HCP: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}
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.
{{#rendered}} {{/rendered}}
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.
{{#rendered}} {{/rendered}}
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.
_____
{{#rendered}} {{/rendered}}
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