HCP Reports Third Quarter 2013 Results

HCP (the “Company” or “we”) (NYSE:HCP) announced results for the quarter ended September 30, 2013 as follows (in thousands, except per share amounts):
                           
Three Months Ended

September 30, 2013
Three Months Ended

September 30, 2012
Per Share
Amount       Per Share Amount       Per Share Change
FFO $ 336,071 $ 0.73 $ 290,242 $ 0.67 $ 0.06
Severance-related charges (1) 26,374 0.06 0.06
Impairments (2)       7,878   0.02   (0.02 )
FFO as adjusted $ 362,445 $ 0.79 $ 298,120 $ 0.69 $ 0.10
FAD $ 307,879 $ 0.67 $ 236,279 $ 0.55 $ 0.12
EPS $ 233,282 $ 0.51 $ 195,629 $ 0.45 $ 0.06

________________________________________
(1)     Severance-related charges were attributable to the termination of the Company’s former Chairman, Chief Executive Officer and President on October 2, 2013. See the “Funds From Operations” section of this release for additional information.
(2) The impairment charge of $7.9 million related to the sale of a land parcel in our life science segment.
 

In addition to the severance-related charges discussed above, operating results for the quarter ended September 30, 2013 include the positive impact of $0.05 per share or $24 million of interest income from the par payoff of our Barchester debt investments. Net income for the quarter ended September 30, 2013 also includes gain on sale of real estate of $8 million.

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