HCP Q2 FFO Increases; Lifts 2014 FFO/shr View - Quick Facts

(RTTNews) - HCP Inc. (HCP), an independent hybrid real estate investment trust, reported that its second-quarter funds from operations applicable to common shares rose to $339.88 million from $330.99 million in the previous year. Funds from operations or FFO per share was $0.73 up from $0.72 last year.

FFO as adjusted per common share was $0.75 up from $0.72 in the prior year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude special items.

Net income applicable to common shares for the second-quarter increased to $218.40 million from last year's $213.02 million, with earnings per share improving to $0.48 from $0.47 in the prior year.

Total revenues for the quarter rose to $536.12 million from $512.24 million last year. Wall Street expected revenues of $523.50 million for the quarter.

For full year 2014, the company expects FFO to be in the range of $3.01 - $3.07 per share; FFO as adjusted of $2.97 - $3.03 per share, funds available for distribution or FAD of $2.50 - $2.56 per share; earnings per share of $2.02 - $2.08. Analysts project annual earnings per share of $3.02. These estimates reflect the pending impact of the Brookdale Transaction, but do not reflect the potential impact of future acquisitions.

The company said in May that it expected FFO to be in the range of $2.96 - $3.02 per share; FAD to range between $2.47 and $2.53 per share; and earnings per share to be in the range of $2.04 to $2.10 per share for full year 2014.