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HCP, Inc. Message Board

  • vickersviscount vickersviscount Oct 26, 2004 5:46 PM Flag

    Up 1.29 today. . .maybe good earnings?

    seems like something is up.

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    • I hope you're right...this was a huge jump today. Someone always knows something we don't, so just hang on for the ride.

      • 2 Replies to grannytheblonde
      • LONG BEACH, Calif.--(BUSINESS WIRE)--Oct. 27, 2004--Health Care Property Investors, Inc. (NYSE:HCP - News), a health care real estate investment trust ("REIT"), today announced operating results for the quarter ended September 30, 2004. Net income applicable to common shares for the quarter ended September 30, 2004 totaled $29.2 million, or $0.22 per diluted share of common stock. This compares with net income applicable to common shares of $38.7 million, or $0.30 per diluted share of common stock for the quarter ended September 30, 2003. The Company's operating results for the quarter ended September 30, 2004 include asset impairment charges of $13.2 million. Net income applicable to common shares for the quarter ended September 30, 2003 include preferred stock redemption charges of $6.8 million.
        Funds From Operations ("FFO") was $48.9 million, or $0.37 per diluted share of common stock, for the quarter ended September 30, 2004. This compares with FFO of $53.5 million, or $0.42 per diluted share of common stock, for the quarter ended September 30, 2003. Prior to asset impairment charges, FFO was $0.46 and $0.42 per diluted share for the quarters ended September 30, 2004 and 2003, respectively. Preferred stock redemption charges reduced FFO per diluted share of common stock by $0.05 for the quarter ended September 30, 2003.

        The Company's presentation of FFO for all periods includes the effect of asset impairment charges, consistent with recent clarifications from the National Association of Real Estate Investment Trusts ("NAREIT"). FFO is a supplemental non-GAAP financial measurement used to evaluate the operating performance of real estate investment trusts.
        THIRD QUARTER DEVELOPMENTS
        During the third quarter of 2004, the Company made investments of approximately $215 million, or approximately $115 million net of related mezzanine debt repayments. This brings aggregate investments, including development properties placed in service, for the first nine months to approximately $420 million, or $320 million net of related mezzanine debt repayments. For the nine months ended September 30, 2004, the Company's investments have been allocated among the following sectors - 48% assisted living and continuing care retirement communities, 21% long term care, 21% medical office buildings, and 10% life sciences.
        On October 26, 2004, HCP closed a new $500 million, three-year, unsecured revolving credit facility. The facility is priced at 65 basis points over LIBOR with a 15 basis point facility fee, based upon the Company's current credit rating. This pricing represents an improvement over the former $490 million unsecured revolving credit facility. Bank of America Securities LLC and JP Morgan Securities, Inc. acted as joint lead arrangers and joint book managers of the new facility.
        During the third quarter, the Company identified 11 properties with an estimated fair value of $15 million for future disposition. A $13.2 million impairment charge related to these properties was recorded in the third quarter with $5.7 million recorded in continuing operations and $7.5 million recorded in discontinued operations. The assets consist of three medical office buildings, six skilled nursing facilities, and two assisted living facilities.
        FUTURE OPERATIONS
        For the full year 2004, the Company presently expects net income applicable to common shares to range between $1.02 and $1.06 per diluted share, and expects FFO to range between $1.62 and $1.66 per diluted share, including the impact of impairment charges through September 30, 2004, but excluding the impact of future impairments, if any. Excluding asset impairment charges, the Company expects FFO to range between $1.74 and $1.78 per diluted share.

      • News Releases

        Health Care Property Investors, Inc. Declares Quarterly Cash Dividends on Common Stock and Series E and F Preferred Stock

        LONG BEACH, Calif.--(BUSINESS WIRE)--Oct. 27, 2004--Health Care Property Investors, Inc. (NYSE:HCP) reported that the Board of Directors declared a quarterly common stock dividend of $0.4175 per share. The common stock cash dividend will be paid on November 19, 2004 to stockholders of record as of the close of business on November 8, 2004. The annualized rate of distribution for 2004 is $1.67 per share.

        In addition, Health Care Property Investors, Inc. reported that the Board of Directors declared cash dividends of $0.45313 per share on its Series E cumulative redeemable preferred stock and $0.44375 per share on its Series F cumulative redeemable preferred stock. These dividends will be paid on December 31, 2004 to stockholders of record as of the close of business on December 15, 2004.

        Health Care Property Investors, Inc. (NYSE:HCP) is a self-administered real estate investment trust ("REIT") that invests directly or through joint ventures in health care facilities. As of September 30, 2004, the Company's portfolio of properties, including investments through joint ventures and mortgage loans, included 536 properties in 43 states and consisted of 29 hospitals, 179 long-term care facilities, 124 assisted living and continuing care retirement communities ("CCRCs"), 180 medical office buildings and 24 other health care facilities. For more information on Health Care Property Investors, Inc., visit the Company's web site at www.hcpi.com.

        CONTACT: Health Care Property Investors, Inc., Long Beach, Calif.
        Laura Catalino
        Assistant Treasurer and Director of Investor Relations
        562-733-5146
        or
        Talya Nevo-Hacohen
        Senior Vice President-Strategic Development and Treasurer
        562-733-5104

 
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