SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
March 13, 1995
HEALTH CARE REIT, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-8923 34-1096634
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
One SeaGate, Suite 1950, P.O. Box 1475, Toledo, Ohio 43603-1475
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code): 419-247-2800
This Instrument contains 5 pages.
Exhibit Index is located on page 4.
<PAGE>
ITEM 5. OTHER EVENTS.
The Company extended a loan to Psychiatric Hospitals of America,
Inc. ("PHA") in the original principal amount of $13,700,000 on
June 9, 1988 ("PHA Loan"). PHA has failed to make principal and
interest payments when due in an aggregate amount exceeding
$2,000,000. On March 13, 1995, the Company gave notice to PHA that
all indebtedness under the PHA Loan is immediately due and payable.
Also on March 13, 1995, the Company presented for payment a
$1,125,000 Letter of Credit issued by Bank Hapoalim B.M. and, on
March 14, 1995, the Letter of Credit proceeds were paid to the
Company. On March 14, 1995, the Company filed a complaint in the
Circuit Court of Pinellas County, Florida for money damages and
foreclosure of a mortgage held by the Company against the
behavioral care facility known as Horizon Hospital located in
Clearwater, Florida. On March 15, 1995, the Company filed a
complaint in the Circuit Court of Dade County, Florida for money
damages and foreclosure of a mortgage held by the Company against
the behavioral care facility known as Harbor View Hospital located
in Miami, Florida. On March 21, 1995, the Company filed a
complaint in the Circuit Court of Pinellas County, Florida for
money damages due on a personal guaranty.
On March 24, 1995, PHA and certain of its subsidiaries filed for
protection under Chapter 11 of the Bankruptcy Code. The Company is
vigorously pursuing all of its rememdies.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
(a) Financial Statements of Business Acquired.
None.
(b) Pro Forma Financial Information.
None.
(c) Exhibits.
(1) Press Release dated March 24, 1995.
SIGNATURE
Pursuant to the requirements of the Securities Exchange
Act of 1934, as amended, the Registrant has duly caused this Report
to be signed on its behalf by the undersigned thereunto duly
authorized.
HEALTH CARE REIT, INC.
By: GEORGE L. CHAPMAN
--------------------------------
George L. Chapman
Its: Executive Vice President
and General Counsel
Dated: March 24, 1995
EXHIBIT INDEX
Designation
Number Under
Item 601 of
Exhibit No. Regulation S-K Description Page #
- ---------- -------------- ------------------- ------
1 21 Press Release dated 5
March 24, 1995
F O R I M M E D I A T E R E L E A S E
PRESS RELEASE
March 24, 1995
For more information contact:
Erin Ibele (419) 247-2800
Robert Pruger (419) 247-2800
Toledo, Ohio, March 24, 1995 (NYSE/HCN)....Health Care
REIT, Inc. (the "Company") disclosed today the filings on March 14,
1995 and March 15, 1995 of two lawsuits in Florida to collect past
due interest and principal on a $13,700,000 mortgage loan secured
by two behavioral care facilities, totaling 294 beds. On March 21,
1995, the Company filed a complaint in Pinellas County, Florida for
money damages on a personal guaranty. The Company has additional
security in the form of guarantees in an amount of approximately
$1,500,000 and a $1,000,000 subordinated mortgage on one additional
behavioral care facility.
On March 13, 1995, the Company presented for payment a
$1,125,000 Letter of Credit, and on March 14, 1995, the proceeds
were paid to the Company. Subsequently, the Borrower and certain
of its subsidiaries filed for protection under Chapter 11 of the
Bankruptcy Code. The Company is vigorously pursuing all of its
remedies.
Health Care REIT, Inc. is the first real estate
investment trust to specialize in financing health care facilities,
primarily nursing homes. The Company also invests in assisted
living and retirement facilities, rehabilitation centers, primary
care facilities, and behavioral care facilities.
