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Health Care REIT Restructures for Boomers

TOLEDO, OH-The pending acquisition of Windrose Medical Properties, set to close by year-end, will add more acute-care facilities and jumpstart the company's ongoing efforts to serve the influx of aging baby boomers.

By Marita Thomas | Updated on October 20, 2006

TOLEDO, OH-Locally based Health Care REIT Inc. completed new investments totaling $163.3 million during the third-quarter and $330.4 million year-to-date. “Our new investment is targeted to combo facilities targeted to baby boomers,” George Chapman, CEO, said during a conference call.

“Changes in infrastructure are under way” to achieve the goal of offering “the full spectrum of healthcare facilities as boomer demand rises,” he said. The previously announced pending acquisition of Indianapolis-based Windrose Medical Properties Trust, “will jumpstart our medical office and acute-care sectors.” The $877-million acquisition, which includes the assumption of approximately $426 million in outstanding Windrose debt, is expected to close by year-end.

Meanwhile, Health Care REIT’s third-quarter earnings reached $26.8 million, up from $25.3 million for the same quarter a year ago. Funds from operations rose to $45.9 million, up from $42 million in third-quarter 2005.

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