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HCP's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Forward-looking statements are not guarantees of future performance. Some of these statements may include projections of financial measures that may not be updated until the next earnings announcement or at all. Events prior to the company’s next earnings announcement could render the forward-looking statements untrue, and the company expressly disclaims any obligation to update earlier statements as a result of new information.

Additionally, certain non-GAAP financial measures will be discussed during the course of this call. We have provided reconciliations of these measures to the most comparable GAAP measures, as well as certain related disclosures, in our supplemental information package and earnings release, each of which has been furnished to the SEC today and is available on our website at

I will now turn the call over to our Chairman and CEO, Jay Flaherty.

James F. Flaherty

Thanks, John, and welcome to HCP's 2012 First Quarter Earnings Conference Call. Joining me this morning are Executive Vice President, Chief Investment Officer, Paul Gallagher; and Executive Vice President, Chief Financial Officer, Tim Schoen. Let us begin with a review of our first quarter release of this morning. And for that, I turn the call over to Tim.

Timothy M. Schoen

Thank you, Jay. Let me start with our first quarter results. Our real estate portfolio performance exceeded plan, generating same property cash NOI growth of 4.7% compared to the first quarter of 2011. The results were primarily driven by contractual rent increases and a one-time rent payment of $4 million from Google. Paul will review our performance by segment in a few minutes.

We reported FFO as $0.64 per share, which included a nonrecurring charge of $0.03 per share in conjunction with the redemption of all outstanding preferred stock with a weighted average dividend yield of 7.15%. The redemption charge pertains to the non-cash write-off of the original issuance cost.

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