HCP, Inc. (HCP) Tops Q3 FFO by 1c; Updates FY16 FFO Outlook

HCP Announces Results for Quarter Ended September 30, 2016 and Completes the QCP Spin Transaction

IRVINE, Calif., Nov. 1, 2016 /PRNewswire/ --

THIRD QUARTER 2016 AND RECENT HIGHLIGHTS

--    EPS and FFO per share were $0.32 and $0.65, respectively; FFO as adjusted was $0.72 per share

--    Completed spin-off of Quality Care Properties, Inc. ("QCP") (NYSE: QCP) on October 31, 2016; see separate press release dated October 31, 2016

--    Entered into definitive agreements to sell 64 communities triple-net leased to Brookdale Senior Living, Inc. ("Brookdale") for $1.125 billion and announced other planned transactions, resulting in reduced tenant concentration and improved lease coverage; see separate press release dated November 1, 2016

--    Anticipate using proceeds from QCP... More

Third Phase of Construction at HCP's The Cove at Oyster Point in South San Francisco to Begin, Fueled by Strong Leasing Activity

IRVINE, Calif. and SAN FRANCISCO, Nov. 1, 2016 /PRNewswire/ -- HCP (NYSE: HCP) announced today that it will break ground on an additional two buildings constituting the third phase of The Cove at Oyster Point ("The Cove"), its newest life science development located in the epicenter of South San Francisco's life science cluster.

"We are extremely pleased with the leasing velocity through the first two phases of The Cove, which started construction in the first quarter of 2015.  We are now 62 percent leased overall and excited to build upon our momentum... More

HCP to Sell a Portfolio of 64 Brookdale Communities for $1.125 Billion

IRVINE, Calif., Nov. 1, 2016 /PRNewswire/ -- HCP (NYSE: HCP) today announced that it has entered into definitive agreements to sell a portfolio of 64 properties leased to Brookdale Senior Living, Inc. ("Brookdale") for an aggregate sales price of $1.125 billion to affiliates of Blackstone Real Estate Partners VIII L.P. (collectively, "Blackstone").  HCP intends to use the proceeds primarily to pay down debt and for general corporate purposes.  In addition, HCP and Brookdale have agreed to complete several other transactions, as outlined below.  Combined, these transactions will advance our strategic priorities to reduce Brookdale concentration,... More

HCP Declares Quarterly Cash Dividend on Common Stock

IRVINE, Calif., Nov. 1, 2016 /PRNewswire/ -- HCP (NYSE: HCP) announced that its Board of Directors declared a quarterly common stock cash dividend of $0.37 per share.  The dividend will be paid on November 25, 2016 to stockholders of record as of the close of... More