Buoyed by profits from its growing string of acquisitions, Health Care Property Investors Inc. said Monday that its net income for the three months ended Sept. 30 was $3.8 million--a 72.7% increase over earnings of $2.2 million for the same period last year.
At the same time, the Costa Mesa-based real estate investment trust--which went public last year--said it has filed with the Securities and Exchange Commission for a $75-million offering of 10-year senior notes.
For the nine-month period, HCPI posted earnings of $9.2 million. Comparable nine-month earnings are not available because the company was not publicly held for the entire period. Revenues of $7.5 million for third quarter, however, were up 74% from $4.3 million.
To help pay off most of the short-term debt it incurred in acquiring 28 health-care facilities since August, HCPI--which now owns, directly or through partnerships, 87 health-care facilities in 24 states--filed for the $75-million public offering of notes.