UPDATE: HCP Reports Strong Rise In Q2 Profit

HCP Inc HCP reported a strong rise in its second-quarter profit. HCP reported its quarterly profit at $228.8 million, or $0.55 per share, up from $85.1 million, or $0.27 per share, in the year-earlier period. Its revenue climbed to $488.7 million from $301.9 million. HCP's adjusted funds from operations came in at $0.77 per share. However, analysts were expecting earnings of $0.47 per share and adjusted funds from operations of $0.64 per share. HCP projects 2011 adjusted funds from operations of $2.63 to $2.69 per share, versus analysts' estimates of $2.15 per share. HCP shares closed at $34.64 yesterday.