This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

HCP Reports Third Quarter 2012 Results

HCP (NYSE:HCP):

RECENT HIGHLIGHTS

  • 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

(1

)

  0.02   15,400

(2

)

  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

___________________________________________________

(1)

    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.

(2)

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.

Stock quotes in this article: HCP 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs