EX-99.4 5 l88293aex99-4.txt EXHIBIT 99.4 1 FOR IMMEDIATE RELEASE Exhibit 99.4 FEBRUARY 1, 2001 FOR MORE INFORMATION CONTACT: RAY BRAUN - (419) 247-2800 MIKE CRABTREE - (419) 247-2800 HEALTH CARE REIT, INC. REPORTS 2000 OPERATING RESULTS Toledo, Ohio, February 1, 2001........HEALTH CARE REIT, INC. (NYSE/HCN) today announced operating results for its fourth quarter and year ended December 31, 2000. The company's strategies to focus on stabilization of the assisted living portfolio and manage liquidity are successfully being implemented. "Our operating results for the quarter are right on target as a result of our asset disposition program, which is on track to complete $200 million in sales or refinancings," commented George L. Chapman, chairman and chief executive officer. "Although the divestiture program has created a modest reduction in asset size and FFO results, this strategy has effectively preserved the company's fundamental credit qualities. Our company's low leverage of 39 percent debt to total capitalization and EBITDA coverage at 3.5 times strongly support the interest and dividend payments. We intend to maintain the dividend at its current level, with increases to resume once capital becomes available at costs that permit accretive investment activity."
SUMMARY OF FOURTH QUARTER RESULTS --------------------------------- (In thousands, except per share numbers) --------------------------------------------------------- ---------------------------- --------------------------------- THREE MONTHS ENDED THREE MONTHS ENDED DEC. 31, 2000 DEC. 31, 1999 --------------------------------------------------------- ---------------------------- --------------------------------- Revenues $33,775 $33,812 --------------------------------------------------------- ---------------------------- --------------------------------- Net Income Available to Common Shareholders $11,434 $14,624 --------------------------------------------------------- ---------------------------- --------------------------------- FFO (excluding charge) $18,969 $19,895 --------------------------------------------------------- ---------------------------- --------------------------------- Net Income Per Diluted Share $0.40 $0.51 --------------------------------------------------------- ---------------------------- --------------------------------- FFO Per Diluted Share (excluding charge) $0.66 $0.70 --------------------------------------------------------- ---------------------------- --------------------------------- Dividend Per Share $0.585 $0.575 --------------------------------------------------------- ---------------------------- --------------------------------- FFO Payout Ratio (excluding charge) 89% 82% --------------------------------------------------------- ---------------------------- --------------------------------- FFO $16,969 $19,895 --------------------------------------------------------- ---------------------------- --------------------------------- FFO Per Diluted Share $0.59 $0.70 --------------------------------------------------------- ---------------------------- ---------------------------------
Funds from operations (FFO), the generally accepted measure of operating performance for the real estate investment trust industry, totaled $17.0 million, or $0.59 per diluted share, for the latest three months, compared with $19.9 million, or $0.70 per diluted share, for the same period in 1999. Included in FFO and net income is a previously disclosed $2 million or $0.07 per diluted share charge for the non-cash, non-recurring write-off of an equity investment in Summerville. Excluding the charge, FFO per diluted share for the three months ended December 31, 2000 would have been $0.66. Revenues were mostly unchanged as a result of increased rental income from newly converted construction properties offsetting the decline in the investment base as a result of asset dispositions. Net income available to common shareholders was reduced by about 22 percent during the quarter primarily as a result of an increase in the company's provision for depreciation, an increase in interest expense and the loss on the Summerville investment. The provision for depreciation in the fourth quarter totaled $6.1 million compared with $5.3 million for the same period in 1999. The increased provision for depreciation primarily was the result of additional investments in properties owned directly by the company. Interest expense for the latest three months was $8.5 million compared with $8.2 million for the same period in 1999. The company capitalizes certain interest costs associated with funds used to finance the construction of properties owned directly by the company. The company's interest expense is reduced by the amount -18- 2 4Q00 EARNINGS RELEASE -------------------------------------------------------------------------------- capitalized. As a result of reduced construction financing, capitalized interest for the 2000 fourth quarter totaled $302,000 compared with $1.5 million for the same period in 1999.
SUMMARY OF YEAR-TO-DATE RESULTS ------------------------------- (In thousands, except per share numbers) --------------------------------------------------------- ---------------------------- --------------------------------- YEAR ENDED YEAR ENDED DEC. 31, 2000 DEC. 31, 1999 --------------------------------------------------------- ---------------------------- --------------------------------- Revenues $136,954 $129,307 --------------------------------------------------------- ---------------------------- --------------------------------- Net Income Available to Common Shareholders $54,566 $62,824 --------------------------------------------------------- ---------------------------- --------------------------------- FFO (excluding charge) $77,531 $78,441 --------------------------------------------------------- ---------------------------- --------------------------------- Net Income Per Diluted Share $1.91 $2.21 --------------------------------------------------------- ---------------------------- --------------------------------- FFO Per Diluted Share (excluding charge) $2.71 $2.76 --------------------------------------------------------- ---------------------------- --------------------------------- Dividend Per Share $2.335 $2.270 --------------------------------------------------------- ---------------------------- --------------------------------- FFO Payout Ratio (excluding charge) 86% 82% --------------------------------------------------------- ---------------------------- --------------------------------- FFO $75,531 $78,441 --------------------------------------------------------- ---------------------------- --------------------------------- FFO Per Diluted Share $2.64 $2.76 --------------------------------------------------------- ---------------------------- ---------------------------------
The decline in 2000 net income available to common shareholders was primarily related to an increase in the provision for depreciation, increases in interest expense, and the loss on investment previously indicated. For the year ended 2000, the provision for depreciation totaled $22.7 million compared with $17.9 million for the same period in 1999. The increased provision for depreciation was the result of additional investments in properties owned directly by the company. During 2000, interest expense totaled $34.6 million compared with $26.9 million for the same period in the prior year, with capitalized interest totaling $3.1 million compared with $8.6 million for the same period in 1999. ASSET DISPOSITIONS EFFECTIVE IN REDUCING DEBT. In 2000, the company completed asset dispositions totaling $173 million to preserve its low leverage and liquidity in a tight capital market. The proceeds derived from the sales and refinancings were used to meet debt maturities, satisfy unfunded commitment obligations, and pay down the company's line of credit arrangements. The asset dispositions contributed to a 9 percent reduction in total assets, which at December 31, 2000, totaled $1.16 billion. The company had a total outstanding debt balance of $440 million at year-end 2000, down 18 percent from 1999, and shareholders' equity of $699 million, which represents a debt to total capitalization ratio of 0.39 to 1.0. For the year ended December 31, 2000, the company's coverage ratio of EBITDA to interest was 3.5 to 1.0. LEASE UP STATISTICS FOR ASSISTED LIVING FACILITIES. The company's stabilized assisted living portfolio increased significantly in 2000. Forty-four facilities with an investment balance of $196 million stabilized during the year 2000. As of December 31, 2000, 41 assisted living facilities remained in fill-up. Approximately 70 percent of these facilities were more than 50 percent occupied. The company anticipates that approximately 20 facilities with an investment balance of approximately $123 million will stabilize in the first two quarters of 2001, increasing stabilized properties to approximately 80 percent of the portfolio. UPDATE ON BALANCED CARE. Balanced Care Corporation recently announced the initiation of a restructuring plan. The company owns eight assisted living facilities and one skilled nursing facility that are leased to Balanced Care and represent approximately 5 percent of the company's portfolio. These facilities are located in Ohio, Pennsylvania, Indiana, and Tennessee. Five of the facilities are stabilized properties with an average occupancy of approximately 93 percent. Three other properties are in fill-up with an average occupancy of approximately 43 percent. One facility is under construction and is expected to open in the first quarter of 2001. Overall, the eight buildings that are open have occupancy of approximately 70 percent. The company holds letters of credit of approximately $2.2 million as security for Balanced Care's obligations. OUTLOOK FOR 2001. The company's fourth quarter 2000 FFO was $0.66 per diluted share excluding the loss on investment. In order to provide FFO estimates for 2001, the company believes it appropriate to assume no new investment activity beyond completion of $15 to $20 million of existing operator funding commitments, additional asset dispositions of approximately $60 million, increased borrowing costs under its extended line of credit and no further reductions in interest rates. These assumptions produce a base case FFO of $0.64 to $0.65 per diluted share per quarter. As market conditions change, the company will be in a position in subsequent quarterly earnings releases and conference calls to update and adjust FFO estimates. -19- 3 4Q00 EARNINGS RELEASE CONFERENCE CALL INFORMATION. Health Care REIT has scheduled a conference call on February 2, 2001 at 12:00 p.m. EST to discuss its fourth quarter 2000 performance, industry trends, portfolio performance, and its outlook for 2001. To participate on the webcast, log on to www.hcreit.com or www.streetfusion.com 15 minutes before the call to download the necessary software. Replays will be available for 90 days through the same websites. Health Care REIT, Inc., with headquarters in Toledo, Ohio, is a real estate investment trust that invests in health care facilities, primarily nursing homes and assisted living facilities. At December 31, 2000, the company had investments in 205 health care facilities in 34 states and had total assets of approximately $1.16 billion. For more information on Health Care REIT, Inc., via facsimile at no cost, dial 1-800-PRO-INFO and enter the company code - HCN. More information is available on the Internet at http://www.hcreit.com. This document and supporting schedules may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in the future to differ materially from expected results. These risks and uncertainties include, among others, general economic conditions, the availability of capital, competition within the financial services and real estate markets, the performance of operators within Health Care REIT's portfolio, and regulatory and other changes in the health care sector, as described in the company's filings with the Securities and Exchange Commission. FINANCIAL SCHEDULES FOLLOW ##### -20- 4 4Q00 EARNINGS RELEASE HEALTH CARE REIT, INC. FINANCIAL SUPPLEMENT CONSOLIDATED BALANCE SHEETS (UNAUDITED) (AMOUNTS IN THOUSANDS)
DECEMBER 31 ---------------------------- 2000 1999 ---------------------------- ASSETS Real estate investments: Real property owned Land $ 74,319 $ 73,234 Buildings & improvements 770,660 730,337 Construction in progress 11,976 58,954 ----------- ----------- 856,955 862,525 Less accumulated depreciation (52,968) (35,746) ----------- ----------- Total real property owned 803,987 826,779 Loans receivable Real property loans 301,321 401,019 Subdebt investments 21,972 19,511 ----------- ----------- 323,293 420,530 Less allowance for losses on loans receivable (5,861) (5,587) ----------- ----------- 317,432 414,943 ----------- ----------- Net real estate investments 1,121,419 1,241,722 Other assets: Equity investments 5,450 6,713 Deferred loan expenses 2,939 3,311 Cash and cash equivalents 2,844 2,129 Receivables and other assets 24,252 17,296 ----------- ----------- 35,485 29,449 ----------- ----------- TOTAL ASSETS $ 1,156,904 $ 1,271,171 =========== =========== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Borrowings under line of credit obligations $ 119,900 $ 177,500 Senior unsecured notes 255,000 290,000 Secured debt 64,852 71,342 Accrued expenses and other liabilities 18,545 25,333 ----------- ----------- Total liabilities $ 458,297 $ 564,175 Shareholders' equity: Preferred Stock 150,000 150,000 Common Stock 28,806 28,532 Capital in excess of par value 528,138 524,204 Undistributed net income (3,388) 8,883 Accumulated other comprehensive income (744) 593 Unamortized restricted stock (4,205) (5,216) ----------- ----------- TOTAL SHAREHOLDERS' EQUITY $ 698,607 $ 706,996 ----------- ----------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 1,156,904 $ 1,271,171 =========== ===========
-21- 5 4Q00 EARNINGS RELEASE HEALTH CARE REIT, INC. FINANCIAL SUPPLEMENT CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (AMOUNTS IN THOUSANDS EXCEPT PER SHARE DATA)
THREE MONTHS ENDED TWELVE MONTHS ENDED DECEMBER 31 DECEMBER 31 ----------------------------------- ------------------------------------ 2000 1999 2000 1999 ---------------- ------------------ ----------------- ------------------ Revenues: Operating lease rents $ 22,328 $ 20,872 $ 88,312 $ 72,700 Interest income 9,655 11,575 41,064 48,076 Commitment fees and other income 1,179 1,365 5,837 6,263 Prepayment fees 0 0 57 1,565 Gain on sale of properties 613 0 1,684 703 ------------- -------------- ------------ ------------ Gross Revenues 33,775 33,812 136,954 129,307 Expenses: Interest expense $ 8,529 $ 8,234 $ 34,622 $ 26,916 Provision for depreciation 6,148 5,271 22,706 17,885 Loss on investment 2,000 0 2,000 0 General and administrative 1,751 1,932 7,405 7,359 Loan expense 287 250 1,165 909 Provision for losses 250 150 1,000 600 ------------- -------------- ------------ ------------ Total Expenses 18,965 15,837 68,898 53,669 ------------- -------------- ------------ ------------ Net Income 14,810 17,975 68,056 75,638 Preferred stock dividends 3,376 3,351 13,490 12,814 ------------- -------------- ------------ ------------ Net Income Available to Common Shareholders $ 11,434 $ 14,624 $ 54,566 $ 62,824 ============= ============== ============ ============ Average number of common shares outstanding: Basic 28,537 28,216 28,418 28,128 Diluted 28,762 28,457 28,643 28,384 Net income per share: Basic $ 0.40 $ 0.52 $ 1.92 $ 2.23 Diluted 0.40 0.51 1.91 2.21 Funds from operations: $ 16,969 $ 19,895 $ 75,531 $ 78,441 Funds from operations per share: Basic $ 0.59 $ 0.71 $ 2.66 $ 2.79 Diluted 0.59 0.70 2.64 2.76 Funds from operations excluding loss on investment: $ 18,969 $ 19,895 $ 77,531 $ 78,441 Funds from operations per share excluding loss on investment: Basic $ 0.66 $ 0.71 $ 2.73 $ 2.79 Diluted 0.66 0.70 2.71 2.76 Dividends per share $ 0.585 $ 0.575 $ 2.335 $ 2.270
-22- 6 4Q00 EARNINGS RELEASE HEALTH CARE REIT, INC. FINANCIAL SUPPLEMENT - DECEMBER 31, 2000
PORTFOLIO COMPOSITION ($000'S) EXHIBIT 1 ------------------------------ BALANCE SHEET DATA # Properties # Beds/Units Balance % Balance -------------------- ------------------- -------------------- ----------------- Real Property 156 12,400 $ 803,987 71% Loans Receivable 49 5,377 301,321 27% Subdebt Investments -na- -na- 21,972 2% -------------------- ------------------- -------------------- ----------------- Total Investments 205 17,777 $ 1,127,280 100% INVESTMENT DATA # Properties # Beds/Units Investment (1) % Investment -------------------- ------------------- -------------------- ----------------- Assisted Living Facilities 150 10,150 $ 749,334 66% Nursing Homes 47 6,625 299,364 26% Specialty Care Facilities 6 708 82,918 7% Behavioral Care 2 294 7,609 1% -------------------- ------------------- -------------------- ----------------- Real Estate Investments 205 17,777 $ 1,139,225 100% INVESTMENT BY OWNER TYPE # Properties # Beds/Units Investment (1) % Investment -------------------- ------------------- -------------------- ----------------- Publicly Traded 72 4,316 $ 271,096 24% Key Private 88 8,789 655,868 57% Privately Held 45 4,672 212,261 19% -------------------- ------------------- -------------------- ----------------- Real Estate Investments 205 17,777 $ 1,139,225 100% NOTES: (1) REAL ESTATE INVESTMENTS INCLUDE GROSS REAL ESTATE INVESTMENTS AND CREDIT ENHANCEMENTS WHICH AMOUNTED TO $1,127,280,000 AND $11,945,000, RESPECTIVELY.
REVENUE COMPOSITION ($000'S) EXHIBIT 2 ---------------------------- Three Months Ended Year Ended December 31, 2000 December 31, 2000 ---------------------------------- ------------------------------ REVENUE BY INVESTMENT TYPE Real Property $ 23,303 69% $ 93,185 68% Loans Receivable & Other 9,781 29% 42,566 31% Subdebt Investments 691 2% 1,203 1% ------------------ --------------- ----------------- ------------- Total $ 33,775 100% $ 136,954 100% REVENUE BY FACILITY TYPE Assisted Living Facilities $ 22,162 66% $ 91,614 67% Nursing Homes 8,805 26% 34,097 25% Specialty Care Facilities 2,808 8% 11,243 8% Behavioral Care 0 0% 0 0% ------------------ --------------- ----------------- ------------- Total $ 33,775 100% $ 136,954 100% REVENUE BY OWNER TYPE Publicly Traded $ 8,246 24% $ 32,239 24% Key Private 20,264 60% 84,049 61% Privately Held 5,265 16% 20,666 15% ------------------ --------------- ----------------- ------------- Total $ 33,775 100% $ 136,954 100%
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REVENUE COMPOSITION (CONTINUED) ($000'S) EXHIBIT 3 ---------------------------------------- OPERATING LEASE EXPIRATIONS & LOAN MATURITIES Current Lease Current Interest Interest and Year Revenue (1) Revenue (1) Lease Revenue % of Total ------------------- ------------------------ ------------------------ ----------------------- ------------------- 2001 $ 1,994 $ 1,818 $ 3,812 4% 2002 1,738 6,524 8,262 6% 2003 2,770 1,480 4,250 3% 2004 410 5,213 5,623 4% Thereafter 86,143 20,922 107,065 83% ------------------------ ------------------------ ----------------------- ------------------- Total $ 93,055 $ 35,957 $ 129,012 100%
NOTES: (1) REVENUE IMPACT BY YEAR, ANNUALIZED
COMMITTED INVESTMENT BALANCES EXHIBIT 4 ------------------------------ ($000'S EXCEPT INVESTMENT PER BED/UNIT) Committed Investment per # Properties # Beds/Units Balance (1) Bed/Unit -------------------- ------------------- -------------------- ------------------ Assisted Living Facilities 150 10,150 $ 763,997 $ 75,271 Nursing Homes 47 6,625 299,364 45,187 Specialty Care Facilities 6 708 82,918 117,116 Behavioral Care 2 294 7,609 25,880 -------------------- ------------------- -------------------- ------------------ Total 205 17,777 $ 1,153,888 -na- NOTES: (1) COMMITTED BALANCE INCLUDES REAL ESTATE INVESTMENTS, CREDIT ENHANCEMENTS AND UNFUNDED COMMITMENTS FOR WHICH INITIAL FUNDING HAD COMMENCED.
OPERATOR CONCENTRATION ($000'S) EXHIBIT 5 ------------------------------- CONCENTRATION BY INVESTMENT # Properties Investment % Investment ----------------------- ---------------------- ----------------------- Merrill Gardens 19 $ 126,791 11% Life Care Centers of America, Inc. 13 86,654 8% Alterra Healthcare 38 85,961 8% Atria Senior Quarters 9 82,426 7% Balanced Care 9 53,977 5% Remaining Operators 117 703,416 61% ----------------------- ---------------------- ----------------------- Total 205 $ 1,139,225 100% CONCENTRATION BY REVENUE # Properties Revenue (1) % Revenue ----------------------- ---------------------- ----------------------- Merrill Gardens 18 $ 12,941 10% Alterra Healthcare 38 10,482 8% Atria Senior Quarters 9 10,426 8% Life Care Centers of America, Inc. 13 9,189 7% Olympus Healthcare Group 11 7,069 5% Remaining Operators 116 86,847 62% ----------------------- ---------------------- ----------------------- Total 205 $ 136,954 100% NOTES: (1) YEAR ENDED DECEMBER 31, 2000
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SELECTED FACILITY DATA EXHIBIT 6 ---------------------- Coverage Data % Payor Mix ---------------------------------- ----------------------------------- Before After Census Private Medicare Mgt. Fees Mgt. Fees ------------------ ------------------------------------ ------------------ --------------- Nursing Homes 81% 24% 12% 1.71x 1.21x Assisted Living Facilities 91% 100% 0% 1.35x 1.17x Specialty Care Facilities 65% 22% 50% 2.42x 1.88x Behavioral Care 53% 34% 66% 3.82x 1.90x ------------------ --------------- Weighted Averages 1.62x 1.27x NOTES: DATA AS OF SEPTEMBER 30, 2000
SECURITY DEPOSITS & OTHER CREDIT SUPPORT ($000'S) EXHIBIT 7 ------------------------------------------------- Balance % Investment --------------- ----------------- Cross Defaulted $ 1,054,315 92% of gross real estate investments Cross Collateralized 274,554 92% of mortgage loans Bank Letters of Credit & Cash 30,767 3% of investment balance CURRENT CAPITALIZATION ($000'S) Balance % Balance LEVERAGE & PERFORMANCE RATIOS ------------------------------- --------------- ----------------- ---------------------------------------- Borrowings Under Bank Lines $ 119,900 11% Debt/Total Book Cap 39% Long-Term Debt Obligations 319,852 28% Debt/Equity 63% Shareholders' Equity 698,607 61% Interest Coverage 3.66x 4th Qtr. --------------- ----------------- 3.51x L12M Total Book Capitalization $ 1,138,359 100% FFO Payout Ratio 89% 4th Qtr. (excluding loss on 86% L12M investment)
DEBT MATURITIES AND PRINCIPAL PAYMENTS ($000'S) EXHIBIT 8 ----------------------------------------------- Year Lines of Credit (1) Senior Notes Secured Debt Total ------------------- ------------------------ ------------------------ ----------------------- ------------------- 2001 $ 25,000 $ 10,000 $ 67 $ 35,067 2002 0 20,000 75 20,075 2003 150,000 35,000 84 185,084 2004 0 40,000 64,133 104,133 2005 0 0 493 493 2006 0 0 0 0 Thereafter 0 150,000 0 150,000 ------------------------ ------------------------ ----------------------- ------------------- Total $ 175,000 $ 255,000 $ 64,852 $ 494,852 NOTES: (1) LINES OF CREDIT REFLECT 100% CAPACITY
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INVESTMENT ACTIVITY ($000'S) EXHIBIT 9 ---------------------------- Three Months Ended Year Ended December 31, 2000 December 31, 2000 --------------------------------- --------------------------------- FUNDING BY INVESTMENT TYPE Real Property $ 4,097 21% $ 18,113 25% Mortgage & Other Loans 5,199 26% 5,199 7% Construction Advances 6,125 31% 33,957 47% Subdebt Investments 4,510 22% 15,523 21% ----------------- --------------- ---------------- ---------------- Total $ 19,931 100% $ 72,792 100% REAL ESTATE INVESTMENTS Assisted Living Facilities $ 16,852 87% $ 60,014 82% Nursing Homes 3,079 13% 12,778 18% Behavioral Care 0 0% 0 0% Specialty Care Facilities 0 0% 0 0% ----------------- --------------- ---------------- ---------------- Total $ 19,931 100% $ 72,792 100%
GEOGRAPHIC CONCENTRATION ($000'S) EXHIBIT 10 --------------------------------- CONCENTRATION BY REGION # Properties Investment % Investment ----------------------- ---------------------- ----------------------- South 116 $ 546,678 48% Northeast 31 260,826 23% West 32 200,338 17% Midwest 26 131,383 12% ----------------------- ---------------------- ----------------------- Total 205 $ 1,139,225 100% CONCENTRATION BY STATE # Properties Investment % Investment ----------------------- ---------------------- ----------------------- Texas 34 $ 138,562 12% Florida 28 137,811 12% Massachusetts 14 119,318 10% New York 6 61,639 5% California 9 63,110 6% Remaining States 114 618,785 55% ----------------------- ---------------------- ----------------------- Total 205 $ 1,139,225 100% REVENUE BY STATE # Properties Revenue (1) % Revenue ----------------------- ---------------------- ----------------------- Texas 34 $ 18,995 14% Florida 28 14,647 11% Massachusetts 14 12,627 9% California 9 9,339 7% North Carolina 9 8,451 6% Remaining States 111 72,895 53% ----------------------- ---------------------- ----------------------- Total 205 $ 136,954 100% NOTES: (1) YEAR ENDED DECEMBER 31, 2000
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FUNDS FROM OPERATIONS COMPUTATION ($000'S) EXHIBIT 11 ------------------------------------------ Three Months Ended Year Ended December 31, 2000 December 31, 2000 ------------------------------- -------------------------- Net Income Available to Common Shareholders $ 11,434 $ 54,566 Add: Depreciation Expense 6,148 22,706 Asset Impairment Charges 0 0 Deduct: Gain on Sale of Assets (613) (1,684) Prepayment Fees (0) (57) ---------------------------- -- -------------------------- Funds From Operations (FFO) $ 16,969 $ 75,531 FFO Excluding Loss on Investment $ 18,969 $ 77,531 Average Common Shares Outstanding: Basic 28,537 28,418 Diluted 28,762 28,643 FFO Per Common Share: Basic $ .59 $ 2.66 Diluted $ .59 $ 2.64 FFO Per Common Share Excluding Loss on Investment: Basic $ .66 $ 2.73 Diluted $ .66 $ 2.71
DISPOSITION ACTIVITY EXHIBIT 12 -------------------- Three Months Ended Year Ended December 31, 2000 December 31, 2000 --------------------------------- --------------------------------- DISPOSITIONS BY INVESTMENT TYPE Real Property $ 0 0% $ 107,179 62% Mortgage & Other Loans 12,586 100% 65,963 38% ----------- ---- ----------- ------ Total $ 12,586 100% $ 173,142 100% =========== ==== =========== ==== REAL ESTATE INVESTMENTS Assisted Living Facilities $ 12,586 100% $ 170,743 99% Nursing Homes 0 0% 2,399 1% ----------- ------ ----------- ------ Total $ 12,586 100% $ 173,142 100% =========== ==== =========== ====
LEASE UP STATISTICS ON ASSISTED LIVING FACILITIES EXHIBIT 13 ------------------------------------------------- OCCUPANCY FACILITIES MONTHS IN OPERATION REVENUE (1) % OF REVENUE ------------------- ----------------------- ----------------- ----------------- 00% - 50% 12 13.8 $3,110 9% 50% - 70% 15 17.2 $2,949 9% 70% + 14 18.1 $1,880 6% NOTES: (1) INTEREST AND RENTAL INCOME FOR YEAR ENDED DECEMBER 31, 2000.
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