HCP Announces Earnings for 2009

HCP announced it earnings on Friday of last week that showed it earned $26.4 million in the fourth quarter, or 9 cents a share, compared to $34.6 million, or 14 cents a share, in the year-ago quarter.  During the fourth quarter, HCP recognized (which it previously announced) aggregate impairments of $54 million, which primarily included the following: i) $48 million of impairment charges related to three direct financing leases and a $10 million participation in a senior construction loan associated with properties operated by Erickson Retirement Communities; and ii) a $4 million impairment charge related to a senior secured term loan to an affiliate of the Cirrus Group, LLC.  HCP announced that year-over-year quarterly adjusted NOI same property performance increased by 2.3% and that the senior housing segment occupancy for the current quarter in the same-store senior housing was 85.5% representing 30 basis point sequential decline over the prior quarter and a 260 basis decline over the prior year.

For the full year 2010, HCP expects FFO applicable to common shares to range between $2.11 and $2.17 per diluted share and net income applicable to common shares to range between $0.98 and $1.04 per diluted share.

For the full earnings, release see the company’s 8-K or the 10-K.  For the transcript of the company’s conference, call click here.

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