HCP Announces Resignation of Chief Investment Officer
June 18 2015 - 4:45PM
Business Wire
HCP (NYSE:HCP) announced that Paul F. Gallagher has resigned as
Executive Vice President and Chief Investment Officer, effective
June 30, 2015. To promote a smooth transition, Mr. Gallagher will
provide consulting services until March 15, 2016.
“Paul has been a valued member of our management team and we
greatly appreciate his contributions over the past 12 years,
especially in growing and diversifying our portfolio,” said
Lauralee Martin, HCP’s President and Chief Executive Officer. “We
have strong, dedicated investment teams across our real estate
sectors, and will continue executing our portfolio strategy with
existing and new operating partners.”
As a result of Mr. Gallagher’s departure, the Company expects to
record a severance charge of $0.015 per diluted share in the second
quarter of 2015.
About HCP
HCP, Inc. is a fully integrated real estate investment trust
(REIT) that invests primarily in real estate serving the healthcare
industry in the United States. The Company's portfolio of assets is
diversified among five distinct sectors: senior housing,
post-acute/skilled nursing, life science, medical office and
hospital. A publicly traded company since 1985, HCP: (i) was the
first healthcare REIT selected to the S&P 500 index; (ii) has
increased its dividend per share for 30 consecutive years; (iii) is
the only REIT included in the S&P 500 Dividend Aristocrats
index; and (iv) is a global leader in sustainability as a member of
the CDP, Dow Jones and FTSE4Good sustainability leadership indices,
as well as the GRESB Global Healthcare Sector Leader. For more
information regarding HCP, visit the Company's website at
www.hcpi.com.
Forward-Looking Statements
“Safe Harbor” Statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which
are not historical facts are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements include, among other things, the Company’s
expectations regarding the execution of its portfolio strategy and
anticipated severance charges. These statements are made as of the
date hereof, are not guarantees of future performance and are
subject to known and unknown risks, uncertainties, assumptions and
other factors—many of which are out of the Company’s and its
management’s control and difficult to forecast—that could cause
actual results to differ materially from those set forth in or
implied by such forward-looking statements. These risks and
uncertainties are described from time to time in the Company’s
Securities and Exchange Commission filings. The Company assumes no,
and hereby disclaims any, obligation to update any of the foregoing
or any other forward-looking statements as a result of new
information or new or future developments, except as otherwise
required by law.
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HCP, Inc.Timothy M. SchoenExecutive Vice President and Chief
Financial Officer(949) 407-0400
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