Health Care REIT, Inc. (NYSE:HCN) released its fourth quarter operating results on Wednesday that reflected gross revenues for the quarter of $202 million, an increase from $141 million for the same period in 2009. Net income for the quarter increased to $40.3 million from its results of $36.8 million in Q4 2009. HCN reported 2010 normalized FFO of $3.08 per share and normalized FAD of $2.84 per share which is lower as a result of fourth quarter capital transactions which were not included in the previous forecasts. The normalized Funds From Operations (FFO) for Q4 was flat when compared to 2009 at .75 per share.
“Health Care REIT creates shareholder value through its relationship investment strategy,” commented George L. Chapman, chief executive officer at Health Care REIT, Inc. “We completed $3.2 billion of gross investments in 2010 and announced $1.3 billion to-date in 2011. Of these investments, 90% were originated off-market through long-term industry relationships. Last year alone, we formed new relationships with nine outstanding operators and 14 high-quality health systems. We believe we have built a best-in-industry management team to successfully and profitably integrate these acquisitions. Most important, these investments will create shareholder value through accelerated earnings and dividends growth in 2011 and beyond.”
