HCP to spin off skilled nursing, assisted living assets into REIT

(Reuters) - HCP Inc said it would spin off its skilled nursing and assisted living properties into an independent, publicly-traded real estate investment trust (REIT).

The company said on Monday that the spinoff would allow it to focus on core businesses - senior housing, life science properties and medical offices.

After the spinoff, HCP expects to have more than 860 properties, generating annual portfolio income of about $1.4 billion, the company said.

(Reporting by Amrutha Penumudi in Bengaluru; Editing by Kirti Pandey)

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