Donavan Group Consulting in Singapore and Tokyo, Japan Investing in these stocks | Page 2

HCP should be a big beneficiary of the aging population, as senior housing makes up nearly half of its portfolio, and demand is expected
to grow by more than 600,000 units over the next 15 years alone.
Yet another potential growth catalyst for HCP is the current fragmentation in the healthcare real estate market. Only about 15% of the
$1.1 trillion in properties are REIT-owned (compared with 40% or more for properties like hotels and shopping malls), and HCP is one
of the largest. As the industry undergoes REIT consolidation, large, financially flexible players like HCP should have an advantage. In
fact, between its three core property types, HCP estimates its investable universe to be $710 billion in size.
Aside from 2016, during which it spun off certain assets, HCP has an excellent history of dividend increases. In fact, the company was a
member of the S&P 500 Dividend Aristocrats index and has handily beaten the S&P's return over the past quarter-century.