Health Care REIT Inc. ( HCN ), a real estate investment trust (REIT), reported first-quarter 2014 normalized funds from operations (FFO) of $1.00 per share, 2 cents ahead of the Zacks Consensus Estimate and up 9 cents year over year. <\/p>\n
The 10% year-over-year increase in normalized FFO per share is primarily driven by same-store net operating income (NOI) growth and notable portfolio investments in premium assets. Based on these factors, the company has increased its 2014 outlook. <\/p>\n
Moreover, normalized funds available for distribution (FAD) stood at 90 cents per share, up from 81 cents per share in the year-ago period. <\/p>\n
Total revenue escalated 27.3% year over year to $801.8 million and marginally exceeded the Zacks Consensus Estimate of $801 million. <\/p>\n
Inside the Headlines <\/p>\n
In the first quarter, same-store NOI increased 4.4% from the year-ago period, driven by 8.1% year-over-year rise in the seniors housing operating portfolio. <\/p>\n
Health Care REIT concluded gross investments worth $542 million in the quarter under review. This included a joint venture investment worth $386 million, $64 million in development financing and $57 million of acquisitions. <\/p>\n
Early in the second quarter, Health Care REIT completed the recapitalization of the Sunrise Senior Living management company, upon which, the company now owns 24% interest in Sunrise Senior Living while Revera holds the rest. <\/p>\n
Health Care REIT exited the first quarter with cash and cash equivalents of $185.9 million, up from $158.8 million as of Dec 31, 2013. <\/p>\n
2014 Outlook Raised <\/p>\n
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Health Care REIT Beats FFO Ests, Ups View - Analyst Blog<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Health Care REIT Inc. ( HCN ), a real estate investment trust (REIT), reported first-quarter 2014 normalized funds from operations (FFO) of $1.00 per share, 2 cents ahead of the Zacks Consensus Estimate and up 9 cents year over year Continue reading