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HCP Announces Results For Quarter Ended June 30, 2012

HCP (the “Company” or “we”) (NYSE:HCP) announced results for the quarter ended June 30, 2012 as follows (in thousands, except per share amounts):


Three Months EndedJune 30, 2012


Three Months EndedJune 30, 2011

  Per Share
Amount     Per Share Amount   Per Share Change
FFO $ 293,621 $ 0.69 $ 317,911 $ 0.78 $ (0.09 )
Merger-related items (1)  




  (5,712 )   (0.01 )   0.01
FFO as adjusted $ 293,621 $ 0.69 $ 312,199 $ 0.77 $ (0.08 )
FAD $ 234,851 $ 0.56 $ 251,875 $ 0.62 $ (0.06 )
Net income applicable to common shares $ 201,467 $ 0.48 $ 222,993 $ 0.55 $ (0.07 )

(1) Merger-related items were attributable to the HCR ManorCare acquisition, which closed on April 7, 2011.

Operating results for the quarter ended June 30, 2012 include the positive impact of $0.02 per share resulting from a $7 million insurance recovery of past G&A expenses. In addition to the merger-related items disclosed above, operating results for the quarter ended June 30, 2011 include the positive impact of $0.10 per share for the following: (i) interest income of $0.09 per share or $35 million from the early payoff of our Genesis debt investments; and (ii) other income of $0.01 per share or $6 million received in connection with a litigation settlement that represents proceeds owed to the Company from a prior sale of assets.

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