Health Care REIT, Inc. (NYSE:HCN) announced operating results for the company’s first quarter ended March 31, 2010 that showed revenues of $152 million vs. $138 million in Q1 2009. HCN’s profit for Q1 2010 was $31.7 million down from $66 million from the same period in 2009. Health Care REIT showed increases in expenses for interest cost, depreciation and took a loss of $18 million on the extinguishment of debt. Some of the other highlights from the quarter include:
"We are off to a strong start to 2010," commented George L. Chapman, chief executive officer of Health Care REIT, Inc. "We completed $700 million of gross investments year-to-date, including a joint venture investment in one of the country’s leading life science campuses in Cambridge, Massachusetts and an acquisition of a medical office building portfolio in Wisconsin master leased to investment grade-rated Aurora Health Care, Inc. As a result, we have increased the high-end of our 2010 acquisition guidance by $200 million. In addition, during the quarter we commenced the development of two MOB projects affiliated with leading health systems, completed the construction of six existing development projects, and stabilized eight properties. On the capital raising front, we recently completed two debt offerings at attractive rates, which extended the duration of our debt while providing additional capacity for new investments."
