HCP Achieves Additional Milestones on Previously Announced Brookdale Transactions
RIDEA II JOINT VENTURE SALE
HCP has closed on the previously announced disposition of its remaining investment in the RIDEA II senior housing joint venture ("RIDEA II") to an investor group led by
MASTER TRANSACTIONS AND COOPERATION AGREEMENT ("MTCA") WITH BROOKDALE
In
22-Community Portfolio Sale: HCP entered into definitive agreements to sell a portfolio of 22 Brookdale-managed senior housing communities comprising 2,781 units to an institutional investor for
Operator Transition Update: In March, HCP announced an agreement to transition management of a portfolio of 24 HCP-owned senior housing communities from Brookdale to Atria Senior Living, Inc. As of
Remaining MTCA Transactions: For the remaining 21 Brookdale-managed communities, HCP is finalizing agreements with other operators to transition additional communities and is marketing select assets for sale. The transitions or sales are expected to be completed during 2018.
BROOKDALE 25 TRANSACTIONS
Closed Transactions: A total of five communities comprising 353 units sold for a combined
Under Contract: HCP is under contract to sell an additional 15 communities comprising 1,433 units for a total of
Sales or Transitions: The remaining five assets are expected to be sold or transitioned during 2018.
"We are pleased to demonstrate continued progress executing on our strategic portfolio repositioning," said
Pricing on the combined
An updated investor presentation, including additional details on timing and pricing of the announced dispositions, can be found on the Company's website under the Presentations tab in the Investor Relations section at http://ir.hcpi.com.
About HCP
Forward-Looking Statements
Statements in this release that 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. Forward-looking statements include, among other things, statements regarding our and our officers' intent, belief or expectation as identified by the use of words such as "may," "will," "project," "expect," "believe," "intend," "anticipate," "seek," "forecast," "plan," "potential," "estimate," "could," "would," "should" and other comparable and derivative terms or the negatives thereof. Examples of forward-looking statements include, among other things, statements regarding our pending and planned transactions and transitions, including the anticipated benefits from, and results of, the transactions and transitions, execution plans, expected proceeds, anticipated use of proceeds, additional agreements or terms that may be agreed to by the parties, and the anticipated closing or completion timeframes of the transactions and transitions. Forward-looking statements reflect our current expectations and views about future events and are subject to risks and uncertainties that could significantly affect our future financial condition and results of operations. While forward-looking statements reflect our good faith belief and assumptions we believe to be reasonable based upon current information, we can give no assurance that our expectations or forecasts will be attained. Further, we cannot guarantee the accuracy of any such forward-looking statement contained in this release, and such forward-looking statements are subject to known and unknown risks and uncertainties that are difficult to predict. See Part I, Item 1A. "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended
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