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HCP 2Q FFO just shy of Wall Street’s expectations
July 31, 2013, 05:00 AM The Associated Press
LONG BEACH — HCP, a real estate investment trust that focuses on health care facilities, said Tuesday that a key measure of profitability climbed 12 percent in the second quarter on double-digit revenue growth.

The results fell just short of Wall Street expectations, and HCP shares fell.

HCP Inc. said funds from operations were $327.7 million, or 72 cents per share, for the three months ended June 30. That compares with $293.6 million, or 69 cents per share, a year earlier.

Analysts polled by FactSet expected slightly higher funds from operations of 73 cents per share.

Funds from operations, or FFO, adds items like amortization and depreciation to net income, and it is considered key to measuring the financial performance of real estate investment trusts.

Net income for the Long Beach, Calif. company rose 6 percent to $213 million, or 47 cents per share, from $201.5 million, or 48 cents per share, a year earlier. There were more shares outstanding in the current quarter than a year ago.

Revenue increased 12 percent to $516.3 million from $460.4 million.

HCP also raised its full-year FFO outlook to a range of $2.96 to $3.02 per share. Previously the company predicted FFO of $2.94 to $3 per share. Analysts expect FFO of $2.98 per share.

The stock shed 49 cents to $44.58 in afternoon trading Tuesday.

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