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09.08.2016 14:05
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HCP Announces Results for Quarter Ended June 30, 2016
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PR Newswire
IRVINE, Calif., Aug. 9, 2016
IRVINE, Calif., Aug. 9, 2016 /PRNewswire/ --
SECOND QUARTER 2016 AND RECENT HIGHLIGHTS
-- EPS and FFO per share were $0.64 and $0.71, respectively; FFO as adjusted and FAD per share were $0.74 and $0.72, respectively
-- Achieved year-over-year three- and six-month Cash NOI SPP growth of 4.4% and 3.8%, respectively, excluding the assets being transferred to Quality Care Properties, Inc. ("QCP") (formerly HCP SpinCo, Inc.) as part of the anticipated spin transaction
-- Announced $111 million of investment activities and $282 million of dispositions
-- Executed 1.3 million sq. ft. of leasing in our life science and medical office portfolios, bringing occupancy to 98.7% (all-time high) and 91.6%, respectively
-- Filed amended Form 10 for QCP in connection with our anticipated spin transaction
-- Appointed Michael D. McKee as interim President and CEO and Thomas M. Herzog as EVP and CFO
IRVINE, CA, August 9, 2016 - HCP (NYSE:HCP) announced results for the quarter ended June 30, 2016.
| | | Three Months Ended June 30, 2016 | | Three Months Ended June 30, 2015 | | Per Share | | |||||||||
| (in thousands, except per share amounts) | | Amount | | Per Share | | Amount | | Per Share | | Change | | |||||
| Net income | | $ | 301,375 | | $ | 0.64 | | $ | 164,515 | | $ | 0.36 | | $ | 0.28 | |
| FFO | | $ | 333,218 | | $ | 0.71 | | $ | 301,934 | | $ | 0.65 | | $ | 0.06 | |
| Other impairment(1) | | | — | | | — | | | 41,887 | | | 0.09 | | | (0.09) | |
| Transaction-related items and other | | | 14,658 | | | 0.03 | | | 24,045 | | | 0.05 | | | (0.02) | |
| Severance-related charge(2) | | | — | | | — | | | 6,713 | | | 0.02 | | | (0.02) | |
| Foreign currency remeasurement gains | | | — | | | — | | | (9,533) | | | (0.02) | | | 0.02 | |
| FFO as adjusted | | $ | 347,876 | | $ | 0.74 | | $ | 365,046 | | $ | 0.79 | | $ | (0.05) | |
| FAD | | $ | 337,865 | | $ | 0.72 | | $ | 318,614 | | $ | 0.69 | | $ | 0.03 | |
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| ________________________________________ | |
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| (1) | For the three months ended June 30, 2015, the other impairment relates to our Four Seasons Health Care senior unsecured notes ("Four Seasons Notes"). |
| | |
| (2) | For the three months ended June 30, 2015, the severance-related charge relates to the resignation of our former EVP and Chief Investment Officer. |
Net income for the second quarter 2016 included the impact of certain items: (i) gain on sales of real estate of $0.25 per share; and (ii) an interest income benefit of $0.03 per share from the payoff of two senior housing development loans representing our participation in the appreciation of the real estate (compared to $0.02 per share of similar interest income from monetizing a senior housing development loan in the second quarter of 2015).
Additionally, operating results, excluding FAD, during the second quarter 2016 reflect placing our HCR ManorCare ("HCRMC") investments on cash basis effective January 1, 2016. The prior year comparable period included non-cash HCRMC income of $0.08 per share.
FFO, FFO as adjusted, FAD and Cash NOI SPP excluding QCP are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance of real estate investment trusts. See the "Net Operating Income and Same Property Performance", "Funds From Operations" and "Funds Available for Distribution" sections of this release for additional information regarding these non-GAAP financial measures.
SECOND QUARTER 2016 AND RECENT HIGHLIGHTS
INVESTMENT TRANSACTIONS
For the second quarter and through August 8, 2016, we announced $111 million of investment activities, bringing our year-to-date total investments to $475 million. Significant transactions included:
- In June, we commenced a $62 million multi-building development project encompassing 301,000 sq. ft. at our Ridgeview Business Park in Poway, CA which is 50% pre-leased. The project includes a $32 million build-to-suit totaling 152,000 sq. ft. for an existing tenant expected to be completed in 2018 as part of a larger leasing transaction.
- In July, we acquired two Class A life science buildings totaling 136,000 sq. ft. and a four-acre parcel of land in San Diego, CA for $49 million, growing our life science footprint in a core market.
DISPOSITIONS AND RIDEA II TRANSACTION
We completed $282 million of dispositions during the quarter ended June 30, 2016. Significant transactions during the quarter included:
- $130 million of proceeds from the sale of a portfolio of five skilled nursing and two assisted living facilities operated by Trilogy, recognizing a net gain on sales of real estate of $82 million;
- $90 million of proceeds from the previously announced sale of a life science facility and medical office building, recognizing a net gain on sales of real estate of $38 million; and
- $51 million of proceeds from the monetization of two senior housing development loans, recognizing $15 million of incremental interest income, representing our participation in the appreciation of the underlying real estate assets.
HCP expects to generate approximately $470 million of proceeds from the pending RIDEA II joint venture transaction announced last quarter, from selling a 40% stake in the venture for $110 million and raising $360 million of new third party debt. Note that this has been revised from our previously disclosed estimate of $740 million due to our decision to reduce the size of new third party mortgage debt, allowing us to reduce leverage more quickly compared to our previous plan. The transaction is expected to close in the fourth quarter.
For full year 2016, we expect to generate approximately $1.25 billion of proceeds from dispositions and the RIDEA II transaction.
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