HCP and Brookdale Complete $847 Million Acquisition of Private Pay Senior Housing Portfolio
June 30 2015 - 4:05PM
Business Wire
Brookdale Senior Living Inc. (NYSE: BKD) and HCP, Inc. (NYSE:
HCP) today announced the closing of their previously announced
portfolio acquisition of 35 private pay senior housing communities
(the “Portfolio”) representing 5,025 units for $847 million from
Chartwell Retirement Residences.
Brookdale has operated the Portfolio since 2011 after its
acquisition of Horizon Bay and will continue to manage these
communities under a RIDEA joint venture structure with HCP and
Brookdale owning 90% and 10%, respectively. The Portfolio was
acquired unencumbered by third party debt and is projected to
generate a first year cash yield of approximately 6.6%.
ABOUT BROOKDALE SENIOR LIVING
Brookdale Senior Living Inc. is the leading operator of senior
living communities throughout the United States. The company is
committed to providing senior living solutions primarily within
properties that are designed, purpose-built and operated to provide
the highest-quality service, care and living accommodations for
residents. Currently, Brookdale operates independent living,
assisted living, and dementia-care communities and continuing care
retirement centers, with approximately 1,150 communities in 47
states and the ability to serve approximately 111,000 residents.
Through its ancillary services program, the company also offers a
range of outpatient therapy, home health, personalized living and
hospice services.
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, statements regarding
financial projections related to the Portfolio and the benefits of
the joint venture between HCP and Brookdale. 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 HCP’s, Brookdale’s and their respective 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 either HCP or Brookdale may
not be able to achieve the benefits of the transactions described
above within expected time-frames or within expected cost
projections; and other risks and uncertainties described from time
to time in HCP’s and Brookdale’s Securities and Exchange Commission
filings, including each of HCP’s and Brookdale’s Annual Reports on
Form 10-K and Quarterly Reports on Form 10-Q. Neither HCP nor
Brookdale assumes, and each hereby expressly 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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150630006478/en/
Brookdale Senior Living Inc.Ross Roadman,
615-564-8104Senior Vice President, Investor
Relationsrroadman@brookdale.comorHCP, Inc.Timothy M. Schoen,
949-407-0400Executive Vice President & Chief Financial
Officerinvestorrelations@hcpi.com
Brookdale Senior Living (NYSE:BKD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Brookdale Senior Living (NYSE:BKD)
Historical Stock Chart
From Apr 2023 to Apr 2024