Health Care REIT announced first quarter results last week that showed that the company achieved 1Q09 normalized FFO of $0.81 per share, up 3%. The company also announce that it made $129 million in net new investments during the quarter and that they generated $63.0 million in net proceeds on property sales, recognizing $17.0 million of gains in 1Q09. Health Care REIT revised its guidance lower from its earlier estimates due to the costs of raising adidtional capital and placing other secured debt.
“We are off to a solid start this year as our portfolio performance and financial results were in line with our expectations,” commented George L. Chapman, chairman, chief executive officer and president of Health Care REIT, Inc. “Thus far in 2009, we have raised over $400 million in capital through a combination of equity, secured debt and selective asset sales. This capital, combined with proceeds from asset sales and additional secured debt, should provide adequate liquidity to meet all of our debt maturities and unfunded development through mid-2012.”
For the full earnings release, click here.