Health Care REIT Q2 FFO Rises; Backs FY13 Normalized FFO Per Share View

(RTTNews) - Health Care REIT Inc. (HCN) reported that its first-quarter Funds from operations increased to $230.67 million from last year's $157.93 million, with Funds from operations per share improving to $0.83 from $0.73 in the prior year.

Normalized Funds from operations grew to $0.93 per share from $0.89 per share in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.92 per share for the quarter. Analysts' estimates typically exclude special items.

Net loss attributable to common stockholders was $8.51 million or $0.03 per share, compared to net income of $54.73 million or $0.25 per share in the same quarter last year.

Gross revenues for the quarter grew to $682.12 million from $438.72 million in the prior year quarter. Six analysts had consensus revenue estimate of $675.30 million for the quarter.

The company affirmed its 2013 guidance and assumptions as previously announced and continues to expect to generate normalized FFO in a range of $3.70 to $3.80 per share and normalized FAD in a range of $3.25 to $3.35 per share, both representing a 5%-8% increase. Analysts expect the company to report earnings of $3.72 per share for fiscal 2013.

The company revised its 2013 net income guidance primarily to reflect the net impact of the Revera and Avery acquisitions, the May common stock issuance, depreciation and amortization adjustments, normalizing items and gains/losses on property sales. The company now expects to report net income attributable to common stockholders in a range of $0.58 to $0.68 per share. While announcing the first-quarter results, the company had expected net income attributable to common stockholders in a range of $0.70 to $0.80 per share for fiscal 2013.