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HCN Reports FFO of $0.53 vs. $0.85 in Q2-08 Health Care REIT reported Q2-08 FFO of $89.207 million [$0.53/share] compared with $76.785 million [$0.85/share] in Q2-08. Diluted shares outstanding rose to 111.272 million from 89.853 million in Q2-08. Gain on sales of properties were $10.677 million compared to $118.168 million in Q2-08, and that bump in gains in Q2-08 led to Net income attributable to common stockholders falling to $59.240 million compared with $155.410 million in Q2-08. "Normalized" FAD was $84.124 million [$0.76/share] compared with $73.238 million [$0.82/share] in Q2-08 with a Normalized FAD Payout Ratio of 83% vs. 76% in Q2-08. HCN gave 2009 normalized FFO guidance of $3.11 to $3.18 with Normalized FAD between $2.95 to $3.02. With total interest expense of $156.844 million and Adjusted EBITDA of $590.515 million, HCN's Adjusted interest coverage ratio was 3.76x. With Total fixed charges of $189.337 million, HCN's Adjusted fixed charge coverage ratio was 3.12x. HCN had 2009 debt maturities of $4.699 million [0.2% of total debt]; 2010 maturities of $16.662 million [0.6%]; 2011 maturities of $395.954 million [14.6% - includes line of credit of $342 million]; 2012 maturities of $253.708 million [9.4% - includes senior note of $238 million]; 2013 maturities of $364.052 million [13.4% - includes senior note of $300 million]; 2014 maturities of $124.344 million [4.6%]; and maturities in 2015 and thereafter of $1,551.516 million [57.2%]. Covenants for Senior Unscured Notes:
HCP Reports FFO of $0.55 vs. $0.50 in Q2-08 HCP reported Q2-09 FFO of $149.035 million [$0.55/share] compared to $121.509 million [$0.50/share] in Q2-08. Gain on sales of real estate fell to $30.540 million from $190.505 million in Q2-08 and net income applicable to common shares fell to $91.784 million [$0.35/share] compared to $225.890 million [$0.96/share] in Q2-08. HCP gave 2009 FFO guidance of $2.13 and $2.19/share. HCP's revolving credit facility had covenants that [1] limited the ratio of consolidated total indebtedness to consolidated total asset value to 60%; [2] limited the ratio of unsecured debt to consolidated unencumbered assets value to 65%; [3] required a fixed charge coverage ratio of 1.75x; and [4] required a formula-determined minimum consolidated tangible net worth of $4.5 billion at 6-30-09. At 6-30-09 HCP was in compliance with each of these requirements. HCP had 2009 debt maturities of $206.260 million; 2010 maturities of $504.924 million; 2011 maturities of $729.838 million; 2012 maturities of $310.922 million; 2013 maturities of $783.293 million; and maturities in 2014 and thereafter of $2,988.308 million. HCP did not give stats on interest coverage or EBITDA - so what follows are home made calculations. My EBITDA substitute will be Net income [$101.178 million] plus interest expense [$75.340 million] plus depreciation and amortization [$79.606 million]. EBITDA of $256.124 million divided by interest of $75.340 million results in a coverage of 3.40x. HR Reports FFO of $0.44 vs. $0.38 in Q2-08 HR reported Q1-08 FFO of $26.012 million [$0.44/share] compared with $19.201 million [$0.38/share] for Q2-08. Weighted average common share rose to 58.900 million from 50.475 million in Q2-08. Funds available for distribution totaled $28.509 million [$0.48/share]. Revenues totaled $65.132 million, compared with the Q2-08's $52.641 million. Net income for Q2-09 was $16.814 million [$0.29/share] compared with $13.766 million [$0.28/share] in Q2-08. HR had 2009 debt maturities of $1.869 million [0.2% of total debt]; 2010 maturities of $341.904 million [35.5% of total debt - and included credit facility of $338 million]; 2011 maturities of $288.588 million [30.0%]; 2012 maturities of $0.668 million [0.1%]; 2013 maturities of $0.710 million [0.1%]; and maturities in 2014 and thereafter of $329.195 million [34.1%]. Debt maturities are lumpy due to the composition of the debt. Debt was comprised of: the credit facility [$338 million]; two senior notes [$551 million] and a small amount of mortgages [$74 million]. In 2001, HR issued $300.0 million of unsecured senior notes due 2011 that bear interest at 8.125%. In 2004, HR issued $300.0 million of unsecured senior notes due 2014 that bear interest at 5.125%. HR did not give stats on interest coverage or EBITDA - so what follows are home made calculations. My EBITDA substitute will be Net income [$37.694 million] plus interest expense [$20.116 million] plus depreciation [$31.300 million] plus amortizations [$2.827 million]. EBITDA of $91.937 million divided by interest of $20.116 million results in a coverage of 4.57x. LTC Reports FFO of $0.45 vs. $0.48 in Q2-08 LTC Properties reported Q2-09 FFO of $10.537 million [$.45/share] compared with $11.211 million [$0.48/share] in Q2-08. Net income allocatable to common stockholders was $6.8 million [$0.30/share] compared to $7.5 million [$0.33/share] in Q2-08. (Interest income from mortgage loans fell $0.451 million and interest income fell $0.321 million)Revenues were $17.4 million versus $17.9 million for Q2-08. Out of Total Liabilities and Equity of $490.240 million, LTC had only $15.871 million in Mortgage loans payable and $4.225 million in Bonds payable. LTC interest coverage ratio was 18.7x while its fixed charge coverage ratio was 3.3x. NHP Reports Recurring FFO of $0.57 vs. $0.56 in Q2-08 Nationwide Health Properties reported Q2-09 FFO of $66.630 million [$0.61/share] compared to $57.806 million [$0.56/share] while 'Recurring Diluted FFO' was $62.066 million [$0.57/share] compared with $57.806 million [$0.56/share] in Q2-08. FAD was $66.242 milion [$0.61/share] and recurring FAD was $61.678 million [$0.57/share] vs. $56.090 million or $0.55/share in Q2-08. NHP had gains on sale of facilities of $140.226 million in Q2-08 compared to no gains in Q2-09, resulting in Net income of $34.826 million in Q2-09 compared to $167.967 million in Q2-08. Income available to NHP common stockholders was $33.299 million [$0.32/share] compared to $165.951 million [$1.69/share] in Q2-08. NHP gave 2009 FFO guidance of $2.22 to $2.25/share and FAD guidance of $2.18 to $2.23/share. OHI Reports FFO of $0.35 vs. $0.33 in Q2-08 Omega Healthcare Investors reported Q2-09 FFO of $28.6 million [$0.35/share] (includes a net loss of $1.1 million associated with owned and operated assets, a $0.5 million write-off of deferred financing costs associated with the replacement of OHI's old credit facility and $0.5 million of restricted stock expense) compared to $24.4 million [$0.33/share] in Q2-08. Net income available to common stockholders of $17.6 million [$0.21/share] compared to $14.6 million [$0.20/share] in Q2-08. Adjusted FFO was $30.7 million [$0.37/share] compared to $27.9 million [$0.38/share in Q2-08. OHI gave 2009 AFFO/share guidance of $1.47 to $1.50. SNH Reports FFO of $0.44 vs. $0.41 in Q2-08 Senior Housing Properties Trust reported Q2-09 FFO of $52.828 million [$0.44/share] compared to $41.247 million [$0.41/share] in Q2-08. Weighted average shares outstanding were 120.455 million compared with 100.302 million in Q2-08. Total revenues were $69.585 million compared with $53.390 million in Q2-08. Net income was $30.511 million [$0.25/share] compared to $21.680 million [$0.22/share] for Q2-08. In May 2008, SNH entered into a series of agreements to acquire 48 MOBs from HRP for an aggregate purchase price of approximately $565.0 million. In January 2009, SNL acquired one of these MOBs $19.3 million, plus closing costs. In May 2009, SNH acquired two MOBs for $50.8 million, plus closing costs. On August 6, 2009, SNH acquired three MOBs for $115.7 million, plus closing costs. SNH had Total debt (book value) of $707.020 million and market value of common shares of $1.966 billion resulting in a Total market capitalization of $2.673 billion and a Total debt / total market capitalization ratio of 26.5%. With Q2-09 EBITDA of $62.253 million, the EBITDA / interest expense coverage ratio was 5.8x. SNH had 2009 debt maturities of $1.364 million; 2010 maturities of $238,044 million; 2011 maturities of $3.252 million; 2012 maturities of $257.930 million; 2013 maturities of $30.090 million; and 2014 maturities of $1.789 million. UHT Reports FFO of $0.71 vs. $0.63 in Q2-08 Universal Health Realty Income Trust reported Q2-09 FFO of $8.458 million [$0.71/share] as compared to $7.451 million [$0.63/share] in Q2-08. UHT had total revenues of $8.023 million compared with $7.237 million in Q2-08. Net income was $4.802 million [$0.40/share] as compared to $4.159 million [$0.35/share] during Q2-08. The increases in base rentals, depreciation, operating expenses and interest expense resulted primarily from the operating results of two newly constructed medical office buildings which were completed and opened during Q3-08 and Q1-09. During Q2-09, the Deer Valley Medical Office Building in Phoenix, Arizona, was completed and opened. Construction continues on two MOBs: (1) Auburn MOB located in Auburn, Washington, which is scheduled to be completed and opened during Q4-09, and; (2) Texoma Medical Plaza located in Denison, Texas which is scheduled to be completed and opened during Q1-10. UHT had Long Term Debt Maturing within 1 Year of $1.89 million; Debt Maturing in Year 2 of $69.44 million; Debt Maturing in Year 3 of $12.04 million; and Debt Maturing in Year 4 of $21.29 million. VTR Reports FFO of $0.68 vs. $0.67 in Q2-08 Ventas reported Q2-09 normalized FFO of $96.603 million [$0.68/share] compared with $94.475 million [$0.67/share] in Q2-08. VTR's 2009 normalized FFO guidance is to range between $2.55 and $2.62/share. FAD was $101.460 million [$0.66/share] compared with $91.615 million [$0.64/share] in Q2-08. Total revenues were $231.988 million compared with $229.031 million in Q2-08 while the Net income attributable to common stockholders was $88.381 million [$0.57/share] compared with $70.153 million $0.51/share] in Q2-08. VTR's debt to total capitalization at June 30, 2009 was approximately 36%. VTR's net debt to pro forma EBITDA at quarter end was 4.1x. As of July 29, 2009, VTR has $18.8 million in total debt maturities remaining in 2009 and $172.8 million in total debt maturities in 2010, excluding normal periodic principal amortization payments. Debt Covenants: for VTR's Credit Facility
ADC Reported FFO of $0.70 vs. $0.65 in Q2-08 ADC reported Q2-09 FFO of $5.910 million [$0.70/share] compared to $5.420 million [$0.65/share] in Q2-08. Net income was $4.240 million [$0.54/share] compared with $3.766 million [$0.49/share] in Q2-08. Total revenues were $9.123 million compared $8.789 million in Q2-08. ADC's portfolio was 98.2% leased. ADC's construction in progress balance totaled $6.327 million at June 30, 2009. EPR Reported $0.86 vs. $1.08 in Q2-08 EPR reported Q2-09 FFO of $30.1 million [$0.86/share] compared with $33.5 million [$1.08/share] for Q2-08. EPR gave 2009 FFO guidance of $3.40 - $3.60/share. Net income available to common shareholders was $20.2 million [$0.58/share] compared to $23.9 million [$0.77/share] in Q2-08. This quarter’s results were impacted by EPR's policy to record interest income from notes receivable on a cash basis rather than an accrual basis. GTY Reported $0.54 vs. $0.43 in Q2-08 GTY reported Q2-09 FFO of $13.286 million [$0.54/share] as compared to $12.228 million [$0.43/share] for Q2-08. AFFO was $13.808 million [$0.56/share] as compared to $11.666 million [$0.47/share] for Q2-08. Rent received was $20.254 million as compared with $20.106 million for Q2-08. Net earnings from continuing operations was $10.509 million compared to $9.286 million in Q2-08. The increase in net earnings were principally due to increased gains on dispositions of real estate, lower interest expense and reductions in various operating expenses as compared to the respective prior year periods. Gains on dispositions of real estate was $3.1 million compared to $1.4 million in Q2-08. Interest expense was $1.2 million compared to $1.7 million for Q2-08 with the decrease primarily due to a reduction in interest rates on GTY's floating rate borrowings. LSE Reported $0.40 vs. $0.27 in Q2-08 CapLease reported Q2-09 FFO of $19.294 million [$.40/share] compared to $12.195 million [$.27/share] in Q2-08. Q2-09 results included a gain on extinguishment of debt of $6.593 million and a loss of investments of $0.577 million while Q2-08 contained a gain on derivatives of $0.198 million. before these items, FFO was $13.278 million [$.28/share] compared to $11.997 million [$.27/share] in Q2-08. LSE gave 2009 FFO guidance of $0.91 to $0.96/share while the CAD guidance is for $0.96 to $1.01/share. In Q2-09 LSE declared a cash dividend of $0.05/share. LXP's dividend will continue to be determined by the operating results of each quarter, economic conditions, capital requirements, and other operating trends. LXP Reported - $0.35 vs. $0.71 in Q2-08 Lexington Realty Trust reported Q2-09 FFO of - $38.752 million [- $0.35/share] compared with $76.112 million [$0.71/share] in Q2-08. FFO for Q2-08 was impacted by LXP Recording a debt investment impairment charge and reserve of $90.4 million, related to Concord Debt Holdings reducing LXP's investment to zero. LXP gave 2009 FFO guidance [before certain one time events] range of $1.29 to $1.34/share [compared to FFO guidance range of $1.56 to $1.64/share given last quarter]. During Q2-09 LXP [1] Raised $84.0 million through asset sales and satisfaction of notes receivable; [2] Reduced overall debt by $111.4 million, including $54.1 million original principal amount of 5.45% Exchangeable Notes repurchased at an average discount of 17.6%; [3] Repurchased and retired 503,100 Series C preferred shares with $25.2 million liquidation preference by issuing $11.4 million of common shares. O Reports $0.46 vs. $0.47 in Q2-08 Realty Income Corporation reported Q2-09 FFO [before Crest’s contribution] of $47.180 million [$0.46/share] as compared to $46.812 million [$.47/share] for Q2-08. During Q2-09, Crest did not contribute to Realty Income’s FFO, while in Q2-08 Crest contributed $0.01/share in FFO. At June 30, 2009, Crest’s property inventory consisted of five properties valued at $5.7 million. 2009 FFO Guidance is in a range of $1.83 to $1.86. Occupancy was 96.6% compared with 96.4% in Q2-08. Same store rents increased 0.5%. Excluding 104 properties leased to Buffets, (for which rents were renegotiated in September 2008), for the quarter ended June 30, 2009, same store rents on 1,991 properties under lease increased 1.5% to $70.42 million, as compared to $69.39 million for Q2-08. O has no mortgages on any of its 2,338 properties and no debt maturities for four years, or until 2013. O has no properties under development, no joint ventures and no off balance sheet assets or liabilities. OLP Reported $0.62 vs. $0.4x in Q2-08 One Liberty Properties reported Q2-09 FFO of $6.875 million [$.62/share] as compared to $5.616 million [$.50/share] for Q2-08. Net income was $4.443 million [$0.40/share] compared to $3.246 million [$.29/share] in Q2-08. OLP benefitted from a $1,905,000 lease termination fee, offset by the write off of straight line rent and intangible lease assets totaling $121,000 applicable to the lease which was terminated. There was no comparable revenue item in the three months ended June 30, 2008. Operating expenses increased by $228,000, or 5.8%, primarily because of an increase in depreciation and amortization resulting from property acquisitions in 2008. NNN Reported $0.45 vs. $0.48 in Q2-08 National Retail Properties reported Q2-09 FFO of $36.002 million [$0.45/share] compared to $35.032 million [$.48/share] in Q2-08. Net earnings available to common stockholders were $25.258 million [$0.32/share] compared to $27.570 million [$.48/share] in Q2-08. NNN gave 2009 FFO guidance of $1.65 to $1.70/share. This guidance includes non-cash interest expense of approximately $0.07/share due to changes required in accounting for convertible debt interest for fiscal years beginning after December 15, 2008. September: On 9-04 Ventas announced that the jury has ruled in Ventas’s favor in VTR's lawsuit against HCP for tortious interference with business expectation arising out of VTR's acquisition of Sunrise Senior Living REIT in April 2007. In connection with the ruling, the jury awarded VTR over $101 million in damages. On 9-01 HCN announced the pricing of its underwritten public offering of 8,000,000 shares of common stock at $40.40/share. HCN estimates that the gross proceeds from this offering will be approximately $323.2 million (or approximately $371.7 million if the underwriters’ over-allotment option is exercised in full). The company intends to use the net proceeds from this offering to retire approximately $53.1 million of mortgages payable and to invest in additional health care and senior housing properties. On 9-03 UHT declared a dividend of $0.595 per share on September 30, 2009 to shareholders of record as of September 16, 2009. August: On 8-10 HR declared a dividend of $0.385/share payable on September 4, 2009 to shareholders of record on August 21, 2009. On 8-31 VTR declared a dividend of $0.5125/share, payable in cash on September 30, 2009 to stockholders of record on September 11, 2009. On 8-20 GTY declared an increased dividend of $0.475/share payable on October 8, 2009 to holders of record on September 24, 2009. On 8-19 O declared a monthly dividend of of $0.142375/share, payable on September 15, 2009 to shareholders of record as of September 1, 2009. On 8-05 LSE reported that it paid a dividend on its common stock in the amount of $0.05/share [compared to no dividend paid in Q1-09]. The level of CapLease’s common dividend will continue to be determined by the operating results of each quarter, economic conditions, capital requirements, and other operating trends. On 8-27 Wells Fargo Upgraded SNH from Market Perform to Outperform. On 8-17 Oppenheimer Downgraded NCP from Outperform to Perform. On 8-12 Morgan Keegan Upgrade NRP from Market Perform to Outperform. On 8-28 analyst Andrew DiZio of Janney Montgomery Scott downgraded O to "Neutral" from "Buy." DiZio has a $26.50 target price on the REIT. The current price accurately reflects O's value, he said in a note to investors: It doesn't have any debt due before 2013, its balance sheet is strong and its leasing practices leave it less vulnerable to tenant bankruptcies than some of its competitors, he said. On 8-10 HCP announced that it has successfully completed its $441 million public offering of 17.8 million shares of common stock at a price per share of $24.75. On 8-05 HCN announced that its normalized FFO has been revised to a range of $3.11 to $3.18/share from $3.10 to $3.20/share and normalized FAD has been revised to a range of $2.95 to $3.02/share from $2.96 to $3.06/share. On 8-05 NHP announced that is was decreasing 2009 recurring diluted FFO guidance from $2.26/share to $2.25/share and also decreasing recurring diluted FAD guidance from $2.24/share to $2.23/share. On 8-04 HCP announced 2009 FFO guidance of a range between $2.13 and $2.19/share. On 8-05 LSE gave 2009 FFO guidance in the range of $0.91 to $0.96/share. On 8-03 NNN announced revised 2009 FFO guidance from $1.65 to $1.75/share to $1.65 to $1.70/share. This guidance includes non-cash interest expense of approximately $0.07/share. July: On 7-29 HCP declared a dividend of $0.46/share payable on August 19, 2009 to stockholders of record as of the close of business on August 6, 2009. On 7-30 OHI declared a dividend of $0.30/share to be paid August 17, 2009 to common stockholders of record on July 31, 2009. On 7-30 HCN declared a dividend of $0.68/share payable August 20, 2009, to stockholders of record on August 10, 2009. On 7-28 NHP declared a $0.44/share dividend that will be paid on September 4, 2009 to shareholders of record on August 14, 2009. On 7-22 UHT reported that its second quarter dividend of $.595 per share was paid on June 30, 2009. On 7-15 OHI declared a dividend of $0.30/share to be paid August 17, 2009 to common stockholders of record on July 31, 2009. On 7-06 LTC declared a dividend of $0.13/share per month for the months of July, August and September 2009, payable on July 31, August 31 and September 30, 2009. On 7-01 SNH declared an increased dividend of $0.36/share to be paid to common shareholders of record as of the close of business on July 10, 2009 and distributed on or about August 14, 2009. On 7-30 ADC reported that it paid a cash dividend of $0.50/share on July 14, 2009 to shareholders of record on June 30, 2009. On 7-30 LXP announced that its quarterly common share dividend in the amount of $0.18/share to be paid on July 30, 2009 to common shareholders of record as of the close of business on June 30, 2009 will consist of approximately $1.96 million in cash (not including cash-in-lieu of fractional shares) and approximately 4.3 million common shares priced at $4.0737/share. On 7-20 OLP announced that its dividend of $.22/share, payable on July 21, 2009 to record holders on June 19, 2009, will consist of approximately $233,000 in cash and 376,059 shares of One Liberty’s common stock. The number of shares included in the distribution is calculated based on $5.5804/share, the volume weighted average price per share of One Liberty’s common stock on the NYSE on July 8, July 9 and July 10, 2009. To stockholders electing to receive the dividend in all cash, One Liberty will pay the dividend in the form of $.0443/share in cash and $.1757/share in stock. On 7-31 Stifel Nicolaus Downgraded VTR from Buy to Hold. On 7-07 HCN and NHP were upgraded by Morgan Keegan. On 7-30 OHI affirmed its 2009 Adjusted FFO available to common stockholders guidance of between $1.47 and $1.50 per diluted share.. On 7-30 VTR gave updated 2009 normalized FFO per diluted share guidance to range between $2.55 and $2.62/share. Home Page Previous REIT Update Top Sites | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||