WASHINGTON (dpa-AFX) - HCP Inc. (HCP) reported that its first-quarter funds from operations applicable to common shares rose to $342.86 million or $0.74 per share, from $267.93 million or $0.64 per share in the same quarter last year.
Funds From Operations or FFO as adjusted applicable to common shares increased to $342.86 million from last year's $278.33 million, with Funds From Operations as adjusted per common share improving to $0.74 from the previous year's $0.67 Analysts polled by Thomson Reuters expected the company to report earnings of $0.72 per share for the quarter. Analysts' estimates typically exclude special items.
Net income applicable to common shares for the quarter grew to $230.11 million or $0.51 per share, from $175.26 million or $0.43 per share last year. Total revenues for the quarter improved to $516.27 million from $455.83 million in the prior year quarter. Five analysts had consensus revenue estimate of $512.82 million for the quarter.
The company raised its guidance for the full-year 2013. The company expects FFO applicable to common shares to range between $2.94 and $3.00 per share; FAD applicable to common shares to range between $2.41 and $2.47 per share; and net income applicable to common shares to range between $1.97 and $2.03 per share.
Analysts polled by Thomson Reuters expected the company to report earnings of $2.97 per share for fiscal 2013.
Earlier, the company expect FFO applicable to common shares to range between $2.92 and $2.98 per share, FAD applicable to common shares to range between $2.39 and $2.45 per share, net income applicable to common shares to range between $1.95 and $2.01 per share for fiscal 2013.
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