HCP announced results for the quarter ended June 30, 2010 that shows a drop in earnings by 13% for the quarter compared to the second quarter of 2009. Revenues increased to $303 million for the quarter, an increase of 3.6%, and saw its Funds From Operations remain flat when compared to Q2 2009 at .55 per share. During HCP’s conference call, the stated that occupancy in Q2 2010 for its senior housing platform was at 84.9%, a 10 basis point sequential from Q1 2010 and 180 basis point decline from Q2 2009. HCP’s outlook for acquisition activity was optimistic for the rest of 2010 based upon commentary during the conference call.
“I would say the pipeline versus three months ago was continued to build with the exception of one of our five property sectors. It’s broad based. That outlier would be hospitals. We only saw one particular situation in the past quarter that we had dug into, and ultimately, elected not to pursue, but the other sectors, medical office, life science, skilled nursing, senior housing are all very, very active,” said Jay Flaherty Chairman and CEO of HCP.