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As we await the results of the Federal Reserve's meeting being held Tuesday and Wednesday, I've begun to examine three Healthcare REITs that may end up being both good income and growth plays over the next few quarters. Even though the yields aren't as attractive as some of their industry peers such as Annaly Capital (NYSE:NLY) and Chimera (NYSE:CIM), these companies have demonstrated a great presence within their sector both here and abroad.

HCP Inc. (NYSE:HCP) - HCP which trades in a 52-week range of $28.76 (52-week low) and $43.88 (52-week high), and yields 4.7% ($2.20) closed trading at $43.62/share on Monday. Shares rose nearly 1.75% during trading on the news that HCP is the lead investor of senior unsecured notes to be issued by UK-based Four Seasons Health Care. Four Seasons Health Care is one of the leading UK based facilitators of elderly and special needs patients.

Analysts are expecting HCP to earn $0.68/share on revenue of $461.51 million dollars for the June 2012 quarter, and considering the last four quarters have surpassed EPS estimates; investors should still remain conservative on the company. For those looking to establish a position in the company, I'd begin with a small one and gradually add to that position as both earnings and dividend dates draw closer.

Ventas, Inc. (NYSE:VTR) - VTR which trades in a 52-week range of $43.25 (52-week low) and $61.23 (52-week high), and yields 4.1% ($2.48) closed trading at $61.04/share on Monday. Shares rose nearly 1.55% during trading on the news that VTR sold 12 senior-housing communities to Assisted Living Concepts Inc. for $100 million in cash. The news, which was announced on Friday, sent VTR to a new intra-day high.

Analysts are expecting VTR to earn $0.92/share on revenue of $591.98 million dollars for the June 2012 quarter, and considering the last four quarters have surpassed EPS estimates; investors should still remain focused solely on income when it comes to the company. For those looking to establish a position in the company, I'd begin with a small one and gradually add to that position as both earnings and dividend dates draw closer.

Assisted Living Concepts, Inc. (NYSE:ALC) - ALC which trades in a 52-week range of $11.16 (52-week low) and $20.33 (52-week high), and yields 3.1% ($0.40) closed trading at $13.31/share on Monday. Shares rose nearly 3.90% during trading on the news that ALC acquired 12 senior-housing communities from Ventas, Inc. for $100 million in cash.

Analysts are expecting ALC to earn $0.27/share on revenue of $59.28 million dollars for the June 2012 quarter, and considering the company has surpassed EPS estimates in three of the last four quarters, the play here is one of income. For those looking to establish a position in the company, I'd begin with a small one and gradually add to that position over time. With that being said, the company has demonstrated steady growth with very nice yield over the last few quarters, which would lead me to add additional shares on either a quarterly or monthly basis.

Source: 3 Healthcare REITs I'm Beginning To Consider