Health Care REIT Trims 2009 FFO And Profit Goals

TOLEDO, Ohio (AP) — Health Care REIT Inc. on Tuesday trimmed its 2009 funds from operations and profit guidance after completing a stock sale.

The company, which owns and manages properties used by outpatient health care facilities, said it now expects funds from operations of $3.07 to $3.14 per share, down from $3.09 to $3.16 per share. It expects $1.75 to $1.82 in profit, compared with a prior forecast of $1.81 to $1.88 per share.

Funds from operations is a widely used measurement of real estate operating performance. It adds depreciation and amortization expenses, as well as other non-operating items, to net income.

On average, analysts expect funds from operations of $3.14 per share and net income of $1.89 per share, according to Thomson Reuters. Health Care REIT shares closed at $40.76 Tuesday, and lost 2 cents to $40.74 in aftermarket trading.

The company completed a sale of 9.2 million shares on Friday, raising a total of $310.3 million after expenses.