Health care real estate investment trust HCP Inc. said Tuesday its fourth-quarter and 2008 funds from operations rose, but they both still missed Wall Street's expectations. The company also offered guidance for 2009 that didn't meet analysts' estimates.
Shares of the REIT fell on the news, giving back 96 cents a share, or 3.8 percent, to $24.51 in morning trading.
HCP said its funds from operations, or FFO, edged up 1 percent to $123.3 million, or 48 cents per share, in the fourth quarter, from $122.1 million, or 54 cents per share in the year-earlier period. The number of shares outstanding in the most recent period increased by 13% over the previous year.
On average, analysts polled by Thomson Reuters expected quarterly FFO of 55 cents per share.
The quarter included an impairment charge of $12 million related to the leasing of 11 properties to Emeritus Corp.
FFO, which adds such items as amortization and depreciation back to net income, is considered a key measure of strength for real estate investment trusts because it provides a more accurate picture of cash performance.
Net income slipped 22 percent to $35.1 million, or 14 cents per share, from $45 million, or 21 cents per share.
Quarterly revenue gained nearly 4 percent to $263.3 million from $254.3 million.
For the year, FFO rose 19 percent to $551.3 million, or $2.25 per share, from $464 million, or $2.14 per share, in 2007. Analysts were predicting $2.32 per share for the year.
Annual revenue totaled $1.03 billion, up 13 percent from $907.4 million in the prior year.
The REIT forecasts 2009 FFO between $2.15 per share and $2.21 per share. Analysts are expecting FFO of $2.31 per share.
via yahoo
Shares of the REIT fell on the news, giving back 96 cents a share, or 3.8 percent, to $24.51 in morning trading.
HCP said its funds from operations, or FFO, edged up 1 percent to $123.3 million, or 48 cents per share, in the fourth quarter, from $122.1 million, or 54 cents per share in the year-earlier period. The number of shares outstanding in the most recent period increased by 13% over the previous year.
On average, analysts polled by Thomson Reuters expected quarterly FFO of 55 cents per share.
The quarter included an impairment charge of $12 million related to the leasing of 11 properties to Emeritus Corp.
FFO, which adds such items as amortization and depreciation back to net income, is considered a key measure of strength for real estate investment trusts because it provides a more accurate picture of cash performance.
Net income slipped 22 percent to $35.1 million, or 14 cents per share, from $45 million, or 21 cents per share.
Quarterly revenue gained nearly 4 percent to $263.3 million from $254.3 million.
For the year, FFO rose 19 percent to $551.3 million, or $2.25 per share, from $464 million, or $2.14 per share, in 2007. Analysts were predicting $2.32 per share for the year.
Annual revenue totaled $1.03 billion, up 13 percent from $907.4 million in the prior year.
The REIT forecasts 2009 FFO between $2.15 per share and $2.21 per share. Analysts are expecting FFO of $2.31 per share.
via yahoo
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