IRVINE, Calif., March 29, 2017 /PRNewswire/ -- HCP
(NYSE:HCP) today announced that it has completed the sale of a
portfolio of 64 triple-net assets leased to Brookdale Senior
Living, Inc. ("Brookdale") to
affiliates of Blackstone Real Estate Partners VIII L.P.
(collectively, "Blackstone") at the previously announced aggregate
sales price of $1.125
billion.
"This transaction represents another significant step toward
executing on our strategic priorities of reducing Brookdale concentration, improving lease
coverage, and strengthening our balance sheet and credit profile,"
said Tom Herzog, Chief Executive
Officer of HCP. "We value our relationships with Brookdale and Blackstone, and look forward to
continuing to work with them."
HCP expects to record a gain of approximately $165 million on the sale of the 64 triple-net
assets and intends to use the proceeds primarily to pay down debt
and for general corporate purposes.
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. HCP
owns a large-scale portfolio diversified across multiple sectors,
led by senior housing, life science and medical office. Recognized
as a global leader in sustainability, HCP has been a
publicly-traded company since 1985 and was the first healthcare
REIT selected to the S&P 500 index. For more information
regarding HCP, visit www.hcpi.com.
Forward-Looking Statements
Statements in this release that are not historical factual
statements 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, statements regarding our
use of the sale proceeds, our strategic initiatives, and the
anticipated benefits and results from the transaction. All
forward-looking 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 our and our 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 include but are not
limited to: the risk that we may not be able to achieve the
anticipated benefits from the transaction within expected
time-frames or at all, and other risks and uncertainties described
from time to time in our Securities and Exchange
Commission filings. You should not place undue reliance
on any forward-looking statements. We assume no, and hereby
disclaim any, obligation to update any forward-looking statements
as a result of new information or new or future developments,
except as otherwise required by law.
Contact
Andrew Johns
Vice President – Finance and Investor Relations
(949) 407-0400
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SOURCE HCP, Inc.