During the third quarter, we expanded our relationship with General Atomics in Poway, CA to a total of 396,000 sq. ft., consisting of the following: (i) a lease extension of 281,000 sq. ft. through June 2024, and (ii) a new 10–year lease (expected to commence mid–2014) for a 115,000 sq. ft. build–to–suit development. As part of this transaction, General Atomics agreed to purchase a 19–acre land parcel from HCP for $19 million, resulting in a $7.9 million non-cash impairment charge. This transaction monetizes and places into development 26 acres of land and represents a further reduction to our non-stabilized assets.During the quarter, we made additional investments of $77 million as follows: (i) acquisition of a MOB for $14 million and (ii) funding of development and other capital projects of $63 million, primarily in our life science, medical office and senior housing segments.
HCP Reports Third Quarter 2012 Results
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