Profile: HCP Inc (HCP)
20 May 2019
HCP, Inc., incorporated on March 21, 1985, is a self-administered real estate investment trust (REIT). The Company invests primarily 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. As of December 31, 2016, the Company had interests in and managed 15 hospitals, 61 care homes in the United Kingdom and five post-acute/skilled nursing facilities (SNFs). Services provided by its tenants and operators in hospitals are paid for by private sources, third-party payors, such as insurance or through Medicare and Medicaid programs. Its hospital property types include acute care, long-term acute care, specialty and rehabilitation hospitals. Its care homes are registered to provide various levels of services, ranging from personal care to nursing care. SNFs offer restorative, rehabilitative and custodial nursing care for people.
The Company's senior housing facilities include independent living facilities (ILFs), assisted living facilities (ALFs), memory care facilities (MCFs), care homes, and continuing care retirement communities (CCRCs), which cater to various segments of the elderly population based upon their personal needs. ILFs are designed to meet the needs of seniors choosing to live in an environment surrounded socially by their peers with services, such as housekeeping, meals and activities. Additionally, the programs and services may include transportation, social activities, exercise and fitness programs, beauty or barber shop access, hobby and craft activities, community excursions, meals in a dining room setting and other activities sought by residents. ALFs are licensed care facilities that provide personal care services, support and housing for those needing help with ADL, such as bathing, eating, dressing and medication management, yet require limited medical care. These facilities are often in apartment-like buildings with private residences ranging from single rooms to apartments.
The Company's MCFs address the challenges of its residents with Alzheimer's disease or other forms of dementia. Residents may live in semi-private apartments or private rooms and have structured activities delivered by staff members trained specifically on how to care for residents with memory impairment. CCRCs offer various levels of assistance, including independent living, assisted living and nursing home care. CCRCs provide written agreements or long-term contracts between residents and the communities, which offer a continuum of housing, services and healthcare on one campus or site. These services provided by its tenants or operators in these facilities are primarily paid for by the residents directly or through private insurance.
The Company's Life science properties contain laboratory and office space primarily for biotechnology, medical device and pharmaceutical companies, scientific research institutions, government agencies and other organizations engaged in the life science industry. The facilities have specialty equipment, including emergency generators, fume hoods, lab bench tops and related amenities. In many instances, life science tenants make investments to manage their leased space, in addition to landlord expansions, to accommodate biology, chemistry or medical device research initiatives. Life science properties are primarily configured in business park or campus settings and include multiple buildings. The business park and campus settings allow the Company to provide expansion to accommodate the growth of existing tenants. Its properties are located in geographical markets, including San Francisco and San Diego, California, and Durham, North Carolina.
The Company's Medical office buildings (MOBs) contain physicians' offices and examination rooms, and may also include pharmacies, hospital ancillary service space and outpatient services, such as diagnostic centers, rehabilitation clinics and day-surgery operating rooms. In addition, MOBs are built to accommodate structural loads for equipment and may contain vaults or other specialized construction. Its MOBs are multi-tenant properties leased to healthcare providers (hospitals and physician practices). It invests in MOBs located on hospital campuses, which may be subject to ground leases.
1920 Main St Ste 1200
IRVINE CA 92614-7230