HCP needs to re-establish itself as a premier healthcare real estate platform post-HCR ManorCare.
We do not anticipate a material change to our $25 fair value estimate and no-moat rating for HCP as the company slightly beat our low expectations but still saw an overall weak quarter. Same-store net operating income for the whole portfolio was up 0.7% in the second quarter, beating our estimate by 10 basis points. The senior housing operating portfolio's same-store net operating income growth was down 4.4%, 300 basis points worse than we expected year over year. Their Shop portfolio underperfo...HCP is a real estate investment trust which invests in real estate serving the healthcare industry. The company acquires, develops, leases, and manages and disposes of healthcare real estate. The company's segments are: senior housing triple-net and senior housing operating portfolio, which include independent living facilities, assisted living facilities, memory care facilities, and continuing care retirement communities; life science, which contains laboratory and office space for biotechnology, medical device and pharmaceutical companies, scientific research institutions, government agencies and other organizations; and medical office, which contains physicians' offices and examination rooms.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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