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03.05.2018 14:06
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HCP Announces Results for the Quarter Ended March 31, 2018
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PR Newswire
IRVINE, Calif., May 3, 2018
IRVINE, Calif., May 3, 2018 /PRNewswire/ -- HCP, Inc. (NYSE: HCP) announced results for the first quarter ended March 31, 2018.
FIRST QUARTER 2018 FINANCIAL PERFORMANCE AND RECENT HIGHLIGHTS
– Net income, FFO and FFO as adjusted per common share were $0.08, $0.47 and $0.48, respectively
– Announced transaction to exit U.K. holdings; initial transaction structured as joint venture with exit rights to sell remaining interest by no later than 2020
– Completed sale of six assets to Brookdale Senior Living, Inc. ("Brookdale") for $275 million
– As previously announced, agreed to transition 24 assets to Atria Senior Living ("Atria"); 13 assets transitioned to date
– As previously announced, closed on the sale of our Tandem mezzanine loan investment for $112 million
– Completed 150,000 square feet of leasing at our $62 million Ridgeview development, bringing the project to 100% leased
– Scott Brinker joined HCP as Executive Vice President and Chief Investment Officer
– Appointed two new independent directors; Brian Cartwright named Chairman of the Board
– Published our 7th annual Sustainability Report, a comprehensive assessment highlighting our Environmental, Social and Governance ("ESG") goals and achievements
– Reaffirmed full-year 2018 FFO as adjusted and SPP Cash NOI guidance ranges
| FIRST QUARTER COMPARISON | | | |||||||||||||||||
| | | | |||||||||||||||||
| | Three Months Ended | | Three Months Ended | | | ||||||||||||||
| (in thousands, except per share amounts) | Amount | | Diluted Per Share | | Amount | | Diluted Per Share | | Per Share Change | ||||||||||
| Net income (loss) | $ | 39,841 | | | $ | 0.08 | | | $ | 460,375 | | | $ | 0.97 | | | $ | (0.89) | |
| FFO | $ | 219,434 | | | $ | 0.47 | | | $ | 288,249 | | | $ | 0.61 | | | $ | (0.14) | |
| Transaction-related items | 1,942 | | | — | | | 1,057 | | | — | | | — | | |||||
| Other impairments (recoveries), net(1) | (3,298) | | | (0.01) | | | (50,895) | | | (0.10) | | | 0.09 | | |||||
| Severance and related charges(2) | 8,738 | | | 0.02 | | | — | | | — | | | 0.02 | | |||||
| Litigation costs | 406 | | | — | | | 1,838 | | | — | | | — | | |||||
| Foreign currency remeasurement losses (gains) | 130 | | | — | | | (77) | | | — | | | — | | |||||
| FFO as adjusted | $ | 227,352 | | | $ | 0.48 | | | $ | 240,172 | | | $ | 0.51 | | | $ | (0.03) | |
| FAD | $ | 201,736 | | | | | $ | 218,555 | | | | | | ||||||
| _______________________________________ | |
| (1) | For the three months ended March 31, 2018, represents the impairment recovery upon sale of our Tandem Health Care mezzanine loan ("Tandem Mezzanine Loan") in March 2018. For the three months ended March 31, 2017, represents the impairment recovery upon the sale of our Four Seasons Health Care senior notes in the first quarter of 2017. |
| (2) | For the three months ended March 31, 2018, relates to the departure of our former Executive Chairman, including $6 million of cash severance and $3 million of equity award vestings. |
FFO, FFO as adjusted, FAD, and SPP Cash NOI are supplemental non-GAAP financial measures that we believe are useful in evaluating the operating performance of real estate investment trusts. See "March 31, 2018 Discussion and Reconciliation of Non-GAAP Financial Measures" for definitions, discussions of their uses and inherent limitations, and reconciliations to the most directly comparable financial measures calculated and presented in accordance with GAAP on the Investor Relations section of our website at http://ir.hcpi.com/financial-reconciliation.
SAME PROPERTY PORTFOLIO OPERATING SUMMARY
The tables below outline the year-over-year three-month SPP Cash NOI growth and the components of our senior housing operating portfolio ("SHOP") SPP Cash NOI growth for the first quarter:
| Three-Month SPP Cash NOI Growth | |
| Senior housing triple-net | 0.5% |
| SHOP | (6.4%) |
| Life science | 0.4% |
| Medical office | 1.6% Werbung Mehr Nachrichten zur HCP Aktie kostenlos abonnieren
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