HCP Announces Results For The Fourth Quarter And Year Ended December 31, 2013

HCP (the “Company” or “we”) (NYSE:HCP) announced results for the quarter and year ended December 31, 2013 as follows (in thousands, except per share amounts):

FOURTH QUARTER COMPARISON
      Three Months Ended

December 31, 2013
      Three Months Ended

December 31, 2012
     

Per Share
Amount       Per Share Amount       Per Share Change
FFO $ 346,018 $ 0.76 $ 317,839 $ 0.71 $ 0.05
Severance-related charges (1) 870
Merger-related items (2)       5,642   0.01   (0.01 )
FFO as adjusted $

346,888
$ 0.76 $ 323,481 $ 0.72 $ 0.04
FAD $ 276,829 $ 0.61 $ 253,841 $ 0.57 $ 0.04
EPS $ 292,625 $ 0.64 $ 239,881 $ 0.53 $ 0.11

________________________________________
(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 merger-related items were attributable to the $1.7 billion Senior Housing Portfolio acquisition in the fourth quarter of 2012. See the “Funds From Operations” section of this release for additional information.
 

In addition to the severance-related charges, operating results for the quarter ended December 31, 2013 include the positive impact of $0.01 per share or $6 million of equity income from unconsolidated joint venture related to a capital distribution from our interest in the Hyde Park senior housing development project. Earnings per share for the quarters ended December 31, 2013 and 2012, also include gain on sales of real estate, net of impairments, of $59 million and $29 million, respectively.

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