HCP, Inc. (HCP) Tops Q2 FFO by 1c, Guides Above for FY

August 4, 2008 11:02 PM EDT

HCP, Inc. (NYSE: HCP) reports Q2 FFO of $0.57 (ex-items), 1 cent better than the analyst estimate of $0.56. Revenues for the quarter were $251.37 million, versus the consensus of $261.92 million.

For the full year 2008, we presently expect net income applicable to common shares to range between $2.01 and $2.29 per diluted common share, FFO applicable to common shares to range between $2.27 and $2.35 per diluted common share, and FFO applicable to common shares, before giving effect to merger-related charges and impairments, to range between $2.35 and $2.43 per diluted common share. Our estimate for the full year 2008 net income applicable to common shares includes the net impact of the lease termination fees and related impairments of $0.06 per diluted common share and the impact of the Tenet restructuring and settlement ranging between $0.17 and $0.19 per diluted common share. Our estimate for the full year 2008 FFO applicable to common shares, before giving effect to merger-related charges and impairments, includes the impact of lease termination fees of $0.07 per diluted common share and the impact of the Tenet restructuring and settlement ranging between $0.09 and $0.11 per diluted common share. (FY FFO consensus is $2.25)

Health Care Property Investors, Inc. operates as a real estate investment trust in the United States.

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