Have you been eager to see how HCP Inc. HCP performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Irvine, California-based healthcare real estate investment trust’s (REIT) earnings release this morning:An In Line FFOHCP came out with adjusted funds from operations (FFO) of 69 cents per share, which just came in line with the Zacks Consensus Estimate. The prior-year quarter figure was 79 cents per share.The quarter witnessed year over year increase in revenues.How Was the Earnings Surprise Trend?HCP has a decent earnings surprise history. Before posting an in-line earnings in Q1, the company delivered a positive surprise in all the trailing four quarters with an average annual positive surprise of 2.27% in the trailing four quarters.Revenue Came In Lower Than Expected HCP posted revenues of $640.8 million, which missed the Zacks Consensus Estimate of $642.3 million. However, it compared favorably with the year-ago number of $610.8 million.Key Developments to NoteConcurrent with the earnings announcement, HCP’s Board of Directors has given green signal to the spin off of the HCRMC portfolio into an independent and publicly-traded REIT. Also, the company has taken some steps to expand its leadership team.What Zacks Rank SaysHCP currently has a Zacks Rank #5 (Strong Sell). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. It all depends on what sense the just-released report makes to the analysts.Check back later for our full write up on this HCP earnings report later!Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HCP INC (HCP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research