HCP Q4 FFO Rises - Quick Facts

(RTTNews) - HCP Inc. (HCP) said that its fourth-quarter funds from operations or FFO applicable to common shares rose to $349.33 million from the previous year's $321.47 million. FFO per common share was $0.76 up from $0.71 last year.

FFO as adjusted per common share was $0.76 up from $0.72 in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.74 per share for the quarter. Analysts' estimates typically exclude special items.

Funds Available for Distribution or FAD per common share was $0.61, higher than last year's $0.57.

Net income applicable to common shares for the quarter increased to $292.63 million from last year's $239.88 million, with net income per share improving to $0.64 from $0.53 in the year ago quarter.

Total revenues for the quarter rose to $530.30 million from $503.23 million in the prior year quarter. Five analysts had consensus revenue estimate of $510.39 million for the quarter.

On January 30, 2014, the company's Board of Directors declared a quarterly cash dividend of $0.545 per common share. The dividend will be paid on February 25, 2014 to stockholders of record as of the close of business on February 10, 2014. The annualized distribution rate per share for 2014 increased 3.8% to $2.18, compared to $2.10 for 2013, which represents the 29th consecutive year with a dividend increase.

Looking ahead for 2014, the company expects FFO applicable to common shares to range between $2.96 and $3.02 per share; FAD applicable to common shares to range between $2.47 and $2.53 per share; and net income applicable to common shares to range between $2.04 and $2.10 per share. Analysts project annual earnings per share of $3.04.