Company to Ring Closing Bell at the New York
Stock Exchange Today
Care Capital Properties, Inc. (“CCP”) today announced that it
has begun operating as a standalone public company following the
completion of its spin-off from Ventas, Inc. (NYSE: VTR)
(“Ventas”). Starting today, CCP will begin “regular-way” trading on
the New York Stock Exchange (“NYSE”) under the ticker symbol “CCP.”
CCP will ring the Closing Bell at the NYSE today to celebrate its
first day of trading.
“CCP is poised for growth and success as a pure-play skilled
nursing focused REIT,” said CCP Chief Executive Officer Raymond J.
Lewis. “CCP has strong operator relationships, an excellent balance
sheet and access to capital and is uniquely positioned to
capitalize on the significant opportunities within the fragmented
skilled nursing market. With a large, diversified portfolio
providing scope and scale and favorable business and industry
fundamentals, we are confident we can create an exceptional skilled
nursing REIT that will drive value for customers and
shareholders.”
“CCP has exciting growth prospects, a strong management team and
a pedigree focused on delivering results with excellence,” said
Ventas Chairman and Chief Executive Officer Debra A. Cafaro. “I am
confident CCP will thrive as an industry leader and I wish Ray and
the CCP team every success.”
CCP primarily owns, acquires and leases skilled nursing
facilities across the United States. CCP currently owns 355
high-quality triple-net leased SNFs and other healthcare assets
operated by private regional and local care providers. CCP has a
diversified portfolio by geography, spanning 37 states, and by
operator, with 42 operator relationships. CCP’s leases contain
annual escalations and have a weighted average remaining term of
greater than nine years. CCP is expected to generate estimated net
operating income (“NOI”) of $310 million to $320 million and
estimated normalized funds from operations (“FFO”) of $235 million
to $250 million, both on an annualized run-rate basis. CCP is a
standalone company with an independent management team and Board of
Directors.
CCP expects to declare a dividend of $0.57 per share for the
third quarter of 2015, subject to approval by the CCP Board of
Directors. CCP intends to elect and qualify to be taxed as a real
estate investment trust for U.S. federal income tax purposes.
On July 30, 2015, Ventas declared a dividend distribution of one
share of CCP common stock for every four shares of Ventas common
stock held at the close of business on August 10, 2015, the record
date for the distribution.
Since August 6, 2015, CCP shares have been traded on a “when
issued” basis under the symbol “CCP WI.” The “when issued” trading
of CCP shares ended at the close of the market yesterday.
CCP currently has approximately 84 million fully diluted shares
outstanding.
Care Capital Properties, Inc. is a healthcare real estate
investment trust with a diversified portfolio of triple-net leased
properties focused on the post-acute sector. Its skilled management
team is fully invested in delivering excellent returns by forging
strong relationships with shareholders, operators and employees.
More information about Care Capital Properties, Inc. can be found
at: www.carecapitalproperties.com.
This press release includes 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. All statements regarding CCP’s or its tenants’, operators’
or borrowers’ expected future financial condition, results of
operations, cash flows, funds from operations, dividends and
dividend plans, financing opportunities and plans, capital markets
transactions, business strategy, budgets, projected costs,
operating metrics, capital expenditures, competitive positions,
acquisitions, investment opportunities, dispositions, growth
opportunities, expected lease income, continued qualification as a
real estate investment trust (“REIT”), plans and objectives of
management for future operations and statements that include words
such as “anticipate,” “if,” “believe,” “plan,” “estimate,”
“expect,” “intend,” “may,” “could,” “should,” “will” and other
similar expressions are forward-looking statements. These
forward-looking statements are inherently uncertain, and actual
results may differ from CCP’s expectations. CCP does not undertake
a duty to update these forward-looking statements, which speak only
as of the date on which they are made.
CCP’s actual future results and trends may differ materially
from expectations depending on a variety of factors discussed in
its filings with the Securities and Exchange Commission. These
factors include without limitation: (a) the ability and willingness
of CCP’s tenants, operators, borrowers and other third parties to
satisfy their obligations under their respective contractual
arrangements with CCP, including, in some cases, their obligations
to indemnify, defend and hold harmless CCP from and against various
claims, litigation and liabilities; (b) the ability of CCP’s
tenants, operators and borrowers to maintain the financial strength
and liquidity necessary to satisfy their respective obligations and
liabilities to third parties, including without limitation
obligations under their existing credit facilities and other
indebtedness; (c) CCP’s success in implementing its business
strategy and its ability to identify, underwrite, finance,
consummate and integrate diversifying acquisitions and investments;
(d) macroeconomic conditions such as a disruption of or lack of
access to the capital markets, changes in the debt rating on U.S.
government securities, default or delay in payment by the United
States of its obligations, and changes in the federal or state
budgets resulting in the reduction or nonpayment of Medicare or
Medicaid reimbursement rates; (e) the nature and extent of future
competition, including new construction in the markets in which
CCP’s properties are located; (f) the extent of future or pending
healthcare reform and regulation, including cost containment
measures and changes in reimbursement policies, procedures and
rates; (g) increases in CCP’s borrowing costs as a result of
changes in interest rates and other factors; (h) the ability of
CCP’s tenants and operators to comply with laws, rules and
regulations in the operation of CCP’s properties, to deliver
high-quality services, to attract and retain qualified personnel
and to attract residents and patients; (i) changes in general
economic conditions or economic conditions in the markets in which
CCP may, from time to time, compete, and the effect of those
changes on CCP’s revenues, earnings and capital sources; (j) CCP’s
ability to pay down, refinance, restructure or extend its
indebtedness as it becomes due; (k) CCP’s ability and willingness
to maintain its qualification as a REIT in light of economic,
market, legal, tax and other considerations; (l) final
determination of CCP’s taxable net income for the year ending
December 31, 2015; (m) the ability and willingness of CCP’s tenants
to renew their leases upon expiration, CCP’s ability to reposition
its properties on the same or better terms in the event of
nonrenewal or in the event CCP exercises its right to replace an
existing tenant, and obligations, including indemnification
obligations, CCP may incur in connection with the replacement of an
existing tenant; (n) year-over-year changes in the Consumer Price
Index and the effect of those changes on the rent escalators
contained in CCP’s leases and on CCP’s earnings; (o) CCP’s ability
and the ability of its tenants and operators to obtain and maintain
adequate property, liability and other insurance from reputable,
financially stable providers; (p) the impact of increased operating
costs and uninsured professional liability claims on CCP’s or its
tenants’ or operators’ liquidity, financial condition and results
of operations, and the ability of CCP and its tenants and operators
to accurately estimate the magnitude of those claims; (q) risks
associated with CCP’s investments in joint ventures and
unconsolidated entities, including its lack of sole decision-making
authority and its reliance on its joint venture partners’ financial
condition; (r) consolidation in the seniors housing and healthcare
industries resulting in a change of control of, or a competitor’s
investment in, one or more of CCP’s tenants, operators or
borrowers, and significant changes in the senior management of
CCP’s tenants, operators or borrowers; (s) the impact of litigation
or any financial, accounting, legal or regulatory issues that may
affect CCP or its tenants, operators, borrowers or managers; and
(t) changes in accounting principles, or their application or
interpretation, and CCP’s ability to make estimates and the
assumptions underlying the estimates, which could have an effect on
CCP’s earnings. Many of these factors are beyond the control of CCP
and its management.
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version on businesswire.com: http://www.businesswire.com/news/home/20150818005695/en/
Care Capital Properties, Inc.Lori B. WittmanExecutive Vice
President and Chief Financial
Officerlwittman@carecapitalproperties.com312.881.4702
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