Hotel Corp (LSE:HCP)
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From May 2019 to May 2024

Health care real estate investment trust HCP Inc. (HCP) reported Tuesday that its second-quarter funds from operations rose 10%, beating Wall Street's expectations.

HCP, one of the most diverse health-care REITs whose investments include senior housing, medical office and skilled nursing properties, also raised its 2009 FFO and earnings view.

Before the market opened, the Long Beach, Calif., company said funds from operations increased to $146.1 million from $119.1 million, a year earlier. FFO per share rose to 55 cents from 50 cents.

Analysts, on average, expected FFO, a key industry figure of performance, of 51 cents a share, according to Thomson Reuters.

Still, profit fell to $91.8 million, or 35 cents a share, from $225.9 million, or 96 cents a share. The year-ago period was boosted in part by a gain on the sale real estate of $190.5 million. Revenue rose to $267.3 million from $248.8 million.

The REIT now forecasts 2009 FFO of $2.13 to $2.19 a share and FFO before impairments of $2.15 to $2.21 a share. In May, HCP had predicted 2009 FFO of $2.10 to $2.16 a share. In addition, HCP expects 2009 earnings of 98 cents to $1.04 a share.

-By Veronica Dagher, Dow Jones Newswires; 212-416-2261; veronica.dagher@dowjones.com