S&P 500 (NYSE:SPY) component Health Care REIT, Inc. (NYSE:HCN) reported results for the first quarter. Health Care REIT Inc. is a real estate investment trust that invests in and manages senior housing and health care real estate.
Health Care REIT Earnings Cheat Sheet for the First Quarter
Results: Funds From Operations (FFO) for Health Care REIT, Inc. fell to 70 cents per diluted share from 75 cents per share.
Revenue: Stood at $255.5 million.
Actual vs. Wall St. Expectations: HCN fell short of the mean analyst estimate of 73 cents/share. Estimates ranged from 70 cents per share to 78 cents per share.
Quoting Management: “Health Care REIT remains on target to deliver strong 2011 earnings growth of 8-11%,” commented George L. Chapman, Health Care REIT’s Chairman, Chief Executive Officer and President. “We recently closed the Genesis HealthCare and Benchmark Senior Living transactions on or ahead of schedule. These closings allowed us to recently raise our 2011 FFO guidance by seven cents as these transactions will be immediately accretive to earnings. The $7 billion of new partnerships formed in 2010 and 2011-to-date demonstrates the successful execution of our relationship investment strategy and positions the company for a strong period of earnings and dividend growth over the next several years.”
Competitors to Watch: HCP, Inc. (NYSE:HCP), Ventas, Inc. (NYSE:VTR), Omega Healthcare Investors, Inc. (NYSE:OHI), National Health Investors Inc (NYSE:NHI), LTC Properties, Inc. (NYSE:LTC), Senior Housing Properties Trust (NYSE:SNH), Healthcare Realty Trust Inc. (NYSE:HR), Universal Health Realty Income Trust (NYSE:UHT), Medical Properties Trust, Inc. (NYSE:MPW), and Nationwide Health Properties Inc. (NYSE:NHP)
Stock Performance: Shares of HCN are down 0.96% from previous close of $54.06.