Shares in HCP Inc. dropped Tuesday after the health care REIT said that net income plunged, even as the key metric of funds from operations improved on fewer charges.

The real estate investment trust reported net income of $45.1 million (21 cents per share) for the quarter ended March 31, a steep drop from $140 million (68 cents) the same period a year earlier. Net income from the year ago period benefited from one-time gains of $104 million on real estate sales, the company said.

Revenue rose 18 percent to $252 million, while funds from operations were up 20 percent to $122 million (56 cents per share).

Funds from operations, which includes such factors as amortization and depreciation, is considered a key measure of a real estate investment trust’s financial strength.

Shares in HCP were down 4.3 percent to $36.72 in early trading Tuesday.