Health Care REIT Inc. (HCN) reported that its third-quarter net income attributable to the common stockholders was $19.13 million or $0.17 per share, compared to $53.59 million or $0.55 per share in the same quarter last year.
Normalized Funds from operations for the quarter were $89.18 million, up from $83.32 million in the year ago quarter. Normalized Funds from operations for the quarter were $0.77 per share, down from $0.86 per share in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.
Gross revenues for the quarter were $145.10 million, compared to $139.35 million in the prior year quarter. Four analysts had consensus revenue estimate of $143.07 million for the quarter.
For fiscal 2009, Normalized FFO has been revised to a range of $3.10 to $3.12 per diluted share from $3.07 to $3.14 per share. Normalized FAD has been revised to a range of $2.92 to $2.94 per share from $2.91 to $2.98 per diluted share. Net income attributable to common stockholders has been decreased to a range of $1.61 to $1.63 per share from $1.75 to $1.82 per share. Analysts expect the company to report earnings of $3.13 per share for fiscal 2009.
The prior net income guidance included $5 million of debt extinguishment charges for the secured debt prepayments. The decrease in net income guidance is primarily due to the additional $20.9 million debt extinguishment charge recognized in the third quarter in connection with the company's unsecured senior notes tender offer.
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