Headwinds Will Slow HCP in 2018, but Transformation Remains on Track
Narrow-moat HCP’s story of concentrating on three healthcare subsectors remains on track, and we will maintain our fair value estimate of $33 per share. Cash net operating income for the total portfolio rose 1.2% in the fourth quarter, leading to 3.4% growth for the full year, near the high end of the company’s prior guidance for the year. As a result, funds from operations per share also came in near the high end of guidance, with HCP reporting FFO per share of $0.48 and $1.95 for the quarter a...
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