IRVINE: Health-care industry real-estate investment fund HCP Inc. said it would record a $36 million noncash write-down in the current quarter after one of its joint ventures forecast lower Medicare reimbursement rates next year.
The charge led the company to cut its earnings guidance for the full year.
The firm now expects its per-share earnings to range between $1.96 and $2.02, down from its previous guidance of $2.04 to $2.10 a share.
It also cut its projection for funds from operations — a key profitability measure for REITs — to $2.95 to $3.01 a share, from $3.03 to $3.09 a share.
HCP said it would record the charge on its 9.4% stake in HCR ManorCare Inc. after the joint venture projected that patient payer sources would continue to reflect a shift from Medicare to Medicare Advantage. This change means lower reimbursement rates and length of stay for HCR ManorCare’s skilled nursing segment, HCP said in a filing…
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