HCP Inc. is an attractive big-dividend (6.0%) healthcare REIT that has been plagued by ongoing challenges with its largest tenant, HCR ManorCare. This week we received new information on HCP’s plans to spinoff HCR ManorCare into a separate REIT (Quality Care Properties). We continue to believe the spinoff is a smart decision that will unlock value by giving HCP shareholders exactly what they want, while simultaneously buying time and options for HCR ManorCare.