-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OQPhNIRddDAStYt5fmIqIhNs2FLUklYcarAfF8DwEHc9BrkDpffIRJy4wxO3PRTb b93ES7M00/KZKsWFLjj/Gg== 0000765880-97-000020.txt : 19970815 0000765880-97-000020.hdr.sgml : 19970815 ACCESSION NUMBER: 0000765880-97-000020 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970630 FILED AS OF DATE: 19970814 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: HEALTH CARE PROPERTY INVESTORS INC CENTRAL INDEX KEY: 0000765880 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 330091377 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08895 FILM NUMBER: 97660025 BUSINESS ADDRESS: STREET 1: 10990 WILSHIRE BLVD STE 1200 CITY: LOS ANGELES STATE: CA ZIP: 90024 BUSINESS PHONE: 3104731990 MAIL ADDRESS: STREET 1: 10990 WILSHIRE BLVD STREET 2: STE 1200 CITY: LOS ANGELES STATE: CA ZIP: 90024 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended June 30, 1997. OR [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from ..... to ....... Commission file number 1-8895 - ------------------------------------------------------------------------------- HEALTH CARE PROPERTY INVESTORS, INC. (Exact name of registrant as specified in its charter) - ------------------------------------------------------------------------------- Maryland 33-0091377 (State or other jurisdiction of (I.R.S. Employer incorporation of organization) Identification No.) 10990 Wilshire Boulevard, Suite 1200 Los Angeles, California 90024 (Address of principal executive offices) (310) 473-1990 (Registrant's telephone number, including area code) ---------------------- Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes [X] No[ ] As of August 7, 1997 there were 28,721,719 shares of $1.00 par value common stock outstanding. HEALTH CARE PROPERTY INVESTORS, INC. INDEX PART I. FINANCIAL INFORMATION PAGE NO. -------- Item 1. Financial Statements: Consolidated Balance Sheets June 30, 1997 and December 31, 1996 . . . . . . . . . . . . 2 Consolidated Statements of Income Six Months and Three Months Ended June 30, 1997 and 1996. . 3 Consolidated Statements of Cash Flows Six Months Ended June 30, 1997 and 1996 . . . . . . . . . . 4 Notes to Consolidated Condensed Financial Statements. . . . 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations . . . . . . . 7 PART II. OTHER INFORMATION Signatures. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 1 HEALTH CARE PROPERTY INVESTORS, INC. CONSOLIDATED BALANCE SHEETS (unaudited) (Dollar amounts in thousands)
June 30, December 31, 1997 1996 ---------- ----------- ASSETS Real Estate Investments Buildings and Improvements $ 752,622 $ 693,586 Accumulated Depreciation (159,596) (147,860) -------- -------- 593,026 545,726 Construction in Progress 13,396 7,905 Land 79,414 70,103 -------- -------- 685,836 623,734 Loans Receivable 111,761 112,227 Investments in and Advances to Partnerships 6,455 6,531 Other Assets 9,181 8,350 Cash and Cash Equivalents 3,356 2,811 -------- -------- TOTAL ASSETS $ 816,589 $ 753,653 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Bank Notes Payable $ 57,000 $ --- Senior Notes Payable 274,933 267,470 Convertible Subordinated Notes Payable 100,000 100,000 Mortgage Notes Payable 11,332 12,034 Accounts Payable, Accrued Liabilities and Deferred Income 20,102 19,739 Minority Interests in Partnerships 17,384 17,604 Stockholders' Equity: Common Stock 28,714 28,678 Additional Paid-In Capital 356,896 355,672 Cumulative Net Income 412,483 379,970 Cumulative Dividends (462,255) (427,514) -------- -------- TOTAL STOCKHOLDERS' EQUITY 335,838 336,806 -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 816,589 $ 753,653 ======== ========
See accompanying Notes to Consolidated Condensed Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations. 2 HEALTH CARE PROPERTY INVESTORS, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited) (Amounts in thousands, except per share amounts)
Three Months Six Months Ended June 30, Ended June 30, ---------------------- --------------------- 1997 1996 1997 1996 --------- --------- --------- -------- REVENUE Base Rental Income $ 22,859 $ 20,707 $ 44,770 $ 40,891 Additional Rental and Interest Income 5,300 5,768 10,613 10,550 Interest and Other Income 3,592 4,111 7,235 8,088 --------- --------- --------- --------- 31,751 30,586 62,618 59,529 --------- --------- --------- --------- EXPENSE Interest Expense 7,198 6,609 13,960 12,902 Depreciation/Noncash Charges 6,301 5,693 12,535 10,962 Other Expenses 1,855 1,802 3,636 3,538 --------- --------- --------- --------- 15,354 14,104 30,131 27,402 --------- --------- --------- --------- INCOME FROM OPERATIONS 16,397 16,482 32,487 32,127 Minority Interests (1,003) (891) (2,021) (1,935) Gain on Sale of Real Estate Properties --- --- 2,047 --- --------- --------- --------- --------- NET INCOME $ 15,394 $ 15,591 $ 32,513 $ 30,192 ========= ========= ========= ========= NET INCOME PER SHARE $ 0.54 $ 0.54 $ 1.13 $ 1.05 ========= ========= ========= ========= WEIGHTED AVERAGE SHARES OUTSTANDING 28,712 28,662 28,707 28,634 ========= ========= ========= =========
See accompanying Notes to Consolidated Condensed Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations. 3 HEALTH CARE PROPERTY INVESTORS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Amounts in thousands)
Six Months Ended June 30, --------------------------- 1997 1996 ------------ ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net Income $ 32,513 $ 30,192 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Real Estate Depreciation 10,972 9,760 Non Cash Charges 1,563 1,202 Partnership Adjustments (384) (318) Gain on Sale of Real Estate Properties (2,047) --- Changes in: Operating Assets (885) 1,702 Operating Liabilities 121 3,056 ---------- ---------- NET CASH PROVIDED BY OPERATING ACTIVITIES 41,853 45,594 ---------- ---------- CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of Real Estate (79,733) (88,344) Proceeds from Sale of Real Estate Properties 8,624 --- Other Investments and Loans 746 6,782 ---------- ---------- NET CASH USED IN INVESTING ACTIVITIES (70,363) (81,562) ---------- ---------- CASH FLOWS FROM FINANCING ACTIVITIES: Net Change in Bank Notes Payable 57,000 (31,700) Repayment of Senior Notes (12,500) --- Issuance of Senior Notes Payable 19,876 113,329 Cash Proceeds from Issuing Common Stock 167 1,239 Periodic Payments on Mortgages (519) (728) Dividends Paid (34,741) (32,360) Other Financing Activities (228) (840) ---------- ---------- NET CASH PROVIDED BY FINANCING ACTIVITIES 29,055 48,940 ---------- ---------- NET INCREASE IN CASH AND CASH EQUIVALENTS 545 12,972 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 2,811 2,000 ---------- ---------- CASH AND CASH EQUIVALENTS, END OF PERIOD $ 3,356 $ 14,972 ========== ==========
See accompanying Notes to Consolidated Condensed Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations. 4 HEALTH CARE PROPERTY INVESTORS, INC. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS June 30, 1997 (Unaudited) (1) SIGNIFICANT ACCOUNTING POLICIES The unaudited financial information furnished herein, in the opinion of management, reflects all adjustments that are necessary to state fairly the financial position, the results of operations, and cash flows of Health Care Property Investors, Inc. and its affiliated subsidiaries and partnerships (the "Company"). The Company presumes that users of the interim financial information herein have read or have access to the audited financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations for the preceding fiscal year ended December 31, 1996 and that the adequacy of additional disclosures needed for a fair presentation, except in regard to material contingencies, may be determined in that context. Accordingly, footnotes and other disclosures that would substantially duplicate the disclosures contained in the Company's most recent annual report on Form 10-K to security holders have been omitted. The interim financial information contained herein is not necessarily representative of a full year's operations for various reasons including acquisitions, changes in rents, interest rates and the timing of debt and equity financings. These same considerations apply to all year-to-year comparisons. Net Income Per Share Net Income Per Share is calculated by dividing Net Income by the weighted average common shares outstanding during the period. There were 28,713,969 shares outstanding as of June 30, 1997. Reclassifications Reclassifications have been made for comparative financial statement presentations. (2) MAJOR OPERATORS Listed below are the Company's major operators and the percentage of revenue from these operators and their subsidiaries. Percentage of Operators Revenue Total Revenue - ---------------------------------------------------------------------------- Vencor, Inc. ("Vencor") $ 12,012,000 19.2% Emeritus Corporation 4,976,000 8.0 Beverly Enterprises, Inc. ("Beverly") 4,925,000 7.9 Horizon/CMS Healthcare Corporation ("Horizon") 4,918,000 7.9 Tenet Healthcare Corporation ("Tenet") 4,724,000 7.5 Columbia/HCA Healthcare Corp. 4,055,000 6.5 HealthSouth Corporation ("HealthSouth") 3,160,000 5.1 5 All of the leases with Tenet and Vencor and one lease with HealthSouth are unconditionally guaranteed by Tenet. Those leases represent approximately 28.4% of the Company's total revenue for the six months ended June 30, 1997. (3) STOCKHOLDERS' EQUITY The following tabulation is a summary of the activity for the Stockholders' Equity account for the six months ended June 30, 1997 (amounts in thousands):
Common Stock -------------------------------- Par Additional Total Number of Value Paid-In Cumulative Cumulative Stockholders' Shares Amount Capital Net Income Dividends Equity - ----------------------------------------------------------------------------------------------------- Balance, December 31, 1996 28,678 $28,678 $355,672 $379,970 $(427,514) $336,806 Issuance of Stock, Net 30 30 1,063 1,093 Exercise of Stock Options 6 6 161 167 Net Income 32,513 32,513 Dividends Paid (34,741) (34,741) - ---------------------------------------------------------------------------------------------------- Balance, June 30, 1997 28,714 $28,714 $356,896 $412,483 $(462,255) $335,838 ====================================================================================================
(4) COMMITMENTS As of August 12, 1997, the Company has outstanding commitments on closed and to- be-closed development transactions of approximately $55,000,000 and $63,000,000, respectively. The Company is also committed to acquire approximately $26,000,000 of existing health care facilities. The Company expects that a significant portion of these commitments will be funded; however, experience suggests that some committed transactions will not close. Transactions do not close for various reasons including unsatisfied pre-closing conditions, competitive financing sources, final negotiation differences and the operator's inability to obtain required internal or governmental approvals. (5) SUBSEQUENT EVENTS On July 17, 1997 the Board of Directors declared a quarterly dividend of $0.62 per share payable on August 20, 1997, to stockholders of record on the close of business on August 4, 1997. 6 HEALTH CARE PROPERTY INVESTORS, INC. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS GENERAL The Company is in the business of acquiring health care facilities that it leases on a long-term basis to health care providers. On a more limited basis, the Company has provided mortgage financing on health care facilities. As of June 30, 1997, the Company's portfolio of properties, including equity investments, consisted of 226 facilities located in 38 states. These facilities are comprised of 134 long-term care facilities, 63 congregate care and assisted living facilities, 12 medical office buildings, seven acute care hospitals, six rehabilitation facilities, three physician group practice clinics and one psychiatric care facility. The gross acquisition price of the properties, which includes partnership acquisitions, was approximately $988,430,000 at June 30, 1997. The Company had commitments to purchase and construct health care facilities totaling approximately $144,000,000 for funding during 1997 and 1998. The Company expects that a significant portion of these commitments will be funded but that a portion may not be funded (see Note (4) to the Consolidated Condensed Financial Statements). RESULTS OF OPERATIONS Net Income for the three and six months ended June 30, 1997 totaled $15,394,000 or $.54 per share of common stock and $32,513,000 or $1.13 per share on revenues of $31,751,000 and $62,618,000, respectively. This compares to Net Income of $15,591,000 or $0.54 per share of common stock and $30,192,000 or $1.05 per share on revenues of $30,586,000 and $59,529,000 for the same periods in 1996. Net Income for the six months ended June 30, 1997 included a $2,047,000 or $0.07 per share gain on the sale of real estate properties. Net Income for the three and six months ended June 30, 1996 included $1,100,000 or $0.04 per share of non-recurring income from the early payoff of a mortgage loan. Base Rental Income for the three and six months ended June 30, 1997 increased $2,152,000 and $3,879,000 to $22,859,000 and $44,770,000, respectively, as compared to the same period in the prior year. This majority of the increase in Base Rental Income was generated by new equity investments of approximately $103,000,000 and $87,000,000 made during 1997 and 1996. Additional Rental and Interest Income from the existing portfolio increased by $632,000 and $1,163,000 for the three and six months ended June 30, 1997, respectively, after giving effect to the $1,100,000 non-recurring income from the early payoff of a mortgage loan. These increases were offset by a reduction in Interest and Other Income for the three and six months ended June 30, 1997 of $519,000 and $853,000, respectively, as a result of the payoff of certain mortgage loans. 7 Interest Expense for the three and six months ended June 30, 1997 increased $589,000 and $1,058,000 as a result of the $10,000,000 Medium-Term Notes issued in both March and April of 1997 and the issuance in February 1996 of $115,000,000 of 6.5% Senior Notes. Depreciation/Non Cash Charges increased $608,000 and $1,573,000 to $6,301,000 and $12,535,000 for the three and six months ended June 30, 1997, respectively, due primarily to new investments made during 1997 and 1996. The Company has adopted the definition of Funds From Operations ("FFO") prescribed by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO is defined as net income (computed in accordance with generally accepted accounting principles), excluding gains (or losses) from debt restructuring and sales of property, plus real estate depreciation, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect FFO on the same basis. Below is a summary of the calculation of Funds From Operations: Six Months Ended June 30, 1997 1996 --------- --------- (Amounts in thousands) Net Income $ 32,513 $ 30,192 Real Estate Depreciation 10,972 9,760 Partnership Adjustments (384) (318) Gain on Sale of Real Estate Properties (2,047) --- -------- -------- Funds From Operations $ 41,054 $ 39,634 ======== ======== FFO for the six months ended June 30, 1997 increased $1,420,000 to $41,054,000. The increase is attributable to increases in Base Rental Income and Additional Rental and Interest Income, and offset by increases in Interest Expense and decreases in Interest and Other Income which are discussed above. FFO does not represent cash generated from operating activities in accordance with generally accepted accounting principles, is not necessarily indicative of cash available to fund cash needs and should not be considered as an alternative to net income. FFO, as defined by the Company, may not be comparable to similarly entitled items reported by other real estate investment trusts that do not define it exactly as the NAREIT definition. The Company believes that FFO is an important supplemental measure of operating performance. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. Since real estate values instead have historically risen and fallen with market conditions, presentations of operating results for a real estate investment trust that uses historical cost accounting for depreciation could be uninformative. The term FFO was designed by the real estate investment trust industry to address this problem. 8 LIQUIDITY AND CAPITAL RESOURCES The Company has financed acquisitions through the sale of common stock, the issuance of long-term debt, the assumption of mortgage debt, the use of short- term bank lines and through internally generated cash flows. Facilities under construction are generally financed by means of cash on hand or short-term borrowings under the Company's existing bank lines. In the future, the Company may use its Medium-Term Note ("MTN") program to finance a portion of the costs of construction. At the completion of construction and commencement of the lease, short-term borrowings used in the construction phase are generally refinanced with new long-term debt or equity offerings. On February 15, 1996, the Company issued $115,000,000 in Unsecured Senior Notes due 2006 bearing a coupon rate of 6.50%. The majority of the proceeds from this debt issuance was used to fund acquisitions made during 1995 and 1996. During March and April 1997, the Company issued two ten year $10,000,000 MTNs with coupon rates of 7.30% and 7.62%, respectively. At June 30, 1997, stockholders' equity in the Company totaled $335,838,000 and the debt to equity ratio was 1.32 to 1. For the six months ended June 30, 1997, FFO covered Interest Expense 3.94 to 1.0. As of June 30, 1997, the Company had approximately $30,975,000 available under its Series B Medium-Term Note program registered pursuant to a shelf registration statement for future issuance of MTNs from time to time based on Company needs and then existing market conditions. In June 1997, the Company registered $385,000,000 of debt and equity securities under a shelf registration statement filed with the Securities and Exchange Commission. Of the $385,000,000, $100,000,000 has been allocated for a new Series C Medium- Term Note program. As of June 30, 1997, the Company had $43,000,000 available on its $100,000,000 revolving line of credit. This line of credit with a group of six domestic and international banks expires on March 31, 2000. The Company's Senior Notes and Convertible Subordinated Notes have been rated investment grade by debt rating agencies since 1986. Current ratings are as follows: Moody's Standard & Poor's Duff & Phelps ---------------------------------------------------- Senior Notes Baa1 BBB+ A- Convertible Subordinated Notes Baa2 BBB BBB+ Since inception in May 1985, the Company has recorded approximately $551,825,000 in cumulative FFO. Of this amount, a total of $462,255,000 has been distributed to stockholders as dividends. The balance of $89,570,000 has been retained, and is an additional source of capital for the Company. At June 30, 1997, the Company held approximately $37,500,000 in irrevocable letters of credit from commercial banks to secure the obligations of many lessees' lease and borrowers' loan obligations. The Company may draw upon the letters of credit if there are any defaults under the leases and/or loans. Amounts available under letters of credit change from time to time and such changes may be material. 9 The second quarter 1997 dividend of $0.61 per share or $17,516,000 in the aggregate was paid on May 20, 1997. Total dividends paid during the six months ended June 30, 1997 as a percentage of FFO for the corresponding period was 85%. The Company declared a third quarter dividend of $0.62 per share or approximately $17,800,000 in the aggregate, to be paid on August 20, 1997. The Company has concluded a significant number of "facility rollover" transactions in 1995, 1996 and 1997 on properties that have been under long- term leases and mortgages. "Facility rollover" transactions principally include lease renewals and renegotiations, exchanges, sales of properties, and, to a lesser extent, payoffs on mortgage receivables. In 1995, the Company completed 20 facility rollovers including the sale of ten facilities with concurrent "seller financing" for a gain of $23,550,000. The 1995 facility rollovers generated an increase of $900,000 in FFO on an annualized basis. During the year ended December 31, 1996, the Company completed or agreed in principle to complete 20 facility rollovers including the sale of nine facilities in Missouri and the exchange of the Dallas Rehabilitation Institute for the HealthSouth Sunrise Rehabilitation Hospital in Fort Lauderdale, Florida. The 1996 facility rollovers through December 31, 1996, resulted in a decrease of $1,200,000 in Funds From Operations on an annualized basis. As of August 12, 1997, the Company has completed or agreed in principle to complete four facility rollovers which will generate a net increase in FFO of $100,000 on an annualized basis. Through December 31, 1999, the Company has 65 more facilities which are subject to lease expiration, mortgage maturities and purchase options. The 1998 group includes 14, ten, and five long-term care facilities leased to Vencor, Beverly and Horizon, respectively. The Horizon and Beverly facilities cannot be renewed or purchased individually but are each linked together in one and two renewal/purchase groups, respectively. The Company has completed certain facility rollovers earlier than the scheduled lease expirations or mortgage maturities and will continue to pursue such opportunities where it is advantageous to do so. Management believes that the Company's liquidity and sources of capital are adequate to finance its operations as well as its future investments in additional facilities. 10 PART II. OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders --------------------------------------------------- The Company held its annual stockholders meeting on April 23, 1997. The following matters were voted upon at the meeting: 1. Election of Directors ---------------------- Votes Cast ---------- Against or Name of Director Elected For Withheld -------------------------- ---------- ------------ Robert R. Fanning, Jr. 26,475,097 311,497 Michael D. McKee 26,477,222 309,372 Harold M. Messmer, Jr. 26,476,383 310,211 Name of Each Other Director Whose Term of Office as Director Continued After the Meeting --------------------------- Orville E. Melby Harold M. Messmer, Jr. Peter L. Rhein Kenneth B. Roath 2. Approval of the Company's Second Amended and Restated Directors Stock Incentive Plan -------------------------------------------- For Against Abstain No-Vote ---------- --------- ------- --------- 15,406,573 3,977,591 589,840 6,812,590 3. Approval of the Company's Second Amended and Restated Stock Incentive Plan ----------------------------------------- For Against Abstain No-Vote ---------- --------- ------- --------- 14,397,303 4,975,649 601,052 6,812,590 4. Ratification of Arthur Andersen LLP As the Company's Independent Accountants for the Fiscal Year Ending December 31,1997 ------------------------------------- For Against Abstain ---------- --------- ------- 26,591,338 78,898 116,358 11 Item 6. Exhibits and Reports on Form 8-K -------------------------------- a) Exhibits: EX-27 Financial Data Schedule b) Reports on Form 8-K: On July 21, 1997, the Company filed a Report on Form 8-K with the Securities and Exchange Commission regarding the Distribution Agreement with Merrill Lynch & Co., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Goldman, Sachs & Co. and NationsBanc Capital Markets, Inc. for $100,000,000 Medium-Term Notes Series C. 12 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: August 12, 1997 HEALTH CARE PROPERTY INVESTORS, INC. (REGISTRANT) /s/ James G. Reynolds ---------------------------------- James G. Reynolds Executive Vice President and Chief Financial Officer (Principal Financial Officer) /s/ Devasis Ghose -------------------------------- Devasis Ghose Senior Vice President-Finance and Treasurer (Principal Accounting Officer) 13 EX-27 2
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE FORM 10-Q FOR THE SIX MONTHS ENDED JUNE 30, 1997 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000765880 HEALTH CARE PROPERTY INVESTORS, INC. 1,000 6-MOS DEC-31-1997 JUN-30-1997 3,356 0 0 0 0 0 845,432 159,596 816,589 0 443,265 0 0 28,714 307,124 816,589 0 62,618 0 14,556 3,636 0 13,960 32,513 0 32,513 0 0 0 32,513 1.13 1.13
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