First-quarter FFO applicable to common shares at came to $322.8 million, or 68 centsper share, compared to a loss of $117.6 million, or a loss of 26 cents per share,in the first quarter of 2015.
The company recorded no impairment during the quarter, whichcompares to an impairment of $478.5 million, or $1.04 per share, in the prior-yearquarter.
FFO as adjusted applicable to common shares for the first quartertotaled $325.4 million, or 69 cents per share, compared to $367.5 million, or 79cents per share, reported for the year-ago period.
The S&P Capital IQ consensus FFO-per-share estimate for thefirst quarter was 69 cents.
The company reported first-quarter NOI of $445.7 million, slightlyup from $445.0 million a year ago.
Looking ahead, HCP expects FFO per share for 2016 to range between$2.76 and $2.82, slightly higher than the range of $2.74 to $2.80 that it providedwhile reporting its fiscal 2015 results.It expects FFO as adjusted per share to range between $2.77 and $2.83.
The S&P Capital IQ consensus FFO-per-share estimate for the2016 full year is $2.75.
During the quarter, the company closed and announced $554 millionof investment deals. The deals include its commencementof the $185 million Phase II development of The Cove life science development inSouth San Francisco, Calif., and the $95 million acquisition of five private paysenior housing communities with 364 units and one nursing facility with 120 beds.The company also agreed to buy a portfolio of seven private pay senior housing communitiesfor $190 million.
HCP noted that it will use $1.3 billion of capital recyclingand financing activities to fund the acquisitions carried out so far in 2016 andrepay debt. In addition, the company refinanced $500 million of maturingsenior unsecured notes using proceeds from its 2015 bond offering.
On the executive leadership front, Michael McKee, HCP's independent chairman, has been electedexecutive chairman. Additionally, the company promoted Justin Hutchens to chief investment officer and added KaiHsiao, former CEO of Holiday Retirement, to its executive board as executive vicepresident, senior housing asset management.
The company added that it continues to look for a successor foroutgoing Executive Vice President and CFO TimSchoen. The effective date of Schoen's departure is May 22.
Under its leasing activities, the company completed 689,000 squarefeet of lettings in its life science and medical office portfolios, comprising of539,000 square feet of renewals and 150,000 square feet of new leases.
HCP declared a quarterly cash dividend of 57.5 cents per commonshare to be paid May 24 to stockholders of record as of the close of business onMay 9.