Real estate investment trust HCP, Inc. (HCP:NYSE) announced its third quarter operating results this week that showed higher revenues and increased funds from operations (FFO). The revenues for the third quarter grew to $317.15 million from $287.07 million a year ago and funds from operations was $167 million with net income of $16.9 million. HCP expects that its full year 2010 guidance to be between $2.18 and $2.24 per diluted share.
HCP also announced the pricing of a public offering of 12 million shares of common stock at a price per share of $35.25. The offering was increased from the originally announced 10 million shares due to strong investor demand with proceeds of approximately $423 million that will be used to repay borrowings under HCP’s revolving credit facility with the remainder to be used for general corporate purposes.