HCP Inc. (HCP) was forced to dramatically restructure its portfolio over the last several years as a distressed sub-industry created major challenges for one of its business segments. However, HCP is now emerging as a much healthier healthcare REIT going forward. This article analyzes the corrective actions taken by HCP to address its operating challenges, and then considers the health of the business, valuation, risks, dividend safety, and concludes with our opinion about whether income-focused investors should consider HCP for stable long-term results.