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HCP to Spin Off HCR ManorCare Portfolio Into Separately Traded REIT

A resident of a ManorCare Health Services facility in Sunbury, Pa., enjoys a visit ...

HCP, which invests in real estate, said the move will let it focus on its core areas of senior housing and life science and medical offices.

In February, HCP posted a surprise fourth-quarter loss after a write-down at the ManorCare unit and cut its expectations for 2016. The skilled-nursing sector faces challenges related to the shift in patients from the traditional fee-for-service model to managed care, as well as shorter lengths of patient stays.

Following the...