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On Jan 5, 2014, we issued an updated research report on Health Care REIT, Inc. (NYSE: HCN). The Toledo, OH-based equity real estate investment trust (“REIT”) is continuing with its focus on the premium assets across global affluent markets. Through a string of strategic buyouts and development activities, the company is enhancing its portfolio mix. At the same time, the company is also keen on divesting its non-core businesses.
Major buyouts of REITs like Gracewell Healthcare and HealthLease Properties REIT enhanced its portfolio quality. Also, in the third quarter, the company closed $757 million of gross investments. This included $653 million in acquisitions and $76 million in development funding, mainly targeted toward the premium assets. We expect such opportunistic investments in high-quality assets to facilitate a steady source of revenues going forward, besides providing the company with a competitive edge.
Though the acquisitions and development of high-quality assets are a strategic fit for the REIT, it involves considerable upfront costs. Further, new developments will take time to bear fruits. In fact, rising expenses have been a concern for the company. In the first nine months of 2014, expenses rose 8.5% to $2.2 billion.
Notably, Health Care REIT reported third-quarter 2014 normalized funds from operations (“FFO”) of $1.04 per share, beating the Zacks Consensus Estimate by a penny and the year-ago quarter figure by 7 cents. The improved performance is primarily driven by growth in same-store net operating income (“NOI”) and notable investments in premium assets.
Over the past 30 days, the Zacks Consensus Estimates for both 2014 and 2015 remained unchanged at $4.12 and $4.36, respectively.
Health Care REIT currently carries a Zacks Rank #3 (Hold).
Some better-ranked equity REITs include Ashford Hospitality Trust, Inc. (NYSE: AHT), Extra Space Storage Inc. (NYSE: EXR) and Arbor Realty Trust Inc. (NYSE: ABR). While both Ashford Hospitality Trust and Extra Space Storage sport a Zacks Rank #1 (Strong Buy), Arbor Realty Trust carries a Zacks Rank #2 (Buy).
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation, amortization and other non-cash expenses to net income.
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Zacks Investment Research
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.