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NEWPORT BEACH, CA-The FFO at Health Care Property Investors climbed to $47.7 million from $43.9 million on a year-to-year basis during the first quarter as net income dipped to $21.44 million from $24.18 million the year before.

The REIT’s financial results for the first quarter ending March 31, issued this morning, reported FFO of 80 cents per diluted share of common stock in comparison to 77 cents in the first quarter last year. Net income per share dropped to 36 cents from 42 cents in the comparable period last year while revenue climbed to $92 million from $79.7 million in the first quarter last year.

According to the report, the company sold four facilities during the quarter, three of which were vacant. The REIT took in $9.1 million from the sales, but banked a net gain of $2.6 million.

Health Care Property Investors Inc. invests directly or through joint ventures in health-care facilities. As of March 31, the company’s portfolio of 453 properties in 44 states consisted of 31 hospitals, 176 long-term care facilities, 126 retirement and assisted living facilities, 85 medical office buildings and 35 other health-care properties.

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