NASHVILLE, Tenn. & IRVINE, Calif.--(BUSINESS WIRE)--Jun. 30, 2015--
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/
Source: HCP, Inc. and Brookdale Senior Living Inc.
Brookdale Senior Living Inc.
Ross Roadman, 615-564-8104
Senior
Vice President, Investor Relations
rroadman@brookdale.com
or
HCP,
Inc.
Timothy M. Schoen, 949-407-0400
Executive Vice
President & Chief Financial Officer
investorrelations@hcpi.com