HCP Inc. said Tuesday that second quarter net income rose nearly 250 percent as the Long Beach real estate investment trust sold 40 health care properties and other assets valued at $496 million.

After the market closed the company also announced a 13 million share secondary offering.

Net income for the quarter ended June 30 was $227,012 (97 cents a share), up 244 percent from a year ago. Revenues rose 21.5 percent to $251 million, lower than analyst expectations of $262 million.

The nation’s largest REIT specializing in senior housing, life science, medical office, and hospital facilities, reported funds from operations a key benchmark of 57 cents per share, excluding non-recurring items. That was 1 cent a share better than the consensus of analysts polled by Thomson First Call.

HCP’s is now expecting 2008 funds from operations of $2.27 to 2.35 a share, higher than analyst consensus of $2.25.

Net proceeds from the latest secondary offering, which is not yet priced, will repay a portion of REIT’s bridge loan facility that is used to acquire real estate. This is the second time this year that HCP has conducted such an offering. In connection with HCP’s addition this year to the S & P; 500 Index, the company issued 17 million shares of common stock in April with net proceeds of $560 million, which also was used to pay down debt.