Morgan Keegan Expects "Strong Internal NOI Growth" From HCP

Morgan Keegan reports that it expects “strong internal NOI growth and a significant benefit going forward from the accretive addition of the HCR ManorCare master lease” from HCP, Inc. (NYSE: HCP).

“Various nonrecurring items affect earnings comparability in the first half of the year,” Morgan Keegan writes. “We believe the right way to look at HCP is by comparing the second half of 2012 to the second half of 2011, when we project 7%+ FAD growth absent significant acquisitions.”

HCP closed Tuesday at $39.06.