IRVINE, Calif. – IRVINE, Calif. (AP) _ HCP Inc. (HCP) on Wednesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The Irvine, California-based real estate investment trust said it had funds from operations of $208.2 million, or 44 cents per share, in the period.
The average estimate of 11 analysts surveyed by Zacks Investment Research was for funds from operations of 43 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $98.9 million, or 21 cents per share.
The health care real estate investment trust posted revenue of $456 million in the period, missing Street forecasts. Six analysts surveyed by Zacks expected $457.5 million.
HCP expects full-year funds from operations in the range of $1.79 to $1.83 per share.
The company's shares have risen 4.5 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has increased roughly 7 percent in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on HCP at https://www.zacks.com/ap/HCP