HCP: 4Q Earnings Snapshot
{{#rendered}} {{/rendered}}IRVINE, Calif. (AP) _ HCP Inc. (HCP) on Wednesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Irvine, California, said it had funds from operations of $202.1 million, or 43 cents per share, in the period.
The average estimate of 10 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 $829.3 million, or $1.73 per share.
The health care real estate investment trust posted revenue of $441.9 million in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $447.9 million.
{{#rendered}} {{/rendered}}HCP expects full-year funds from operations in the range of $1.70 to $1.76 per share.
The company's shares have increased 10 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 10 percent. In the final minutes of trading on Wednesday, shares hit $30.73, a climb of 35 percent in the last 12 months.
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{{#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