HCP: 1Q Earnings Snapshot

IRVINE, Calif. (AP) _ HCP Inc. (HCP) on Wednesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.

The real estate investment trust, based in Irvine, California, said it had funds from operations of $212 million, or 44 cents per share, in the period.

The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 43 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $61 million, or 13 cents per share.

The health care real estate investment trust posted revenue of $436.2 million in the period, which did not meet Street forecasts. Five analysts surveyed by Zacks expected $442.1 million.

HCP expects full-year funds from operations in the range of $1.70 to $1.76 per share.

The company's shares have risen 7% since the beginning of the year, while the Standard & Poor's 500 index has increased 17%. In the final minutes of trading on Wednesday, shares hit $29.92, a rise of 26% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on HCP at https://www.zacks.com/ap/HCP