HCP Inc. disclosed second-quarter funds from operations applicable to common shares of $164.7 million, or 35 cents per share, up from $336.7 million, or 71 cents per share, in the 2016 second quarter.

Adjusted funds from operations for the second quarter decreased on an annual basis to $226.5 million, or 48 cents per share, from $351.4 million, or 74 cents per share.

The S&P Capital IQ consensus FFO-per-share estimate for the second quarter was 47 cents.

HCP forecasts full-year FFO per share in the range of $1.73 to $1.79, compared to previous guidance in the range of $1.99 to $2.05. Full-year FFO-per-share guidance as adjusted was reaffirmed in a range of $1.89 to $1.95.

The S&P Capital IQ consensus FFO-per-share estimate for the 2017 full year is $1.94.

The company had a development pipeline totaling $640 million as at the end of the second quarter and a redevelopment pipeline of $109 million.