HCP (the “Company”) (NYSE:HCP) announced results for the quarter ended September 30, 2009 that showed Funds From Operation (FFO) applicable to common shares was $32.2 million, or $0.11 per diluted share, for the quarter ended September 30, 2009, compared to FFO applicable to common shares of $174.3 million, or $0.70 per diluted share, in the year-ago period. The Company incurred a net loss of $52.4 million, or $0.18 per diluted share, compared to net income applicable to common shares of$119.6 million, or $0.49 per diluted share, in the year-ago period. The results included the impact of $0.39 per diluted share of the following: (i) impairments of$0.05 per diluted share; (ii) a charge of $0.36 per diluted share related to an accrued liability in connection with a jury verdict in the Ventas litigation; and (iii) income of$0.02 per diluted share related to sales of marketable debt securities. During the quarter, HCP completed a $441 million public offering of 17.8 million shares of common stock at a price of $24.75 per share. HCP received net proceeds of$423 million, which were used to repay the total outstanding indebtedness under the Company’s revolving line of credit facility, including borrowings for the additional investment in HCR ManorCare, with the remainder used for general corporate purposes.
For the full 3rd Quarter 2009 Earnings release, click here or for the 8-K.
For a copy of the transcript from the earnings call, click here.
