HCP: 3Q Earnings Snapshot
IRVINE, Calif. (AP) _ HCP Inc. (HCP) on Wednesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Irvine, California, said it had funds from operations of $222.2 million, or 44 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 43 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $46.2 million, or 9 cents per share.
The health care real estate investment trust posted revenue of $538 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $508.4 million.
HCP expects full-year funds from operations in the range of $1.74 to $1.78 per share.
The company’s shares have increased 32% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 22%. In the final minutes of trading on Wednesday, shares hit $36.89, a rise of 35% in the last 12 months.