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HCP to spin off HCR ManorCare into REIT

said its board ofdirectors unanimously approved spinning off the company's HCR ManorCareportfolio of skilled nursing and assisted living assets, along with otherskilled nursing assets into an independent, publicly traded REIT.

Thecompany's diversified portfolio is expected to comprise more than 860properties following a successful spinoff.

MarkOrdan will lead the new REIT as CEO.