Profit Climbs 59% for Health Care REIT

Health Care Property Investors Inc., a Newport Beach-based health care real estate investment trust, reported a 59% increase in net income for the fourth quarter as revenue rose 34%.

Net income totaled $24.6 million, or 73 cents a share, up from $15.5 million, or 53 cents a share, for the 1997 fourth quarter. Funds from operations rose 19% to $27.4 million, or 81 cents a share, from $23 million, or 72 cents a share, a year ago. Revenue increased to $45.1 million from $33.6 million.

For the year, net income totaled $85.3 million, or $2.54 a share, up 34% from $63.6 million, or $2.19 a share, for the prior year. Sale of real estate properties contributed $14.1 million to the most recent annual net income, and $2 million the previous year. Funds from operations increased 15% to a record $103 million, or $3.06 a share, from $89.9 million, or $2.84 a share. Revenue advanced 26% to $161.5 million from $128.5 million.

The company also said directors increased the quarterly dividend to 68 cents a share from 67 cents a share, payable Feb. 19 to shareholders of record Feb. 3.