Health Care REIT Q2 FFO Rises, Tops Estimates, Lifts FY14 FFO View -Quick Facts

(RTTNews) - Health Care REIT, Inc. (HCN) reported Friday that its second-quarter funds from operations or FFO was $284.25 million or $0.95 per share, compared to $230.67 million or $0.83 per share last year.

Normalized FFO increased to $316.36 million or $1.06 per share from $256.08 million or $0.93 per share a year ago.

On average, 17 analysts polled by Thomson Reuters expected earnings of $1.02 per share for the quarter. Analysts' estimates typically exclude special items.

These earnings results are primarily attributable to strong quarterly operating results as well as $2.7 billion of investments over the last twelve months, the company said.

For the quarter, net income attributable to stockholders was $71.83 million or $0.24 per share, compared to prior year's loss of $8.51 million or $0.03 per share. The prior year's results included a $30 million loss from discontinues operations.

On a continuing operations basis, income climbed to $74.51 million from $37.05 million last year.

Gross revenues climbed to $826.45 million from $678.53 million a year ago. Analysts expected revenues of $807.85 million.

Looking ahead for fiscal 2014, the company increased its outlook, and now expects to generate normalized FFO in a range of $4.05 to $4.15 per share, compared to previous range of $4.03 to $4.13 per share. The forecast now represents a 6 percent-9 percent increase from 2013.

The company also increased its normalized FAD guidance to a range of $3.57 to $3.67 per share from the previous range of $3.55 to $3.65 per share, now representing a 6 percent-9 percent increase from 2013.

Net income attributable to common stockholders guidance has been decreased to a range of $1.02 to $1.12 per share from the previous range of $1.04 to $1.14 per share due to CEO transition costs and transaction costs.

Analysts expect earnings of $4.07 per share for the year.