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HCP Reports Third Quarter 2012 Results



  • FFO per share increased 6% to $0.67; FFO as adjusted per share increased 3% to $0.69; FAD per share increased 4% to $0.55 and earnings per share increased 10% to $0.45
  • Year-over-year three- and nine-month cash NOI SPP increased 3.6% and 3.8%, respectively
  • On October 16, 2012, announced a $1.73 billion acquisition for a 133 senior housing portfolio and a $52 million secured financing
  • Completed an additional $549 million of investment transactions:
    • $205 million mezzanine loan facility
    • $186 million acquisition of 12 on-campus MOBs from The Boyer Company in a DownREIT transaction
    • $81 million acquisition of eight on-campus MOBs from Scottsdale Healthcare
    • $77 million of other acquisitions and capital investments
  • Expanded our tenant relationship with General Atomics in Poway, CA to a total of 396,000 sq. ft.
  • Increased full-year 2012 FFO guidance to $2.68 – $2.74 per share, FFO as adjusted guidance to $2.75 – $2.81 per share and FAD guidance to $2.20 – $2.26 per share
  • Raised $1.5 billion of capital:
    • £137 million ($215 million) four-year 1.81% unsecured term loan
    • $300 million ten-year 3.15% senior unsecured notes
    • $979 million of common stock on October 19, 2012
  • Named by the Global Real Estate Sustainability Benchmark survey as sector leader in the healthcare and hospitality category

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

        Three Months Ended

September 30, 2012


Three Months Ended

September 30, 2011

    Per Share
Amount     Per Share Amount     Per Share Change
FFO $ 290,242 $ 0.67 $ 259,571 $ 0.63 $ 0.04
Impairments   7,878



  0.02   15,400



  0.04   (0.02 )
FFO as adjusted $ 298,120 $ 0.69 $ 274,971 $ 0.67 $ 0.02
FAD $ 236,279 $ 0.55 $ 216,325 $ 0.53 $ 0.02
Net income applicable to common shares $ 195,629 $ 0.45 $ 166,367 $ 0.41 $ 0.04



    The impairment charge during the three months ended September 30, 2012 relates to the pending sale of a land parcel in our life science segment.


The impairment charge during the three months ended September 30, 2011 relates to our senior secured loan to Cirrus Health.

FFO, FFO as adjusted and FAD are supplemental non-GAAP financial measures that the Company believes are useful in evaluating the operating performance of real estate investment trusts. See the “Funds From Operations” section of this release for additional information regarding FFO and FFO as adjusted and the “Funds Available for Distribution” section of this release for additional information regarding FAD.

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