele (419) 247-2800
Robert Pruger (419) 247-2800
HEALTH CARE REIT, INC. ANNOUNCES 1994 RESULTS
Toledo, Ohio, February 9, 1995 (NYSE/HCN)....For the quarter ended
December 31, 1994, net income was $5.8 million compared to $5.1
million in the fourth quarter of 1993, an increase of 15.6%. For
the fourth quarter of 1994, net income per share of $.51 was up
$.06 or 13.3% above the fourth quarter of 1993. For the year ended
December 31, 1994, net income per share was $2.17 compared to $2.15
for the year ended December 31, 1993, an increase of .9%.
Total assets of $324.1 million at December 31, 1994 were up 13.7%
from a year ago, while shareholders' equity increased 2.7% to
$189.2 million.
Funds from operations for the three months ended December 31, 1994
was $7.3 million ($.63 per share) compared with $6.1 million ($.54
per share) for the three months ended December 31, 1993. For the
year 1994, funds from operations was $31.7 million ($2.75 per
share) compared to $22.8 million ($2.44 per share) for 1993.
The fourth quarters of 1994 and 1993, as well as annual results,
were affected by gains on exercises and/or prepayment fees.
Excluding these items, funds from operations would have been $.50
and $.53 for the fourth quarters of 1994 and 1993, respectively,
and would have been $2.15 and $2.07 for the years 1994 and 1993,
respectively.
The following tables highlight the information presented above.
SUMMARY FINANCIAL DATA
(In thousands except per share amounts)
Three Months Ended
December 31 Year Ended
(Unaudited) December 31
------------------- ------------------
1994 1993 1994 1993
------- ------- ------- -------
GROSS INCOME
Gross Income:
Interest and other income $ 7,073 $ 5,285 $26,225 $21,734
Direct financing leases 659 1,865 4,353 8,094
Operating-lease rents 1,543 994 5,480 2,812
Loan and commitment fees 229 262 1,184 1,203
Gain on exercise of options 1,538 314 5,490 2,175
------- ------- ------- -------
$11,042 $ 8,720 $42,732 $36,018
======= ======= ======= =======
Three Months Ended
December 31 Year Ended
(Unaudited) December 31
------------------- ------------------
1994 1993 1994 1993
------- ------- ------- -------
OTHER FINANCIAL INFORMATION
Gross Income $11,042 $ 8,720 $42,732 $36,018
Net income 5,843 5,052 24,953 20,055
Funds from operations 7,301 6,072 31,697 22,780
Net income per share .51 .45 2.17 2.15
Funds from operations per share .63 .54 2.75 2.44
Distributions per share .51 .49 2.01 1.93
Average number of shares
outstanding 11,573 10,901 11,519 9,339
December 31
-------------------
1994 1993
-------- --------
Assets:
Real Estate Related Investments:
Loans receivable $254,924 $185,282
Investment in operating-lease properties 57,231 42,776
Investment in direct financing leases 11,428 52,950
-------- --------
323,583 281,008
Less allowance for losses 5,150 4,150
-------- --------
318,433 276,858
Other assets 5,669 8,166
-------- --------
Total assets $324,102 $285,024
======== ========
Total liabilities $134,922 $100,892
Shareholders' Equity 189,180 184,132
-------- --------
$324,102 $285,024
======== ========
Health Care REIT, Inc. is the first real estate investment trust to
specialize in financing health care facilities, primarily nursing
homes. The Company also invests in assisted living and retirement
facilities, rehabilitation centers, primary care facilities, and
behavioral care facilities.