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NEWPORT BEACH, CA-Net income and funds from operations both grew at Health Care Property Investors Inc. in comparison with totals for the third quarter of last year, according to the latest financial report from the real estate investment trust.

HCPI reported third-quarter net income of just over $31 million, or 53 cents per diluted share, compared with $17.8 million, or 32 cents per share, for the third quarter last year.

FFO rose to $50.8 million in the third quarter this year, or 87 cents per share, up from $46.55 million, or 84 cents per share, for the comparable quarter last year. Revenue rose to $92.67 million versus $83.39 million in last year’s third quarter.

Kenneth B. Roath, the REIT’s chairman and chief executive officer, attributed the increased FFO to $375 million in investments in properties in late 2001 and the first three quarters of this year, along with internal growth in the properties HCPI manages and lower interest costs on the company’s bank lines of credit.

As of Sept. 30, Health Care Property Investors’ portfolio consisted of 442 facilities in 42 states. It has investments in 183 long-term care facilities, 88 assisted living facilities, 85 medical office buildings, 35 physician group practice clinics, 21 acute care hospitals, nine free-standing rehabilitation facilities, seven health-care laboratory and biotech research facilities and 14 retirement living communities.

In early afternoon trading Wednesday, HCPI’s stock stood at $42.25, down $0.32 for the day and off $2.25 from its 52-week high of $44.50, achieved in August.

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