For the second quarter, we reported FFO of $0.69 per share and FAD of $0.56 per share, which included a $7 million or $0.02 charge related to insurance recovery of past G&A expenses. On a year-over-year basis, FFO as adjusted decreased $0.08 per share and FAD decreased $0.06. The decrease resulted from one-time income totaling $41 million or $0.10 per share, primarily related to the gain from monetizing our Genesis debt investment in the second quarter of 2011. Excluding the one-time items from both periods, year-over-year, second quarter FFO as adjusted was flat, and FAD increased by $0.02 per share or 3.8%.Switching to investment transactions. Subsequent to the end of the first quarter, we announced $559 million of investments encompassing 4 different property types and 3 different investment products within our 5x5 business model. These transactions are immediately accretive to earnings and include: one, the GBP 137 million or $215 million debt investment in U.K.-based Four Seasons Health Care at a yield of 12.5% in late June; two, $274 million acquisitions of on-campus MOB portfolios that represent 1.2 million square feet in total and include a DownREIT component with equity units valued at $41 million, and the assumption of $59 million of mortgage debt at a blended rate of 5.7%. We expect to close these acquisitions on or before August 31.
HCP Management Discusses Q2 2012 Results - Earnings Call Transcript
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.