Toledo, Ohio-based Health Care REIT, Inc. (NYSE:HCN) plans to come out swinging in the third quarter with about $925 million of healthcare-related acquisitions, with about $854 million of that designated for seniors housing properties.
The healthcare real estate heavyweight announced on Monday, Aug. 6 that it anticipates acquiring approximately $925 million of seniors housing and medical office properties in the third quarter of 2012, based on acquisitions it has completed so far in the quarter and potential acquisitions for which it has signed a letter of intent.
The potential acquisitions will include properties that collectively will generate approximately 97% of HCN’s revenues from private pay sources.
Approximately $583 million of those anticipated acquisitions will be seniors housing triple-net lease properties, with another approximately $271 million of seniors housing operating properties where HCN is the majority owner. The remaining approximately $71 million of acquisitions will be medical office properties.
About 81% of the anticipated acquisitions are expected to involve some of Health Care REIT’s existing portfolio partners, which the REIT notes is consistent with its investment strategy.
The aggregate acquisition amount includes approximately $134 million of debt that Health Care REIT expects to assume at an average interest rate of 5.6%.
Written by Alyssa Gerace