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HCP

HCP is a registered REIT with a portfolio of commercial real estate properties focused on the healthcare space. At 3Q18, HCP's portfolio was comprised of 5 main segments: seniors housing operating (~12% of cash NOI), seniors housing triple-net (~25%), life science (~27%), medical office (~29%), and other (~7%). HCP has significant exposure to Brookdale Senior Living, which accounted for ~20% of portfolio income at 3Q18 and exposure should decline significantly in coming quarters. The company's re/development portfolio stood at ~6% of gross assets and had an estimated total investment of ~$1.0 bn at 3Q18, with estimated remaining funding costs of ~$598 mn. HCP closed the previously announced sale of a 51% interest in its U.K. holdings in 2Q18, generating ~$402 mn in proceeds with 49% balance to be sold in 2019, marking the full exit from the U.K. (07 Dec 2018)

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HCP: Raising ~$400 mn of Equity, 4Q Update

Worth Watching: 11 Dec 2018, 12:24 AM ET - HCP (Baa2/BBB+/BBB) is raising ~$400 mn of equity, earmarked for acquisitions, re/development, and GCP. The equity raise comes via a direct placement of 2 mn shares and a 14 mn share forward sale agreement (BAML as bookrunner), and is expected to ..

November 2018 US Company Recommendation Changes

US Company Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the forty company recommendation changes made on North American companies during the month of November.
Focused

HCP: Fitch Revises Outlook to Positive

Worth Watching: 04 Nov 2018, 10:02 PM ET - HCP (Baa2/BBB+/BBB) had its outlook revised to positive from stable by Fitch, following on the heels of S&P's upgrade to BBB+ earlier this week. Fitch cited HCP's decision to sell its Shoreline Technology Center campus and repay ~$1 bn of debt as ..
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HCP: 3Q18 Earnings Quick Cuts, Move to M/P

Worth Watching: 31 Oct 2018, 9:38 PM ET - HCP reported a decent 3Q18 as FFO came in line with consensus estimates. The company continues to make good progress on the portfolio repositioning and operator transition efforts announced in 3Q17 (largely based on reducing Brookdale exposure and ..

Retail REITs: Sears Bankruptcy as Opportunity

Worth Watching: 15 Oct 2018, 1:28 PM ET - Retail REITs: With the news that Sears is (finally?) filing for bankruptcy, we size REIT exposures to the long-struggling retailer and see the impacts as broadly manageable. From an operating performance perspective, the vast majority of REITs see ..
Focused

REIT/CRE 3Q18 Preview: What We're Watching

Sector Analysis: 12 Oct 2018, 5:57 AM ET - We lay out what we're watching as we head into 3Q18 earnings, for property types, individual credits, and with a macro component given the breadth and depth of economic touch points for U.S. real estate.

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

Register Now: 2018 Global Financials Seminars

Announcement: 10 Sep 2018, 9:51 PM ET - Register for our upcoming fifth annual Global Financials Seminars.
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REITs/CRE 2Q18: How Are Property Types Performing?

Sector Analysis: 22 Aug 2018, 5:10 AM ET - In Part 2 of our REITs/CRE 2Q18 review, we delve into the recent trends—both operating fundamentals and capital markets—across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 2Q18: Themes, Trends and Takeaways

Sector Analysis: 13 Aug 2018, 5:32 AM ET - In part 1 of our REITs/CRE 2Q18 review, we discuss key themes emerging from earnings, including sector relative value, overall market conditions, the continue run-up in construction costs and more.

Interplay Between US Banks & Fed's Balance Sheet

Sector Analysis: 08 Aug 2018, 5:36 AM ET - In this note, we discuss the impacts of the Fed's balance sheet unwind on banks. We expect that U.S. banks will become the "natural buyers" of U.S. Treasuries not bought by the Fed, offsetting the impact on rates.
Focused

HCP: 2Q18 Earnings Quick Cuts

Worth Watching: 03 Aug 2018, 11:45 AM ET - HCP reported a solid 2Q18 amid good progress on the portfolio repositioning and operator transition efforts, which are nearing an end. The company reaffirmed guidance ranges for same store cash NOI growth across each of its segments as results ..

CA Goes to the Polls: A Rent Control Primer

Sector Analysis: 11 Jul 2018, 9:42 PM ET - In November, Californians will vote on a ballot initiative that seeks to repeal Costa-Hawkins, a 1995-era law restricting municipalities' ability to institute rent control policies, with implications for multifamily REITs in particular.

US Banks: Update to 2018 Debt Supply Forecast

Sector Analysis: 09 Jul 2018, 5:49 AM ET - Following a review of 1H18 debt supply, we are increasing our supply forecast for the full year for the banks in our coverage universe. The majority of the increase reflects increased expectations for OpCo debt from the GSIBs.

REITweek 2018: Cool, Calm, and Collected

Sector Analysis: 08 Jun 2018, 5:22 AM ET - We attended NAREIT's REITweek 2018 convention, providing our top level thoughts on the overall sector tone and analysis on individual company presentations.
Focused

HCP: Update on Brookdale Transactions

Worth Watching: 05 Jun 2018, 9:43 PM ET - HCP (Baa2/BBB/BBB) provided an update on the series of transactions that were initially announced in 3Q17. As expected, the company has closed on the previously announced sale of its remaining stake in the RIDEA II senior housing joint venture, ge ..

REITs/CRE 1Q18: How Are Property Types Performing?

Sector Analysis: 17 May 2018, 4:27 AM ET - In Part 2 of our REITs/CRE 1Q18 review, we delve into the recent trends--both operating fundamentals and capital markets--across the five major property types as we take the pulse of the different underlying asset classes.

REITs/CRE 1Q18: Themes, Trends and Takeaways

Sector Analysis: 14 May 2018, 4:40 AM ET - In part 1 of our REITs/CRE 1Q18 review, we discuss key themes emerging from earnings, including construction cost overruns, public/private market valuation disconnect, sector relative value, and more.
Focused

HCP: 1Q18 Earnings Quick Cuts

Worth Watching: 04 May 2018, 11:29 AM ET - HCP reported a solid 1Q18 as both FFO and revenue came in ahead of consensus estimates as HCP reaffirmed guidance ranges for full year adjusted FFO and same store cash NOI growth. Overall, operating results were in line with expectations but refle ..
Focused

HCP: Sells Tandem Mezzanine Loan

Worth Watching: 15 Mar 2018, 7:16 PM ET - HCP (Baa2/BBB/BBB) closed on the sale of its Tandem mezzanine loan investment to Fundamental Advisors, an alternative asset manager, for $112 mn, with proceeds earmarked for debt repayment and GCP. After a series of impairments taken on the loan d ..

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