Morgan Keegan Expects HCP To Remain An Active Acquirer Of Assets In 2011

Morgan Keegan is expecting HCP, Inc. HCP to remain an active acquirer of assets in 2011. “We believe the company could top our projection of $100 million of acquired assets, potentially leading to higher earnings,” Morgan Keegan writes. “Our FFO/share estimate of $0.54 is $0.08 above the First Call consensus and up from $0.50 in the prior year period. Our FAD/share estimate of $0.47 is $0.07 above the SNL consensus. We believe this discrepancy is likely due to our treatment of HCP's gain on sale of its Manor Care debt (which we include in FFO and FAD) and Manor Care transaction costs (which we exclude).” HCP closed Thursday at $38.59.