Strong Q4 for Health Care REIT

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Health Care Property Investors Inc reported its net income jumped 552 percent in the fourth quarter as the company recorded a $229 million gain on real estate sales as it sold most of its skilled nursing facilities.


The Long Beach-based healthcare facilities real estate investment trust said late Monday that that net income rose to $236 million, or $1.27 a share, from $36.2 million (27 cents) in the same period a year ago.


Revenue and other income for the fourth quarter gained to $234.9 million from $113.8 million in the prior year’s period. Quarterly per-share funds from operations fell to 35 cents from 48 cents in the prior year.


During the quarter the company acquired another health care REIT, CNL Retirement Corp. for $5.3 billion in cash and stock. The company in 2006 sold 83 properties, including 69 skilled nursing facilities, for $512 million, mostly in the last quarter. For those transactions, it recognized gains of approximately $275 million.


Health Care Property shares gained 35 cents to close at $40.29 on Tuesday.

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