Intrinsic value of HCP - HCP

Previous Close

$26.98

  Intrinsic Value

$7.81

stock screener

  Rating & Target

str. sell

-71%

Previous close

$26.98

 
Intrinsic value

$7.81

 
Up/down potential

-71%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as HCP.

We calculate the intrinsic value of HCP stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,885
  1,928
  1,978
  2,034
  2,095
  2,163
  2,236
  2,316
  2,402
  2,494
  2,593
  2,698
  2,810
  2,929
  3,056
  3,190
  3,331
  3,481
  3,640
  3,807
  3,983
  4,169
  4,365
  4,572
  4,790
  5,019
  5,260
  5,514
  5,781
  6,062
Variable operating expenses, $m
  1,256
  1,284
  1,316
  1,352
  1,392
  1,436
  1,483
  1,535
  1,590
  1,650
  1,673
  1,741
  1,813
  1,890
  1,972
  2,058
  2,149
  2,246
  2,348
  2,456
  2,570
  2,690
  2,817
  2,950
  3,091
  3,238
  3,394
  3,558
  3,730
  3,911
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,256
  1,284
  1,316
  1,352
  1,392
  1,436
  1,483
  1,535
  1,590
  1,650
  1,673
  1,741
  1,813
  1,890
  1,972
  2,058
  2,149
  2,246
  2,348
  2,456
  2,570
  2,690
  2,817
  2,950
  3,091
  3,238
  3,394
  3,558
  3,730
  3,911
Operating income, $m
  628
  644
  661
  681
  703
  727
  753
  781
  812
  845
  920
  957
  997
  1,039
  1,084
  1,131
  1,182
  1,235
  1,291
  1,350
  1,413
  1,479
  1,549
  1,622
  1,699
  1,780
  1,866
  1,956
  2,051
  2,150
EBITDA, $m
  2,232
  2,284
  2,342
  2,408
  2,481
  2,562
  2,649
  2,743
  2,845
  2,954
  3,071
  3,196
  3,328
  3,469
  3,619
  3,778
  3,945
  4,123
  4,311
  4,509
  4,718
  4,938
  5,170
  5,415
  5,673
  5,944
  6,230
  6,531
  6,847
  7,179
Interest expense (income), $m
  489
  287
  287
  287
  287
  287
  288
  288
  288
  288
  288
  288
  289
  289
  289
  289
  289
  290
  290
  290
  291
  291
  291
  292
  292
  292
  293
  293
  294
  294
  295
Earnings before tax, $m
  341
  357
  374
  394
  416
  439
  465
  494
  524
  556
  631
  669
  708
  750
  795
  842
  892
  945
  1,001
  1,060
  1,122
  1,188
  1,257
  1,330
  1,407
  1,488
  1,573
  1,662
  1,757
  1,856
Tax expense, $m
  92
  96
  101
  106
  112
  119
  126
  133
  141
  150
  170
  181
  191
  203
  215
  227
  241
  255
  270
  286
  303
  321
  339
  359
  380
  402
  425
  449
  474
  501
Net income, $m
  249
  260
  273
  288
  303
  321
  340
  360
  382
  406
  461
  488
  517
  548
  580
  615
  651
  690
  731
  774
  819
  867
  918
  971
  1,027
  1,086
  1,148
  1,213
  1,282
  1,355

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -3,440
  -3,519
  -3,609
  -3,711
  -3,823
  -3,947
  -4,081
  -4,227
  -4,383
  -4,552
  -4,732
  -4,924
  -5,128
  -5,345
  -5,576
  -5,820
  -6,079
  -6,352
  -6,642
  -6,947
  -7,269
  -7,608
  -7,966
  -8,343
  -8,741
  -9,159
  -9,599
  -10,062
  -10,549
  -11,062
Adjusted assets (=assets-cash), $m
  -3,440
  -3,519
  -3,609
  -3,711
  -3,823
  -3,947
  -4,081
  -4,227
  -4,383
  -4,552
  -4,732
  -4,924
  -5,128
  -5,345
  -5,576
  -5,820
  -6,079
  -6,352
  -6,642
  -6,947
  -7,269
  -7,608
  -7,966
  -8,343
  -8,741
  -9,159
  -9,599
  -10,062
  -10,549
  -11,062
Revenue / Adjusted assets
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
  -0.548
Average production assets, $m
  15,638
  15,997
  16,408
  16,870
  17,381
  17,943
  18,554
  19,215
  19,928
  20,693
  21,511
  22,384
  23,313
  24,301
  25,349
  26,460
  27,636
  28,880
  30,194
  31,581
  33,045
  34,589
  36,216
  37,930
  39,736
  41,637
  43,639
  45,744
  47,960
  50,290
Working capital, $m
  -8,243
  -8,433
  -8,649
  -8,893
  -9,162
  -9,458
  -9,780
  -10,129
  -10,504
  -10,907
  -11,339
  -11,799
  -12,289
  -12,810
  -13,362
  -13,948
  -14,568
  -15,223
  -15,916
  -16,647
  -17,419
  -18,232
  -19,090
  -19,994
  -20,946
  -21,948
  -23,003
  -24,113
  -25,281
  -26,509
Total debt, $m
  1,853
  1,853
  1,854
  1,854
  1,855
  1,856
  1,857
  1,858
  1,859
  1,860
  1,862
  1,863
  1,864
  1,866
  1,868
  1,869
  1,871
  1,873
  1,875
  1,877
  1,879
  1,882
  1,884
  1,887
  1,890
  1,893
  1,896
  1,899
  1,902
  1,906
Total liabilities, $m
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  33
  34
  36
  37
  39
  41
  43
  44
  46
  49
  51
  53
  56
  58
  61
  64
  67
  70
  74
  77
Total equity, $m
  -3,464
  -3,543
  -3,635
  -3,737
  -3,850
  -3,974
  -4,110
  -4,256
  -4,414
  -4,583
  -4,765
  -4,958
  -5,164
  -5,383
  -5,615
  -5,861
  -6,122
  -6,397
  -6,688
  -6,995
  -7,320
  -7,662
  -8,022
  -8,402
  -8,802
  -9,223
  -9,666
  -10,133
  -10,623
  -11,139
Total liabilities and equity, $m
  -3,440
  -3,518
  -3,610
  -3,711
  -3,823
  -3,946
  -4,081
  -4,226
  -4,383
  -4,551
  -4,732
  -4,924
  -5,128
  -5,346
  -5,576
  -5,820
  -6,079
  -6,353
  -6,642
  -6,946
  -7,269
  -7,609
  -7,966
  -8,344
  -8,741
  -9,159
  -9,599
  -10,063
  -10,549
  -11,062
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007
  1.007

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  249
  260
  273
  288
  303
  321
  340
  360
  382
  406
  461
  488
  517
  548
  580
  615
  651
  690
  731
  774
  819
  867
  918
  971
  1,027
  1,086
  1,148
  1,213
  1,282
  1,355
Depreciation, amort., depletion, $m
  1,604
  1,640
  1,681
  1,727
  1,778
  1,834
  1,896
  1,962
  2,033
  2,109
  2,151
  2,238
  2,331
  2,430
  2,535
  2,646
  2,764
  2,888
  3,019
  3,158
  3,304
  3,459
  3,622
  3,793
  3,974
  4,164
  4,364
  4,574
  4,796
  5,029
Funds from operations, $m
  1,853
  1,900
  1,954
  2,015
  2,082
  2,155
  2,235
  2,322
  2,415
  2,516
  2,612
  2,726
  2,848
  2,978
  3,115
  3,261
  3,415
  3,578
  3,750
  3,932
  4,124
  4,326
  4,539
  4,764
  5,001
  5,250
  5,512
  5,788
  6,078
  6,384
Change in working capital, $m
  -162
  -190
  -217
  -243
  -270
  -296
  -322
  -349
  -376
  -403
  -431
  -460
  -490
  -521
  -553
  -586
  -620
  -655
  -693
  -731
  -772
  -814
  -858
  -904
  -952
  -1,002
  -1,055
  -1,110
  -1,168
  -1,228
Cash from operations, $m
  2,015
  2,090
  2,171
  2,258
  2,351
  2,451
  2,557
  2,671
  2,791
  2,919
  3,043
  3,187
  3,338
  3,498
  3,668
  3,846
  4,035
  4,233
  4,443
  4,663
  4,895
  5,140
  5,397
  5,668
  5,952
  6,252
  6,567
  6,898
  7,246
  7,612
Maintenance CAPEX, $m
  -1,533
  -1,564
  -1,600
  -1,641
  -1,687
  -1,738
  -1,794
  -1,855
  -1,922
  -1,993
  -2,069
  -2,151
  -2,238
  -2,331
  -2,430
  -2,535
  -2,646
  -2,764
  -2,888
  -3,019
  -3,158
  -3,304
  -3,459
  -3,622
  -3,793
  -3,974
  -4,164
  -4,364
  -4,574
  -4,796
New CAPEX, $m
  -304
  -360
  -411
  -462
  -511
  -561
  -611
  -661
  -713
  -765
  -818
  -873
  -930
  -988
  -1,048
  -1,111
  -1,176
  -1,244
  -1,314
  -1,387
  -1,464
  -1,544
  -1,627
  -1,715
  -1,806
  -1,901
  -2,001
  -2,106
  -2,215
  -2,330
Cash from investing activities, $m
  -1,837
  -1,924
  -2,011
  -2,103
  -2,198
  -2,299
  -2,405
  -2,516
  -2,635
  -2,758
  -2,887
  -3,024
  -3,168
  -3,319
  -3,478
  -3,646
  -3,822
  -4,008
  -4,202
  -4,406
  -4,622
  -4,848
  -5,086
  -5,337
  -5,599
  -5,875
  -6,165
  -6,470
  -6,789
  -7,126
Free cash flow, $m
  177
  166
  160
  156
  153
  152
  152
  154
  157
  161
  156
  163
  170
  179
  189
  200
  213
  226
  241
  256
  273
  291
  311
  332
  354
  377
  402
  428
  456
  486
Issuance/(repayment) of debt, $m
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
Issuance/(repurchase) of shares, $m
  -69
  -80
  -91
  -102
  -113
  -124
  -135
  -147
  -158
  -169
  -181
  -193
  -206
  -219
  -232
  -246
  -260
  -275
  -291
  -307
  -324
  -342
  -360
  -380
  -400
  -421
  -443
  -466
  -491
  -516
Cash from financing (excl. dividends), $m  
  -69
  -79
  -90
  -101
  -112
  -123
  -134
  -146
  -157
  -168
  -180
  -192
  -205
  -217
  -230
  -244
  -258
  -273
  -289
  -305
  -322
  -340
  -357
  -377
  -397
  -418
  -440
  -463
  -488
  -512
Total cash flow (excl. dividends), $m
  108
  87
  70
  54
  40
  28
  18
  8
  0
  -7
  -24
  -29
  -34
  -38
  -41
  -44
  -46
  -47
  -48
  -49
  -49
  -48
  -47
  -46
  -44
  -41
  -38
  -35
  -31
  -27
Retained Cash Flow (-), $m
  69
  80
  91
  102
  113
  124
  135
  147
  158
  169
  181
  193
  206
  219
  232
  246
  260
  275
  291
  307
  324
  342
  360
  380
  400
  421
  443
  466
  491
  516
Prev. year cash balance distribution, $m
  3,395
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  15
  15
  15
  16
  16
  17
  17
  18
  19
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  3,572
  167
  161
  156
  154
  153
  153
  155
  158
  169
  181
  193
  206
  219
  232
  246
  260
  275
  291
  307
  324
  342
  360
  380
  400
  421
  443
  466
  491
  516
Discount rate, %
  15.80
  16.59
  17.42
  18.29
  19.20
  20.17
  21.17
  22.23
  23.34
  24.51
  25.74
  27.02
  28.37
  29.79
  31.28
  32.85
  34.49
  36.21
  38.02
  39.93
  41.92
  44.02
  46.22
  48.53
  50.96
  53.50
  56.18
  58.99
  61.94
  65.03
PV of cash for distribution, $m
  3,084
  123
  99
  80
  64
  51
  40
  31
  24
  19
  15
  11
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

HCP, Inc. is a self-administered real estate investment trust. The Company invests in real estate serving the healthcare industry in the United States. The Company's segments include senior housing triple-net (SH NNN), senior housing operating portfolio (SHOP), life science and medical office. Its senior housing facilities include independent living facilities, assisted living facilities, memory care facilities, care homes, and continuing care retirement communities. Its Life science properties contain laboratory and office space for biotechnology, medical device and pharmaceutical companies, scientific research institutions, government agencies and other organizations. Its Medical office buildings contain physicians' offices and examination rooms, and may include pharmacies, hospital ancillary service space and outpatient services. As of December 31, 2016, it had interests in and managed 15 hospitals, 61 care homes in the United Kingdom and five post-acute/skilled nursing facilities.

FINANCIAL RATIOS  of  HCP (HCP)

Valuation Ratios
P/E Ratio 20.1
Price to Sales 5.9
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 10.4
Price to Free Cash Flow 38.7
Growth Rates
Sales Growth Rate 9.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -0.7%
Cap. Spend. - 3 Yr. Gr. Rate 35.4%
Financial Strength
Quick Ratio 0
Current Ratio NaN
LT Debt to Equity 149.4%
Total Debt to Equity 165.6%
Interest Coverage 2
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 4%
Return On Total Capital 3.6%
Ret/ On T. Cap. - 3 Yr. Avg. 1.8%
Return On Equity 8.4%
Return On Equity - 3 Yr. Avg. 3.8%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 65.3%
Gross Margin - 3 Yr. Avg. 70.2%
EBITDA Margin 66.9%
EBITDA Margin - 3 Yr. Avg. 64.3%
Operating Margin 31.1%
Oper. Margin - 3 Yr. Avg. 34.9%
Pre-Tax Margin 17.2%
Pre-Tax Margin - 3 Yr. Avg. 13.7%
Net Profit Margin 29.5%
Net Profit Margin - 3 Yr. Avg. 19%
Effective Tax Rate 1.1%
Eff/ Tax Rate - 3 Yr. Avg. -2.2%
Payout Ratio 156.1%

HCP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HCP stock intrinsic value calculation we used $1848 million for the last fiscal year's total revenue generated by HCP. The default revenue input number comes from 2017 income statement of HCP. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our HCP stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 15.8%, whose default value for HCP is calculated based on our internal credit rating of HCP, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of HCP.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of HCP stock the variable cost ratio is equal to 66.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for HCP stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 15.5% for HCP.

Corporate tax rate of 27% is the nominal tax rate for HCP. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the HCP stock is equal to 0.8%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for HCP are equal to 829.6%.

Life of production assets of 10 years is the average useful life of capital assets used in HCP operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for HCP is equal to -437.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for HCP - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 469 million for HCP is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of HCP at the current share price and the inputted number of shares is $12.7 billion.

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COMPANY NEWS

▶ HCP, Inc. to Host Earnings Call   [Aug-02-18 10:00AM  ACCESSWIRE]
▶ HCP Reports Second Quarter 2018 Results   [08:01AM  PR Newswire]
▶ HCP Declares Quarterly Cash Dividend on Common Stock   [Jul-26-18 04:15PM  PR Newswire]
▶ A guide to biotechs building boom in South City   [03:47PM  American City Business Journals]
▶ Apollo Is Buying an HCP Senior-Housing Portfolio   [Jun-22-18 10:32AM  Bloomberg]
▶ Kilroy nears deal for Chinese developer's huge South S.F. biotech project   [May-18-18 05:41PM  American City Business Journals]
▶ Is HCP, Inc. (HCP) a Buy?   [May-04-18 09:30AM  Motley Fool]
▶ HCP Declares Quarterly Cash Dividend on Common Stock   [Apr-26-18 04:15PM  PR Newswire]
▶ Better Buy: HCP, Inc. vs. Welltower Inc.   [Apr-06-18 02:51PM  Motley Fool]
▶ 3 Top Dividend Stocks With Yields Over 5%   [Feb-28-18 08:00PM  Motley Fool]
▶ How to Pick REITs with 160% Upside as Rates Rise   [Feb-21-18 03:56AM  Harvest Exchange]
▶ 3 Top Dividend Stocks With Yields Over 3%   [Feb-20-18 12:15PM  Motley Fool]
▶ Stocks That Fell to 3-Year Lows in the Week of Feb. 16   [Feb-18-18 06:20PM  GuruFocus.com]
▶ HCP, Inc. to Host Earnings Call   [09:00AM  ACCESSWIRE]
▶ HCP Declares Quarterly Cash Dividend on Common Stock   [Feb-01-18 04:15PM  PR Newswire]
▶ 3 Growth Stocks for Forward-Looking Investors   [Jan-23-18 09:49AM  Motley Fool]
▶ Stocks That Fell to 3-Year Lows in the Week of Jan. 19   [Jan-20-18 04:19PM  GuruFocus.com]
▶ Is HCP, Inc. a Buy?   [Jan-18-18 02:50PM  Motley Fool]
▶ HCP Announces Tax Treatment of 2017 Distributions   [Jan-16-18 04:16PM  PR Newswire]
▶ Welltowers Performance versus Peers   [Jan-15-18 10:32AM  Market Realist]
▶ How Welltower Is Rewarding Its Shareholders   [09:05AM  Market Realist]
▶ Welltowers Key Growth Drivers   [Jan-12-18 06:00PM  Market Realist]
▶ Welltowers 3Q17 Performance and Outlook   [02:59PM  Market Realist]
▶ 3 Stocks to Own During a 2018 Stock Market Correction   [Jan-04-18 08:03AM  Motley Fool]
▶ 3 Stocks for Retirees to Grow Their Nest Egg   [Dec-15-17 08:26AM  Motley Fool]
▶ Heres How HCP Inc. Crushed It In 2017   [07:18AM  Motley Fool]
▶ The 10 Best Stocks for Your 401k   [Nov-28-17 01:46PM  InvestorPlace]
▶ HCP Inc (HCP): How Much Growth Is Left In Real Estate?   [Nov-16-17 07:07PM  Simply Wall St.]
▶ 3 Stocks to Buy and Hold for Decades   [07:00AM  Motley Fool]
▶ Museum District hospital that recently changed hands names new CEO   [Nov-15-17 09:20AM  American City Business Journals]
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