New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
January 9, 2014
05:49 EDTHCPHCP Inc. upgraded to Buy from Hold at Jefferies
Jefferies upgraded HCP Inc. citing valuation and upside potential from accretive deal activity. The firm lowered its price target for shares to $41 from $43.
News For HCP From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
March 30, 2015
17:38 EDTHCPHCP upgraded to Buy from Neutral at UBS
Subscribe for More Information
16:12 EDTHCPHCP upgraded to Buy from Neutral at UBS
Subscribe for More Information
13:01 EDTHCPOptions with increasing volume
Subscribe for More Information
10:28 EDTHCPHCP sees 2015 adjusted FFO $3.06-$3.12, consensus $3.19
Subscribe for More Information
08:17 EDTHCPHCP, HCR ManorCare amend, extend master lease
HCP (HCP) and HCR ManorCare (CG) have agreed to amend their Master Lease encompassing a portfolio of 333 post-acute, skilled nursing and assisted living facilities owned by HCP. Commencing April 1, HCP will provide an annual net rent reduction of $68M, which equates to initial lease year rent of $473M, compared to $541M that would have commenced April 1, prior to the amendment. The contractual rent will increase by 3.0% annually during the initial term. In exchange, HCP will receive the following consideration: Fee ownership in nine new post-acute facilities valued at $275M with a median age of four years, currently owned and operated by HCRMC; A second lease receivable with an initial amount of $250M, payable by HCRMC upon the earlier of: (i) end of the initial term of the first renewal pool under the Amended Master Lease, or (ii) certain capital or liquidity events of HCRMC, including an IPO or sale. HCP and HCRMC continue to advance their efforts on the previously disclosed marketing of up to 50 non-strategic facilities. The asset sales are expected to be completed in late 2015 to early 2016, and generate net proceeds between $250M-$350M. Based on the previously announced 7.75% yield on sale proceeds to HCP, this will result in an annual rent reduction under the Amended Master Lease between $19M-$27M after completion.
March 17, 2015
08:46 EDTHCPHCP, Brookdale announce $849M acquisition of senior housing portfolio
Brookdale Senior Living (BKD) and HCP, Inc. (HCP) announced that they have entered into a definitive agreement to acquire from Chartwell Retirement Residences a portfolio of 35 private pay senior housing communities representing 5,025 units for $849M. The Portfolio will be acquired using a RIDEA joint venture structure with HCP and Brookdale owning 90% and 10%, respectively. Brookdale has operated these communities since 2011 after its acquisition of Horizon Bay, and will continue to manage the communities post-closing under a long-term management agreement. Located in eight states with concentrations in Florida, Texas and Colorado, the Portfolio is comprised of: (i) 33 senior housing properties representing 4,792 units with a diversified care mix of 46% assisted living, 45% independent living, 5% memory care and 4% skilled nursing; and (ii) leasehold interests in two communities, which properties are wholly-owned by HCP, representing 233 units including purchase option rights exercisable in 2017. The majority of the units are located within the nationís top 31 Metropolitan Statistical Areas. Currently 89% occupied with an average monthly rate of $3,425, the Portfolio is expected to be acquired unencumbered by third party debt, and is projected to generate a first year cash yield of approximately 6.6%. The closing of this acquisition, expected in the third quarter of 2015, is subject to regulatory approvals and other customary closing conditions. There can be no assurance that the acquisition will close or, if it does, when the closing will occur.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use