Summary
Health Care REIT, Inc. (WELL) reported total investments of $8.99 billion as of December 31, 2010, spread across 683 properties in 41 states. The company's portfolio is diversified across senior housing and care facilities (49%), medical office buildings (24.4%), skilled nursing facilities (14%), and hospitals (8.7%), among others. The company focuses on protecting stockholder capital and enhancing stockholder value through consistent cash dividends and portfolio growth. In 2010, WELL saw significant investment activity, with gross investments totaling over $3.15 billion, alongside substantial capital raising efforts through the issuance of senior unsecured notes and common stock. The company maintained a strong focus on its business strategy of investing in senior housing and health care real estate, diversifying by property type, customer, and geography. Despite a challenging economic environment, the company noted continued investor interest in health care real estate sectors and believed its REIT status provided access to capital. WELL's financial performance in 2010 showed a decrease in net income attributable to common stockholders to $106.9 million from $171.2 million in 2009. This decline was influenced by factors such as losses on extinguishments of debt, provisions for loan losses, and transaction costs, partially offset by gains on the sales of real property. The company's dividend policy remained a priority, with a planned increase in the quarterly cash dividend rate for 2011.
Financial Highlights
36 data points| Revenue | $578.57M |
| SG&A Expenses | $54.63M |
| Operating Expenses | $542.07M |
| Interest Expense | $133.98M |
| Net Income | $128.53M |
| EPS (Basic) | $0.84 |
| EPS (Diluted) | $0.83 |
| Shares Outstanding (Basic) | 127.66M |
| Shares Outstanding (Diluted) | 128.21M |
Key Highlights
- 1Total investments reached $8.99 billion across 683 properties, with senior housing and care facilities representing the largest segment (49%).
- 2The company executed significant investments and capital raises in 2010, investing over $3.15 billion and raising substantial capital through debt and equity offerings.
- 3Net income attributable to common stockholders decreased to $106.9 million in 2010 from $171.2 million in 2009.
- 4The company managed its debt effectively, with total debt at $4.46 billion and a debt-to-book capitalization ratio of 49% as of December 31, 2010.
- 5WELL maintained a consistent dividend payment policy and announced an increase in its quarterly cash dividend rate for 2011.
- 6The company's portfolio is diversified by property type, with senior housing and care, medical office buildings, skilled nursing facilities, and hospitals being key segments.
- 7Despite economic challenges, the company indicated strong liquidity and access to capital markets due to its REIT status and diversified portfolio.