Health Care REIT Inc. (HCN) reported that its first-quarter Funds from operations increased to $170.88 million from last year's $163.86 million. But funds from operations per share declined to $0.65 from $0.81 in the year ago quarter.
Normalized funds from operations was $238.86 million, up from $174.52 million last year. Normalized Funds from operations rose to $0.91 per share from $0.87 in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.91 per share for the quarter. Analysts' estimates typically exclude special items.
Net income attributable to common stockholders rose to $55.06 million or $0.21 per share, from $39.31 million or $0.19 per share in the same quarter last year.
Revenues for the quarter increased to $633.91 million from $418.00 million in the prior year quarter. Nine analysts had consensus revenue estimate of $541.53 million for the quarter.
For 2013, the company continues to expect to generate normalized Funds from operations in a range of $3.70 to $3.80 per share, representing a 5%-8% increase, and normalized Funds Available for Distribution in a range of $3.25 to $3.35 per share, representing a 5%-8% increase. Analysts expect the company to report earnings of $3.77 per share for fiscal 2013.
The company revised its 2013 net income guidance primarily to reflect depreciation and amortization adjustments, normalizing items and gains on property sales. The company now expects to report net income attributable to common stockholders in a range of $0.70 to $0.80 per share. While announcing the fourth-quarter result, the company had expected net income to be between $1.30 and $1.40 per share.
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