Health Care REIT Inc. ( HCN ), a real estate investment trust (REIT), reported fourth-quarter 2013 normalized funds from operations (FFO) of 99 cents per share, 2 cents ahead of the Zacks Consensus Estimate and up 14 cents year over year.

The 16.5% year-over-year increase is primarily attributable to robust revenue growth, decent same-store cash NOI (net operating income) and notable portfolio restructuring activity.

Normalized Funds available for distribution (FAD) in the reported quarter stood at 86 cents per share, up from 74 cents per share in the year-ago period.

Total revenue reached $788.6 million, escalating 58.7% year over year. The figure also comfortably exceeded the Zacks Consensus Estimate of $784 million.

For full-year 2013, Healthcare REIT reported normalized FFO per share of $3.81 on revenues of $2.88 billion. Results were substantially higher than the prior-year normalized FFO per share of $3.52 on revenues of $1.81 billion. Additionally, normalized FAD for 2013 was $3.36 per share, up from $3.11 per share in 2012.

Inside the Headlines

Total same-store cash NOI in the fourth quarter increased 3.1% from the year-ago period. This included a 6.2% rise in the seniors housing operating portfolio.

During the quarter, Health Care REIT bought 12 properties for about $277.5 million. Also, the company completed 6 asset developments and 2 expansions for $89 million (at a blended yield of 8.0%) during the said quarter.

Additionally, Health Care REIT sold 5 seniors housing triple-net properties and 12 medical office buildings for $112 million. The dispositions also included a loan payoff.

Liquidity

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Health Care REIT Q4 FFO & Revs Beat Ests - Analyst Blog