NEW YORK (TheStreet) -- HCP (HCP - Get Report) reported better-than-expected results for the 2016 second quarter and provided an upbeat forecast for the full year before Tuesday's market open.

The Irvine, CA-based real estate investment trust reported adjusted funds from operations of 74 cents per share, surpassing analysts' estimates for funds from operations of 70 cents per share.

Revenue for the quarter was $662.17 million, above Wall Street's projections of $635.1 million.

Funds from operations is a key metric in the REIT industry, which takes net income and adds back items such as depreciation and amortization.

For the full year, HCP expects adjusted FFO of $2.83 to $2.89. Analysts are modeling adjusted FFO of $2.78 per share.

The REIT primarily serves the healthcare industry in the U.S.

Shares of HCP closed higher on Monday. 

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its increase in net income, revenue growth and good cash flow from operations.

But the team also finds that the company's return on equity has been disappointing.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: HCP