1
FOR IMMEDIATE RELEASE Exhibit 99.4
FEBRUARY 1, 2001
FOR MORE INFORMATION CONTACT:
RAY BRAUN - (419) 247-2800
MIKE CRABTREE - (419) 247-2800
HEALTH CARE REIT, INC. REPORTS
2000 OPERATING RESULTS
Toledo, Ohio, February 1, 2001........HEALTH CARE REIT, INC. (NYSE/HCN) today
announced operating results for its fourth quarter and year ended December 31,
2000. The company's strategies to focus on stabilization of the assisted living
portfolio and manage liquidity are successfully being implemented.
"Our operating results for the quarter are right on target as a result of our
asset disposition program, which is on track to complete $200 million in sales
or refinancings," commented George L. Chapman, chairman and chief executive
officer. "Although the divestiture program has created a modest reduction in
asset size and FFO results, this strategy has effectively preserved the
company's fundamental credit qualities. Our company's low leverage of 39 percent
debt to total capitalization and EBITDA coverage at 3.5 times strongly support
the interest and dividend payments. We intend to maintain the dividend at its
current level, with increases to resume once capital becomes available at costs
that permit accretive investment activity."
SUMMARY OF FOURTH QUARTER RESULTS
- ---------------------------------
(In thousands, except per share numbers)
- --------------------------------------------------------- ---------------------------- ---------------------------------
THREE MONTHS ENDED THREE MONTHS ENDED
DEC. 31, 2000 DEC. 31, 1999
- --------------------------------------------------------- ---------------------------- ---------------------------------
Revenues $33,775 $33,812
- --------------------------------------------------------- ---------------------------- ---------------------------------
Net Income Available to Common Shareholders $11,434 $14,624
- --------------------------------------------------------- ---------------------------- ---------------------------------
FFO (excluding charge) $18,969 $19,895
- --------------------------------------------------------- ---------------------------- ---------------------------------
Net Income Per Diluted Share $0.40 $0.51
- --------------------------------------------------------- ---------------------------- ---------------------------------
FFO Per Diluted Share (excluding charge) $0.66 $0.70
- --------------------------------------------------------- ---------------------------- ---------------------------------
Dividend Per Share $0.585 $0.575
- --------------------------------------------------------- ---------------------------- ---------------------------------
FFO Payout Ratio (excluding charge) 89% 82%
- --------------------------------------------------------- ---------------------------- ---------------------------------
FFO $16,969 $19,895
- --------------------------------------------------------- ---------------------------- ---------------------------------
FFO Per Diluted Share $0.59 $0.70
- --------------------------------------------------------- ---------------------------- ---------------------------------
Funds from operations (FFO), the generally accepted measure of operating
performance for the real estate investment trust industry, totaled $17.0
million, or $0.59 per diluted share, for the latest three months, compared with
$19.9 million, or $0.70 per diluted share, for the same period in 1999. Included
in FFO and net income is a previously disclosed $2 million or $0.07 per diluted
share charge for the non-cash, non-recurring write-off of an equity investment
in Summerville. Excluding the charge, FFO per diluted share for the three months
ended December 31, 2000 would have been $0.66. Revenues were mostly unchanged as
a result of increased rental income from newly converted construction properties
offsetting the decline in the investment base as a result of asset dispositions.
Net income available to common shareholders was reduced by about 22 percent
during the quarter primarily as a result of an increase in the company's
provision for depreciation, an increase in interest expense and the loss on the
Summerville investment. The provision for depreciation in the fourth quarter
totaled $6.1 million compared with $5.3 million for the same period in 1999. The
increased provision for depreciation primarily was the result of additional
investments in properties owned directly by the company. Interest expense for
the latest three months was $8.5 million compared with $8.2 million for the same
period in 1999. The company capitalizes certain interest costs associated with
funds used to finance the construction of properties owned directly by the
company. The company's interest expense is reduced by the amount
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- --------------------------------------------------------------------------------
capitalized. As a result of reduced construction financing, capitalized interest
for the 2000 fourth quarter totaled $302,000 compared with $1.5 million for the
same period in 1999.
SUMMARY OF YEAR-TO-DATE RESULTS
- -------------------------------
(In thousands, except per share numbers)
- --------------------------------------------------------- ---------------------------- ---------------------------------
YEAR ENDED YEAR ENDED
DEC. 31, 2000 DEC. 31, 1999
- --------------------------------------------------------- ---------------------------- ---------------------------------
Revenues $136,954 $129,307
- --------------------------------------------------------- ---------------------------- ---------------------------------
Net Income Available to Common Shareholders $54,566 $62,824
- --------------------------------------------------------- ---------------------------- ---------------------------------
FFO (excluding charge) $77,531 $78,441
- --------------------------------------------------------- ---------------------------- ---------------------------------
Net Income Per Diluted Share $1.91 $2.21
- --------------------------------------------------------- ---------------------------- ---------------------------------
FFO Per Diluted Share (excluding charge) $2.71 $2.76
- --------------------------------------------------------- ---------------------------- ---------------------------------
Dividend Per Share $2.335 $2.270
- --------------------------------------------------------- ---------------------------- ---------------------------------
FFO Payout Ratio (excluding charge) 86% 82%
- --------------------------------------------------------- ---------------------------- ---------------------------------
FFO $75,531 $78,441
- --------------------------------------------------------- ---------------------------- ---------------------------------
FFO Per Diluted Share $2.64 $2.76
- --------------------------------------------------------- ---------------------------- ---------------------------------
The decline in 2000 net income available to common shareholders was primarily
related to an increase in the provision for depreciation, increases in interest
expense, and the loss on investment previously indicated. For the year ended
2000, the provision for depreciation totaled $22.7 million compared with $17.9
million for the same period in 1999. The increased provision for depreciation
was the result of additional investments in properties owned directly by the
company. During 2000, interest expense totaled $34.6 million compared with $26.9
million for the same period in the prior year, with capitalized interest
totaling $3.1 million compared with $8.6 million for the same period in 1999.
ASSET DISPOSITIONS EFFECTIVE IN REDUCING DEBT. In 2000, the company completed
asset dispositions totaling $173 million to preserve its low leverage and
liquidity in a tight capital market. The proceeds derived from the sales and
refinancings were used to meet debt maturities, satisfy unfunded commitment
obligations, and pay down the company's line of credit arrangements. The asset
dispositions contributed to a 9 percent reduction in total assets, which at
December 31, 2000, totaled $1.16 billion.
The company had a total outstanding debt balance of $440 million at year-end
2000, down 18 percent from 1999, and shareholders' equity of $699 million, which
represents a debt to total capitalization ratio of 0.39 to 1.0. For the year
ended December 31, 2000, the company's coverage ratio of EBITDA to interest was
3.5 to 1.0.
LEASE UP STATISTICS FOR ASSISTED LIVING FACILITIES. The company's stabilized
assisted living portfolio increased significantly in 2000. Forty-four facilities
with an investment balance of $196 million stabilized during the year 2000. As
of December 31, 2000, 41 assisted living facilities remained in fill-up.
Approximately 70 percent of these facilities were more than 50 percent occupied.
The company anticipates that approximately 20 facilities with an investment
balance of approximately $123 million will stabilize in the first two quarters
of 2001, increasing stabilized properties to approximately 80 percent of the
portfolio.
UPDATE ON BALANCED CARE. Balanced Care Corporation recently announced the
initiation of a restructuring plan. The company owns eight assisted living
facilities and one skilled nursing facility that are leased to Balanced Care and
represent approximately 5 percent of the company's portfolio. These facilities
are located in Ohio, Pennsylvania, Indiana, and Tennessee. Five of the
facilities are stabilized properties with an average occupancy of approximately
93 percent. Three other properties are in fill-up with an average occupancy of
approximately 43 percent. One facility is under construction and is expected to
open in the first quarter of 2001. Overall, the eight buildings that are open
have occupancy of approximately 70 percent. The company holds letters of credit
of approximately $2.2 million as security for Balanced Care's obligations.
OUTLOOK FOR 2001. The company's fourth quarter 2000 FFO was $0.66 per diluted
share excluding the loss on investment. In order to provide FFO estimates for
2001, the company believes it appropriate to assume no new investment activity
beyond completion of $15 to $20 million of existing operator funding
commitments, additional asset dispositions of approximately $60 million,
increased borrowing costs under its extended line of credit and no further
reductions in interest rates. These assumptions produce a base case FFO of $0.64
to $0.65 per diluted share per quarter. As market conditions change, the company
will be in a position in subsequent quarterly earnings releases and conference
calls to update and adjust FFO estimates.
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CONFERENCE CALL INFORMATION. Health Care REIT has scheduled a conference call on
February 2, 2001 at 12:00 p.m. EST to discuss its fourth quarter 2000
performance, industry trends, portfolio performance, and its outlook for 2001.
To participate on the webcast, log on to www.hcreit.com or www.streetfusion.com
15 minutes before the call to download the necessary software. Replays will be
available for 90 days through the same websites.
Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate
investment trust that invests in health care facilities, primarily nursing homes
and assisted living facilities. At December 31, 2000, the company had
investments in 205 health care facilities in 34 states and had total assets of
approximately $1.16 billion. For more information on Health Care REIT, Inc., via
facsimile at no cost, dial 1-800-PRO-INFO and enter the company code - HCN. More
information is available on the Internet at http://www.hcreit.com.
This document and supporting schedules may contain "forward-looking" statements
as defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties,
which may cause the company's actual results in the future to differ materially
from expected results. These risks and uncertainties include, among others,
general economic conditions, the availability of capital, competition within the
financial services and real estate markets, the performance of operators within
Health Care REIT's portfolio, and regulatory and other changes in the health
care sector, as described in the company's filings with the Securities and
Exchange Commission.
FINANCIAL SCHEDULES FOLLOW
#####
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HEALTH CARE REIT, INC.
FINANCIAL SUPPLEMENT
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(AMOUNTS IN THOUSANDS)
DECEMBER 31
----------------------------
2000 1999
----------------------------
ASSETS
Real estate investments:
Real property owned
Land $ 74,319 $ 73,234
Buildings & improvements 770,660 730,337
Construction in progress 11,976 58,954
----------- -----------
856,955 862,525
Less accumulated depreciation (52,968) (35,746)
----------- -----------
Total real property owned 803,987 826,779
Loans receivable
Real property loans 301,321 401,019
Subdebt investments 21,972 19,511
----------- -----------
323,293 420,530
Less allowance for losses on loans receivable (5,861) (5,587)
----------- -----------
317,432 414,943
----------- -----------
Net real estate investments 1,121,419 1,241,722
Other assets:
Equity investments 5,450 6,713
Deferred loan expenses 2,939 3,311
Cash and cash equivalents 2,844 2,129
Receivables and other assets 24,252 17,296
----------- -----------
35,485 29,449
----------- -----------
TOTAL ASSETS $ 1,156,904 $ 1,271,171
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities:
Borrowings under line of credit obligations $ 119,900 $ 177,500
Senior unsecured notes 255,000 290,000
Secured debt 64,852 71,342
Accrued expenses and other liabilities 18,545 25,333
----------- -----------
Total liabilities $ 458,297 $ 564,175
Shareholders' equity:
Preferred Stock 150,000 150,000
Common Stock 28,806 28,532
Capital in excess of par value 528,138 524,204
Undistributed net income (3,388) 8,883
Accumulated other
comprehensive income (744) 593
Unamortized restricted stock (4,205) (5,216)
----------- -----------
TOTAL SHAREHOLDERS' EQUITY $ 698,607 $ 706,996
----------- -----------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,156,904 $ 1,271,171
=========== ===========
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HEALTH CARE REIT, INC.
FINANCIAL SUPPLEMENT
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE DATA)
THREE MONTHS ENDED TWELVE MONTHS ENDED
DECEMBER 31 DECEMBER 31
----------------------------------- ------------------------------------
2000 1999 2000 1999
---------------- ------------------ ----------------- ------------------
Revenues:
Operating lease rents $ 22,328 $ 20,872 $ 88,312 $ 72,700
Interest income 9,655 11,575 41,064 48,076
Commitment fees and other income 1,179 1,365 5,837 6,263
Prepayment fees 0 0 57 1,565
Gain on sale of properties 613 0 1,684 703
------------- -------------- ------------ ------------
Gross Revenues 33,775 33,812 136,954 129,307
Expenses:
Interest expense $ 8,529 $ 8,234 $ 34,622 $ 26,916
Provision for depreciation 6,148 5,271 22,706 17,885
Loss on investment 2,000 0 2,000 0
General and administrative 1,751 1,932 7,405 7,359
Loan expense 287 250 1,165 909
Provision for losses 250 150 1,000 600
------------- -------------- ------------ ------------
Total Expenses 18,965 15,837 68,898 53,669
------------- -------------- ------------ ------------
Net Income 14,810 17,975 68,056 75,638
Preferred stock dividends 3,376 3,351 13,490 12,814
------------- -------------- ------------ ------------
Net Income Available to
Common Shareholders $ 11,434 $ 14,624 $ 54,566 $ 62,824
============= ============== ============ ============
Average number of common shares outstanding:
Basic 28,537 28,216 28,418 28,128
Diluted 28,762 28,457 28,643 28,384
Net income per share:
Basic $ 0.40 $ 0.52 $ 1.92 $ 2.23
Diluted 0.40 0.51 1.91 2.21
Funds from operations: $ 16,969 $ 19,895 $ 75,531 $ 78,441
Funds from operations per share:
Basic $ 0.59 $ 0.71 $ 2.66 $ 2.79
Diluted 0.59 0.70 2.64 2.76
Funds from operations excluding loss on
investment: $ 18,969 $ 19,895 $ 77,531 $ 78,441
Funds from operations per share
excluding loss on investment:
Basic $ 0.66 $ 0.71 $ 2.73 $ 2.79
Diluted 0.66 0.70 2.71 2.76
Dividends per share $ 0.585 $ 0.575 $ 2.335 $ 2.270
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HEALTH CARE REIT, INC.
FINANCIAL SUPPLEMENT - DECEMBER 31, 2000
PORTFOLIO COMPOSITION ($000'S) EXHIBIT 1
- ------------------------------
BALANCE SHEET DATA # Properties # Beds/Units Balance % Balance
-------------------- ------------------- -------------------- -----------------
Real Property 156 12,400 $ 803,987 71%
Loans Receivable 49 5,377 301,321 27%
Subdebt Investments -na- -na- 21,972 2%
-------------------- ------------------- -------------------- -----------------
Total Investments 205 17,777 $ 1,127,280 100%
INVESTMENT DATA # Properties # Beds/Units Investment (1) % Investment
-------------------- ------------------- -------------------- -----------------
Assisted Living Facilities 150 10,150 $ 749,334 66%
Nursing Homes 47 6,625 299,364 26%
Specialty Care Facilities 6 708 82,918 7%
Behavioral Care 2 294 7,609 1%
-------------------- ------------------- -------------------- -----------------
Real Estate Investments 205 17,777 $ 1,139,225 100%
INVESTMENT BY OWNER TYPE # Properties # Beds/Units Investment (1) % Investment
-------------------- ------------------- -------------------- -----------------
Publicly Traded 72 4,316 $ 271,096 24%
Key Private 88 8,789 655,868 57%
Privately Held 45 4,672 212,261 19%
-------------------- ------------------- -------------------- -----------------
Real Estate Investments 205 17,777 $ 1,139,225 100%
NOTES: (1) REAL ESTATE INVESTMENTS INCLUDE GROSS REAL ESTATE INVESTMENTS AND CREDIT ENHANCEMENTS WHICH AMOUNTED TO
$1,127,280,000 AND $11,945,000, RESPECTIVELY.
REVENUE COMPOSITION ($000'S) EXHIBIT 2
- ----------------------------
Three Months Ended Year Ended
December 31, 2000 December 31, 2000
---------------------------------- ------------------------------
REVENUE BY INVESTMENT TYPE
Real Property $ 23,303 69% $ 93,185 68%
Loans Receivable & Other 9,781 29% 42,566 31%
Subdebt Investments 691 2% 1,203 1%
------------------ --------------- ----------------- -------------
Total $ 33,775 100% $ 136,954 100%
REVENUE BY FACILITY TYPE
Assisted Living Facilities $ 22,162 66% $ 91,614 67%
Nursing Homes 8,805 26% 34,097 25%
Specialty Care Facilities 2,808 8% 11,243 8%
Behavioral Care 0 0% 0 0%
------------------ --------------- ----------------- -------------
Total $ 33,775 100% $ 136,954 100%
REVENUE BY OWNER TYPE
Publicly Traded $ 8,246 24% $ 32,239 24%
Key Private 20,264 60% 84,049 61%
Privately Held 5,265 16% 20,666 15%
------------------ --------------- ----------------- -------------
Total $ 33,775 100% $ 136,954 100%
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REVENUE COMPOSITION (CONTINUED) ($000'S) EXHIBIT 3
- ----------------------------------------
OPERATING LEASE EXPIRATIONS & LOAN MATURITIES
Current Lease Current Interest Interest and
Year Revenue (1) Revenue (1) Lease Revenue % of Total
- ------------------- ------------------------ ------------------------ ----------------------- -------------------
2001 $ 1,994 $ 1,818 $ 3,812 4%
2002 1,738 6,524 8,262 6%
2003 2,770 1,480 4,250 3%
2004 410 5,213 5,623 4%
Thereafter 86,143 20,922 107,065 83%
------------------------ ------------------------ ----------------------- -------------------
Total $ 93,055 $ 35,957 $ 129,012 100%
NOTES: (1) REVENUE IMPACT BY YEAR, ANNUALIZED
COMMITTED INVESTMENT BALANCES EXHIBIT 4
- ------------------------------
($000'S EXCEPT INVESTMENT PER BED/UNIT)
Committed Investment per
# Properties # Beds/Units Balance (1) Bed/Unit
-------------------- ------------------- -------------------- ------------------
Assisted Living Facilities 150 10,150 $ 763,997 $ 75,271
Nursing Homes 47 6,625 299,364 45,187
Specialty Care Facilities 6 708 82,918 117,116
Behavioral Care 2 294 7,609 25,880
-------------------- ------------------- -------------------- ------------------
Total 205 17,777 $ 1,153,888 -na-
NOTES: (1) COMMITTED BALANCE INCLUDES REAL ESTATE INVESTMENTS, CREDIT ENHANCEMENTS AND UNFUNDED COMMITMENTS FOR WHICH
INITIAL FUNDING HAD COMMENCED.
OPERATOR CONCENTRATION ($000'S) EXHIBIT 5
- -------------------------------
CONCENTRATION BY INVESTMENT # Properties Investment % Investment
----------------------- ---------------------- -----------------------
Merrill Gardens 19 $ 126,791 11%
Life Care Centers of America, Inc. 13 86,654 8%
Alterra Healthcare 38 85,961 8%
Atria Senior Quarters 9 82,426 7%
Balanced Care 9 53,977 5%
Remaining Operators 117 703,416 61%
----------------------- ---------------------- -----------------------
Total 205 $ 1,139,225 100%
CONCENTRATION BY REVENUE # Properties Revenue (1) % Revenue
----------------------- ---------------------- -----------------------
Merrill Gardens 18 $ 12,941 10%
Alterra Healthcare 38 10,482 8%
Atria Senior Quarters 9 10,426 8%
Life Care Centers of America, Inc. 13 9,189 7%
Olympus Healthcare Group 11 7,069 5%
Remaining Operators 116 86,847 62%
----------------------- ---------------------- -----------------------
Total 205 $ 136,954 100%
NOTES: (1) YEAR ENDED DECEMBER 31, 2000
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SELECTED FACILITY DATA EXHIBIT 6
- ----------------------
Coverage Data
% Payor Mix ----------------------------------
----------------------------------- Before After
Census Private Medicare Mgt. Fees Mgt. Fees
------------------ ------------------------------------ ------------------ ---------------
Nursing Homes 81% 24% 12% 1.71x 1.21x
Assisted Living Facilities 91% 100% 0% 1.35x 1.17x
Specialty Care Facilities 65% 22% 50% 2.42x 1.88x
Behavioral Care 53% 34% 66% 3.82x 1.90x
------------------ ---------------
Weighted Averages 1.62x 1.27x
NOTES: DATA AS OF SEPTEMBER 30, 2000
SECURITY DEPOSITS & OTHER CREDIT SUPPORT ($000'S) EXHIBIT 7
- -------------------------------------------------
Balance % Investment
--------------- -----------------
Cross Defaulted $ 1,054,315 92% of gross real estate investments
Cross Collateralized 274,554 92% of mortgage loans
Bank Letters of Credit & Cash 30,767 3% of investment balance
CURRENT CAPITALIZATION ($000'S) Balance % Balance LEVERAGE & PERFORMANCE RATIOS
- ------------------------------- --------------- ----------------- ----------------------------------------
Borrowings Under Bank Lines $ 119,900 11% Debt/Total Book Cap 39%
Long-Term Debt Obligations 319,852 28% Debt/Equity 63%
Shareholders' Equity 698,607 61% Interest Coverage 3.66x 4th Qtr.
--------------- ----------------- 3.51x L12M
Total Book Capitalization $ 1,138,359 100% FFO Payout Ratio 89% 4th Qtr.
(excluding loss on 86% L12M
investment)
DEBT MATURITIES AND PRINCIPAL PAYMENTS ($000'S) EXHIBIT 8
- -----------------------------------------------
Year Lines of Credit (1) Senior Notes Secured Debt Total
- ------------------- ------------------------ ------------------------ ----------------------- -------------------
2001 $ 25,000 $ 10,000 $ 67 $ 35,067
2002 0 20,000 75 20,075
2003 150,000 35,000 84 185,084
2004 0 40,000 64,133 104,133
2005 0 0 493 493
2006 0 0 0 0
Thereafter 0 150,000 0 150,000
------------------------ ------------------------ ----------------------- -------------------
Total $ 175,000 $ 255,000 $ 64,852 $ 494,852
NOTES: (1) LINES OF CREDIT REFLECT 100% CAPACITY
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INVESTMENT ACTIVITY ($000'S) EXHIBIT 9
----------------------------
Three Months Ended Year Ended
December 31, 2000 December 31, 2000
--------------------------------- ---------------------------------
FUNDING BY INVESTMENT TYPE
Real Property $ 4,097 21% $ 18,113 25%
Mortgage & Other Loans 5,199 26% 5,199 7%
Construction Advances 6,125 31% 33,957 47%
Subdebt Investments 4,510 22% 15,523 21%
----------------- --------------- ---------------- ----------------
Total $ 19,931 100% $ 72,792 100%
REAL ESTATE INVESTMENTS
Assisted Living Facilities $ 16,852 87% $ 60,014 82%
Nursing Homes 3,079 13% 12,778 18%
Behavioral Care 0 0% 0 0%
Specialty Care Facilities 0 0% 0 0%
----------------- --------------- ---------------- ----------------
Total $ 19,931 100% $ 72,792 100%
GEOGRAPHIC CONCENTRATION ($000'S) EXHIBIT 10
- ---------------------------------
CONCENTRATION BY REGION # Properties Investment % Investment
----------------------- ---------------------- -----------------------
South 116 $ 546,678 48%
Northeast 31 260,826 23%
West 32 200,338 17%
Midwest 26 131,383 12%
----------------------- ---------------------- -----------------------
Total 205 $ 1,139,225 100%
CONCENTRATION BY STATE # Properties Investment % Investment
----------------------- ---------------------- -----------------------
Texas 34 $ 138,562 12%
Florida 28 137,811 12%
Massachusetts 14 119,318 10%
New York 6 61,639 5%
California 9 63,110 6%
Remaining States 114 618,785 55%
----------------------- ---------------------- -----------------------
Total 205 $ 1,139,225 100%
REVENUE BY STATE # Properties Revenue (1) % Revenue
----------------------- ---------------------- -----------------------
Texas 34 $ 18,995 14%
Florida 28 14,647 11%
Massachusetts 14 12,627 9%
California 9 9,339 7%
North Carolina 9 8,451 6%
Remaining States 111 72,895 53%
----------------------- ---------------------- -----------------------
Total 205 $ 136,954 100%
NOTES: (1) YEAR ENDED DECEMBER 31, 2000
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FUNDS FROM OPERATIONS COMPUTATION ($000'S) EXHIBIT 11
- ------------------------------------------
Three Months Ended Year Ended
December 31, 2000 December 31, 2000
------------------------------- --------------------------
Net Income Available to Common Shareholders $ 11,434 $ 54,566
Add: Depreciation Expense 6,148 22,706
Asset Impairment Charges 0 0
Deduct: Gain on Sale of Assets (613) (1,684)
Prepayment Fees (0) (57)
---------------------------- -- --------------------------
Funds From Operations (FFO) $ 16,969 $ 75,531
FFO Excluding Loss on Investment $ 18,969 $ 77,531
Average Common Shares Outstanding:
Basic 28,537 28,418
Diluted 28,762 28,643
FFO Per Common Share:
Basic $ .59 $ 2.66
Diluted $ .59 $ 2.64
FFO Per Common Share Excluding Loss on Investment:
Basic $ .66 $ 2.73
Diluted $ .66 $ 2.71
DISPOSITION ACTIVITY EXHIBIT 12
--------------------
Three Months Ended Year Ended
December 31, 2000 December 31, 2000
--------------------------------- ---------------------------------
DISPOSITIONS BY INVESTMENT TYPE
Real Property $ 0 0% $ 107,179 62%
Mortgage & Other Loans 12,586 100% 65,963 38%
----------- ---- ----------- ------
Total $ 12,586 100% $ 173,142 100%
=========== ==== =========== ====
REAL ESTATE INVESTMENTS
Assisted Living Facilities $ 12,586 100% $ 170,743 99%
Nursing Homes 0 0% 2,399 1%
----------- ------ ----------- ------
Total $ 12,586 100% $ 173,142 100%
=========== ==== =========== ====
LEASE UP STATISTICS ON ASSISTED LIVING FACILITIES EXHIBIT 13
- -------------------------------------------------
OCCUPANCY FACILITIES MONTHS IN OPERATION REVENUE (1) % OF REVENUE
------------------- ----------------------- ----------------- -----------------
00% - 50% 12 13.8 $3,110 9%
50% - 70% 15 17.2 $2,949 9%
70% + 14 18.1 $1,880 6%
NOTES: (1) INTEREST AND RENTAL INCOME FOR YEAR ENDED DECEMBER 31, 2000.
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