HCP (the “Company”) (NYSE:HCP) announced results for the quarter ended March 31, 2009 that showed funds from operations (“FFO”) applicable to common shares was $128.0 million, or $0.50 per diluted share, for the quarter ended March 31, 2009, compared to FFO applicable to common shares of $121.5 million, or $0.56 per diluted share, in the year-ago period. The results for the quarter include $1.2 million in merger-related charges. The company’s net income for the first quarter 2009 was $43.3 million, or $0.17 per diluted share, compared to net income applicable to common shares of $44.6 million, or $0.21 per diluted share, in the year-ago period. Net income applicable to common shares for the quarter ended March 31, 2009 includes gain on sales of real estate of $1.4 million, compared to gain on sales of real estate of $10.1 million in the year-ago period.
The company also disclosed that it had purchased the remaining minority interests in three senior housing joint ventures for $14 million and made fundings of $25 million for construction and other capital projects primarily in the company’s life science segment. The company also sold approximately $6 million worth of properties from the medical office segment during the first quarter and announced that it had sold its hospital facility in Los Gatos, California for $45 million, recognizing a gain on sale of $31 million.
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