This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

HCP Closes Acquisition Of $1.7 Billion Senior Housing Portfolio

HCP (NYSE: HCP) closed the acquisition of 127 of the 133 senior housing communities which HCP previously announced that it would acquire from a joint venture between Emeritus Corporation (“Emeritus”) (NYSE: ESC) and Blackstone Real Estate Partners VI, an affiliate of Blackstone (the “Blackstone JV”). As part of this acquisition, HCP entered into triple-net master leases with Emeritus, the nation’s largest assisted living and memory care operator, who will continue to operate the communities. HCP expects to close the remaining six communities during the fourth quarter after receipt of applicable third party consents.

Concurrent with the closing, Emeritus purchased the nine remaining properties from the Blackstone JV, for which HCP provided secured debt financing totaling $52 million.

“We are delighted to significantly expand our relationship with Emeritus, a best-in-class operator, with this strategic transaction,” said Jay Flaherty, HCP’s Chairman and Chief Executive Officer. “Congratulations go out to the Emeritus, Blackstone and HCP teams and to Chicago Title for their extraordinary, diligent and cooperative efforts that enabled us to close a transaction of this size within two weeks of announcement,” Mr. Flaherty added.

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 hospitals. 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 27 consecutive years; and (iii) is the only REIT included in the S&P 500 Dividend Aristocrats index. For more information regarding HCP, visit the Company’s website at www.hcpi.com.

Copyright Business Wire 2010

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
SYM TRADE IT LAST %CHG

Markets

DOW 18,285.74 +0.34 0.00%
S&P 500 2,130.82 +4.97 0.23%
NASDAQ 5,090.7940 +19.0510 0.38%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs