HCP Q1 FFO, Profit Up - Quick Facts

(RTTNews) - HCP Inc. (HCP) said its first-quarter 2014 funds from operations or FFO applicable to common shares rose to $343.14 million, or $0.75 per share, from last year's $339.53 million, or $0.74 per share. Quarterly net income applicable to common shares totaled $258.05 million, or $0.56 per share, compared with $230.11 million, or $0.51 per share, a year ago. Quarterly funds available for distribution or FAD per share were $0.63, higher than the previous year's $0.62.

On average, 14 analysts polled by Thomson Reuters expected the company to report $0.74 per share for the quarter. Analysts' estimates typically exclude one-time items.

FFO, FAD and EPS for the prior-year quarter include $0.02 per share of gain from sales of marketable securities; while EPS for the latest quarter includes $0.06 per share of gain from sales of real estate, the company noted.

First-quarter revenues of $529.99 million, were higher than the year-ago figure of $511.19 million. Four analysts estimated revenues of $515.87 million for the quarter.

For full year 2014, FFO are expected to range between $2.96 and $3.02 per share; FAD to range between $2.47 and $2.53 per share; and EPS to range between $2.04 and $2.10 per share. Analysts project the firm to report $3.02 per share for 2014.