Health Care REIT, Inc. (NYSE:HCN) 4500 Dorr Street Toledo, OH 43615 Phone: (419) 247-2800 Fax: (419) 247-2826 http://www.hcreit.com
Health Care REIT, Inc. was incorporated in Delaware, in 1970. It is a real estate investment trust (REIT) that invests in senior housing and health care real estate. The Company also provides property management and development services. Its property types include investment properties and medical office buildings. Its investment properties are those in which the Company does not participate in the management of the property and are mainly land, building, improvements and related rights that are leased to operators under long-term operating leases. The leases generally have a fixed contractual term of 12 to 15 years and contain one or more five to 15-year renewal options. Its rents are received under triple-net leases requiring the operator to pay rent and all additional charges incurred in the operation of the leased property. The tenants are required to repair, rebuild and maintain the leased properties. All of these operating leases are designed with either fixed or contingent escalating rent structures. The Company's medical office buildings mainly consist of multi-tenant properties leased to health care providers. Management of these properties is provided by the Company's Management Services Group. Other lease types with its tenants are gross or modified gross leases, where all or a portion of its operating expenses are not reimbursed by tenants. The Company competes with other real estate investment trusts, real estate partnerships, private equity and hedge fund investors, banks, insurance companies, finance/investment companies, government-sponsored agencies, taxable and tax-exempt bond funds, health care operators, developers and other investors in the acquisition, development, leasing and financing of health care and senior housing properties. It competes for investments based on a number of factors including rates, financings offered, underwriting criteria and reputation. The operators/tenants of its properties compete on a local and regional basis with operators/tenants of properties that provide comparable services. The Company also faces competition from other health care facilities for tenants, such as physicians and other health care providers that provide comparable facilities and services. A number of federal, state and local environmental and occupational health and safety laws and regulations affect health care facility operations or special medical properties.
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