HCP and HCR ManorCare Amend and Extend Master Lease
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HCP, Inc. (HCP), HCR ManorCare Extend Master Lease Agreement; FY15 Outlook Updated
March 30, 2015 8:19 AM EDTHCP, Inc. (NYSE: HCP) and HCR ManorCare, Inc. (HCRMC) have agreed to amend their Master Lease (the Amended Master Lease) encompassing a portfolio of 333 post-acute, skilled nursing and assisted living facilities owned by HCP.
Amended Master Lease Highlights
Commencing April 1, 2015, HCP will provide an annual net rent reduction of $68 million, which equates to initial lease year rent of $473 million, compared to $541 million that would have commenced April 1, 2015 prior to the amendment. The contractual rent will increase by 3.0% annually during the initial term. In exchange, HCP will receive the following... More
