Health Care REIT Q1 FFO Rises, Beats View; Lifts 2014 Outlook - Quick Facts

(RTTNews) - Health Care REIT Inc. (HCN) reported that its first-quarter of 2014 funds from operations increased to $288.80 million from last year's $170.88 million, with funds from operations per share improving to $0.99 from $0.65 in the same quarter last year.

However, net income attributable to common stockholders for the quarter declined to $50.02 million or $0.17 per share, from $55.06 million or $0.21 per share in the same quarter last year.

But, normalized funds from operations was $1.00 per share, compared to $0.91 per share in the year-ago quarter. On average, sixteen analysts polled by Thomson Reuters expected the company to report earnings of $0.98 per share for the quarter. Analysts' estimates typically exclude special items.

Gross revenues for the quarter rose to $801.81 million from $629.72 million in the prior- year quarter. Analysts had a consensus revenue estimate of $796.68 million for the quarter.

Looking ahead to fiscal 2014, the company raised its forecast for normalized FFO to a range of $4.03 to $4.13 per share from the previous range of $3.93 to $4.03 per share. The company also raised its outlook for normalized FAD to a range of $3.55 to $3.65 per share from the prior range of $3.53 to $3.63 per share.

However, the company lowered its outlook for full-year net income attributable to common to a range of $1.04 to $1.14 per share from the earlier range of $1.09 to $1.19 per share, due to increased depreciation and amortization resulting from first quarter investment activity.

Street expects the company to earn $4.03 per share for the year on revenues of $3.26 billion.