Health Care REIT, Inc. HCN
Q4 2012 Earnings Call Transcript

Transcript Call Date 02/26/2013

Operator: Good morning, ladies and gentlemen, and welcome to the Fourth Quarter 2012 Health Care REIT Earnings Conference Call. My name is Brooke, and I'll be your operator today. At this time, all participants are in a listen-only mode. We will be facilitating a question-and-answer session towards the end of this conference. As a reminder, this conference is being recorded for replay purposes.

Now, I would like to turn the call over to Jeff Miller, Executive Vice President, Operations and General Counsel. Please go ahead, sir.

Jeffrey H. Miller - EVP, Operations and General Counsel: Thank you, Brooke. Good morning, everyone, and thank you for joining us today for Health Care REIT's fourth quarter 2012 conference call. If you did not receive a copy of the news release distributed this morning, you may access it via the Company's website at We are holding a live webcast of today's call, which may be accessed through the Company's website as well.

Certain statements made during this conference call may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Health Care REIT believes results projected in any forward-looking statements are based on reasonable assumptions, the Company can give no assurance that its projected results will be attained. Factors and risks that could cause actual results to differ materially from those in the forward-looking statements are detailed in the news release and from time to time in the Company's filings with the SEC.

I will now turn the call over to George Chapman, Chairman, CEO and President of Health Care REIT for his opening remarks. George?

George L. Chapman - Chairman, President and CEO: Thanks very much, Jeff. During my more than two decades of involvement in the senior housing and health care industry, I cannot recall a time with greater dynamism or opportunities.

In 2012, Health Care REIT was both a beneficiary and driver of these dynamic markets and Scott Brinker and Scott Estes will provide you a quantitative and qualitative summary of our quarterly and annual investments and performance, but I want to set the stage by touching on some of the most important themes. First, our strategic plan is focused on maximizing total shareholder return by building a portfolio of high quality communities and facilities in the strongest markets operated by the most capable operators and health systems, all else demonstrated by their clinical and operating results.

Our recently completed Sunrise acquisition was a milestone in execution of this strategy, but there are numerous other relationships, developments and acquisitions that also advanced and solidified the strategy. Among the noteworthy investments during the fourth quarter were our major addition of $530 million to our Belmont relationship and the $240 million expansion of our relationship with Brookdale both through RIDEA investments. Underpinning this strategic effort is our belief that this portfolio and network of relationships will deliver consistent and resilient returns over the long-term.

Of the $4.9 billion of investments in 2012, $3.7 billion of them came from existing relationships, and of the $2 billion of fourth quarter investments 94% came from our relationship. So, we really believe in these relationships, I think that real estate is terrific and that our risk adjusted return profile is very, very strong. And Scott will cover in more detail. We think our investment thesis has been worn-out during the last several years.

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