TOLEDO, Ohio — Health-care real estate company Health Care REIT has lowered its financial expectations after closing on a sale this month of 9.2 million shares of common stock.
The company stated it expects funds from operations in a range of $3.07 to $3.14 per diluted share, down down its previously expected $3.09 to $3.16 per share. It now predicts profits between $1.75 to $1.82 per share, down from $1.81 to $1.88 per share.
The company raised $310.3 million after completing the sale on Friday. The amount raised is less than expected. Initially, the company hoped to raise between $323 million and $371 million from the sale. Also, the company also sold more stock that it had planned. Initially, the company planned to sell 5.75 million shares.
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The money will be used to repurchase $53.1 million in mortgage notes as well as invest in more health-care properties.
Health Care REIT, which invests in health-care and senior housing and offers property management services, has raised nearly $2 billion in capital in the last two years in part to manage the rough economy. Its funds from operations were down 69 percent in the second quarter of this year compared to last year at that time, and the company’s funds from operations are down 48 percent year-to-year.
[Photo courtesy of Flickr user coffeego]
