LONDON, UK / ACCESSWIRE / March 20, 2018 / Active-Investors.com has just released a free earnings report on HCP, Inc. (NYSE: HCP). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/'symbol=HCP. The Company posted its financial results on February 13, 2018, for the fourth quarter fiscal 2017 (Q4 FY17) and for the full fiscal year 2017 (FY17). The Irvine, California-based Company's quarterly adjusted funds from operations (FFO) fell y-o-y, but still managed to outperform market consensus estimates. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, HCP most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/'symbol=HCP
Earnings Highlights and Summary
During the quarter ended December 31, 2017, HCP's total property revenues fell to $443.26 million from $539.95 million in Q4 FY16. The Company's total property revenue numbers for the reported quarter missed market consensus forecasts of $456.2 million.
Rental revenues grew to $255.01 million in Q4 FY17 compared to $286.97 million in Q4 FY16. Tenant recoveries improved to $36.70 million during the reported quarter from $34.57 million in Q4 FY16. Resident fees and services were $132.59 million in Q4 FY17 compared to $186.12 million in the last year's same quarter. The Company's income from direct financing leases revenues were $13.70 million in Q4 FY17 versus $14.79 million in Q4 FY16. Furthermore, interest income declined to $5.26 million in Q4 FY17 from $17.51 million in Q4 FY16.
HCP's total costs and expenses increased to $518.70 million in Q4 FY17 from $470.08 million in Q4 FY16. For the reported quarter, the Company's net total other income was $24.49 million versus net total other expenses of $2.34 million in Q4 FY16.
The healthcare facility real estate investment trust reported a net loss attributable to common shareholders of $58.70 million, or $0.13 loss per diluted share, in Q4 FY17 compared to a net income attributable to common shareholders of $58.44 million, or $0.12 per diluted share, in Q4 FY16. The Company's adjusted FFO applicable to common shares fell to $225.51 million, or $0.48 per share, during Q4 FY17 from $251.57 million, or $0.53 per share, in the previous year's comparable quarter. Additionally, Wall Street had expected the Company to report adjusted FFO of $0.47 per diluted share.
For the full year FY17, the Company's total property revenues came in at $1.85 billion compared to $2.13 billion a year ago. Furthermore, the Company's adjusted FFO applicable to common shares stood at $925.06 million, or $1.95 per share, during FY17 versus $966.90 million, or $2.04 per share, reported in the previous year.
Acquisitions
During Q4 FY17, the Company announced acquisitions worth $424 million, bringing year-to-date total acquisitions to $562 million. In November 2017, the Company acquired The Residence at Watertown Square, a 90-unit senior housing community located in the Boston suburb of Watertown, Massachusetts, for $45 million. In December 2017, HCP closed on the previously announced $228 million acquisition of the Hayden Research Campus located in the Boston suburb of Lexington, and had also acquired 11 off-campus medical office buildings for $151 million.
Cash Matters and Balance Sheet
HCP's net cash provided by operating activities was $847.04 million during FY17 compared to $1.21 billion in FY16. The Company ended the year with a cash, cash equivalents, and restricted cash balance of $82.20 million versus $136.99 million as on December 31, 2016.
Outlook
In its outlook for the full year FY18, the Company expects net income per share applicable to common shares to be in the range of $0.79 to $0.85. FFO per diluted share is anticipated to be in the range of $1.73 to $1.79, while adjusted FFO diluted share is forecasted to be between $1.77 and $1.83 for FY18.
Stock Performance Snapshot
March 19, 2018 - At Monday's closing bell, HCP's stock slightly declined 0.52%, ending the trading session at $23.07.
Volume traded for the day: 4.71 million shares, which was above the 3-month average volume of 4.41 million shares.
Stock performance in the last month - up 3.50%
After yesterday's close, HCP's market cap was at $10.82 billion.
Price to Earnings (P/E) ratio was at 25.16.
The stock has a dividend yield of 6.42%.
The stock is part of the Financial sector, categorized under the REIT - Healthcare Facilities industry.
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