Health Care REIT Inc. (HCN), a real estate investment trust (REIT) that operates senior housing and health care real estate, has recently announced the offering of $150 million 6.125% senior unsecured notes due 2020.
The notes were priced at 100.91% of their face amount to yield 6.0%. Health Care REIT intends to utilize the proceeds from the offer to repay debt under its unsecured line of credit and for other general corporate purposes, including investments in health care and senior housing properties.
Health Care REIT had earlier issued $300 million of 6.125% senior notes due 2020 on Apr 7, 2010. The notes were priced to yield 6.22%.
Headquartered in Toledo, OH, Health Care REIT invests across the full spectrum of senior housing and health care real estate properties. The company provides senior housing operators and health care systems with a single source for facility planning, design and turn-key development, property management, and monetization or expansion of existing real estate.
Health Care REIT is continually investing in assisted and independent living facilities as demand for these facilities is set to increase with an aging Baby Boomer generation. Furthermore, the healthcare sector is one of the more recession-proof real estate sectors and has persistently fared comparatively better than other sectors during the commercial real estate downturn. This offers a strong upside potential for the company.
Read the full analyst report on “HCN”
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