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| HCP Closes $6.1 Billion Acquisition of HCR ManorCare's Real Estate Assets |
LONG BEACH, Calif., Apr 08, 2011 (BUSINESS WIRE) -- HCP (NYSE:HCP) announced that it closed the acquisition of 334 post-acute, skilled nursing and assisted living facilities of HCR ManorCare for a total consideration of $6.1 billion in cash. In connection with the closing, HCP entered into a long-term triple-net master lease under which HCR ManorCare will continue to operate the facilities. Additionally, HCP exercised its option to purchase an equity interest in the operations of HCR ManorCare for $95 million, which represents a 9.9% equity interest at closing. HCR ManorCare, based in Toledo, Ohio, is widely recognized as a leading provider of short-term post-acute services and long-term care. HCR ManorCare has successfully expanded its clinical capabilities in recent years to become a premier provider of post-acute services and to offer patients and payors a more cost-effective alternative to prolonged and costly hospitalizations. About HCP HCP, Inc., an S&P 500 company, is a real estate investment trust (REIT) that invests primarily in real estate serving the healthcare industry in the United States. HCP has been a publicly traded NYSE listed company since 1985 (NYSE: HCP). HCP's portfolio of properties is distributed among distinct sectors of the healthcare industry, including senior housing, life science, medical office, post-acute/skilled nursing and hospital. For more information, visit HCP's website at www.hcpi.com. SOURCE: HCP, Inc. HCP, Inc. |