Health Care REIT, Inc. (NYSE:HCN) released its operating results for third quarter last week that showed gross revenues of $176 million versus $140 million in the same period during 2009. During the quarter HCN announced $702 million in gross investment which brought its year to date investments to $1.6 billion. The company increased its investment guidance as it expects to complete acquisitions and joint venture investments of $2.0 to $2.3 billion, up from $1.5 to $1.8 billion, and dispositions of $200 million, down from $300 million. The company continues to expect funded new development of $300 to $400 million, resulting in net new investments of $2.1 to $2.5 billion.
“Our long-standing commitment to a relationship-based investment strategy has positioned the company for a record breaking year of investments,” said George L. Chapman, chief executive officer at Health Care REIT, Inc. “At a time when access to capital for health care operators is limited, we have remained disciplined in our approach to developing partnerships with market-leading senior housing operators and health systems. Today our investment pipeline includes over $5 billion of potential transactions, approximately 94% of which are off-market, non-brokered opportunities derived primarily from our existing industry relationships. Our experienced team will leverage our full service growth platform to capitalize on this pipeline to create shareholder value and position the company as a market leader for years to come.”