Adjusting for the buy-outs discussed above, the acquisition of Sunrise is now expected to be comprised of 58 wholly owned properties and 67 joint venture properties. Of the 67 joint venture properties, 50 joint venture properties are subject to purchase options that give Health Care REIT and Sunrise the right to buy the majority partners' interests.$925 Million Anticipated Acquisition Pipeline Update: On August 6, 2012, Health Care REIT announced anticipated third quarter 2012 acquisitions of $925 million. Quarter-to-date, $375 million of those acquisitions have closed, $263 million are expected to close in the third quarter of 2012 and $287 million are now expected to close in the fourth quarter of 2012. The aggregate acquisition amount includes approximately $134 million of debt that the company expects to assume at an average interest rate of 5.6%. The following tables reconcile the anticipated investments and property count associated with the anticipated Sunrise real estate acquisition.
|Pending Investments Reconciliation:||Investment||Debt||Cash|
|($’s in millions)||Balance||Assumed||Required|
|Anticipated Investments Announced August 6, 2012||$925||$||134||$||791||(1)|
|Closed 3Q12 To-Date||(375||)||(27||)||(348||)|
|Investments Yet To Close||550||107||443|
|Initial Sunrise Announcement, August 22, 2012||1,920||970||950|
|Incremental Sunrise Investments||1,256||686||570|
|Total Announced Sunrise Related Investments||3,176||1,656||1,520|
|Sunrise Investments Closed 3Q12 To-Date||(243||)||0||(243||)|
|Total Sunrise Related Investments Yet To Close||2,933||1,656||1,277|
|Total Announced Investments Yet To Close||$3,483||$||1,763||$||1,720|
|1. Includes amounts to be provided by minority partners for certain investments|
|Sunrise Property Count Reconciliation:||Majority||Expected at|
|JV Buy-Out Rights:||After Close|
About Health Care REIT, Inc.Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is a real estate investment trust that invests across the full spectrum of seniors housing and health care real estate. The company also provides an extensive array of property management and development services. As of June 30, 2012, the company’s broadly diversified portfolio consisted of 1,010 properties in 46 states and Canada. Forward-Looking Statements This document contains “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. When the company uses words such as “may”, “will”, “intend”, “should”, “believe”, “expect”, “anticipate”, “project”, “estimate” or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The company’s expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including the satisfaction of closing conditions to the transactions, including, as applicable, the receipt of health care licenses, regulatory approvals and lender consents; the ability of the company to enter into definitive transaction agreements on satisfactory terms and conditions; the respective parties’ performance of their obligations under the transaction agreements; unanticipated difficulties and/or expenditures relating to the transactions; competition within the health care and seniors housing industries; cooperation of joint venture partners; and negative developments in the operating results or financial condition of operators/tenants, including their ability to pay rent. Additional factors are discussed in the company’s Annual Report on Form 10-K and in its other reports filed from time to time with the Securities and Exchange Commission. The company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.