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HCP Announces Results for the Quarter and Year Ended December 31, 2016
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PR Newswire
IRVINE, Calif., Feb. 13, 2017
IRVINE, Calif., Feb. 13, 2017 /PRNewswire/ --
FOURTH QUARTER 2016 AND RECENT HIGHLIGHTS
-- EPS, FFO and FFO as adjusted per share, were $0.12, $0.35 and $0.59, respectively
-- Achieved year-over-year three-month SPP Cash NOI and SPP NOI growth of 2.6% and 2.4%, respectively
-- Completed the spin-off of Quality Care Properties, Inc. ("QCP") (NYSE:QCP) on October 31, 2016
-- Completed $345 million of acquisitions and loan fundings and $472 million of dispositions in the fourth quarter; in January, we completed the previously announced sale and related financing of a 40% interest in our RIDEA II joint venture generating $480 million in proceeds
-- Signed a 115,000 sq. ft. lease at Phase II of The Cove development in South San Francisco, bringing Phases I and II to 86% leased
-- Commenced the $211 million development of Phase III of The Cove, representing up to 336,000 sq. ft.
-- Repaid $1.7 billion of debt during the fourth quarter and an additional $440 million through February 13, 2017, using proceeds generated primarily from QCP financing and our RIDEA II transaction; on track with previously disclosed deleveraging plan and targeted credit metrics
-- Appointed Tom Herzog as Chief Executive Officer and as a member of the Board of Directors, Justin Hutchens as President, and Peter Scott as EVP and Chief Financial Officer
-- Reset the quarterly dividend to $0.37 per share, as previously announced
FULL YEAR 2016 HIGHLIGHTS
-- EPS, FFO and FFO as adjusted per share were $1.34, $2.39 and $2.74, respectively
-- Achieved year-over-year SPP Cash NOI and SPP NOI growth of 3.7% and 2.6%, respectively
-- Entered into definitive agreements to sell 64 communities triple-net leased to Brookdale Senior Living, Inc. ("Brookdale") for $1.125 billion and announced other planned transactions, resulting in improved lease coverage, reduced tenant concentration, and a stronger balance sheet
-- Completed $723 million of acquisitions and loan fundings and $770 million of dispositions, excluding the spin-off of QCP
-- Placed $271 million of development and redevelopment projects in service, and commenced $580 million of new development and redevelopment projects
-- Executed 4.1 million sq. ft. of leasing in our life science and MOB portfolios
2017 GUIDANCE
-- Full year guidance for EPS of $1.32 – $1.38, FFO per share of $1.88 – $1.94 and FFO as adjusted per share of $1.89 – $1.95, in-line with preliminary Outlook provided on November 1, 2016
-- Full year guidance for SPP Cash NOI growth of 2.5% – 3.5%, in-line with preliminary Outlook provided on November 1, 2016
IRVINE, CA, February 13, 2017 -- HCP (NYSE:HCP) announced results for the quarter and year ended December 31, 2016.
FOURTH QUARTER COMPARISON
| | | Three Months Ended December 31, 2016 | | Three Months Ended December 31, 2015 | | Per Share | | |||||||||
| (in thousands, except per share amounts) | | Amount | | Per Share | | Amount | | Per Share | | Change | | |||||
| Net income (loss) | | $ | 58,440 | | $ | 0.12 | | $ | (599,164) | | $ | (1.29) | | $ | 1.41 | |
| FFO | | $ | 162,265 | | $ | 0.35 | | $ | (458,678) | | $ | (0.99) | | $ | 1.34 | |
| Other impairments, net(1) | | | — | | | — | | | 829,593 | | | 1.78 | | | (1.78) | |
| Transaction-related items(2) | | | 62,016 | | | 0.13 | | | 3,959 | | | 0.01 | | | 0.12 | |
| Loss on debt extinguishments(3) | | | 46,020 | | | 0.10 | | | — | | | — | | | 0.10 | |
| Other(4) | | | 5,899 | | | 0.01 | | | 60 | | | — | | | 0.01 | |
| FFO as adjusted | | $ | 276,200 | | $ | 0.59 | | $ | 374,934 | | $ | 0.80 | | $ | (0.21) | |
| FFO as adjusted from QCP | | | (26,948) | | | (0.06) | | | (138,875) | | | (0.29) | | | 0.23 | |
| Comparable FFO as adjusted(5) Werbung Mehr Nachrichten zur HCP Aktie kostenlos abonnieren
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