UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
June 1, 2011
Date of Report (Date of earliest event reported)
HCP, INC.
(Exact Name of Registrant as Specified in its Charter)
Maryland |
|
001-08895 |
|
33-0091377 |
(State of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer |
|
|
|
|
Identification Number) |
3760 Kilroy Airport Way
Suite 300
Long Beach, California 90806
(Address of principal executive offices) (Zip Code)
(562) 733-5100
(Registrants telephone number, including area code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 |
|
Regulation FD Disclosure. |
On June 1, 2011, HCP, Inc. issued a press release, attached as Exhibit 99.1 to this Current Report on Form 8-K, announcing the strategic venture with Brookdale Senior Living, Inc. The information set forth in this Item 7.01 of this Current Report on Form 8-K, including the text of the press release, attached as Exhibit 99.1 hereto, is being furnished to, but not filed with, the Securities and Exchange Commission (SEC).
Item 9.01 |
|
Financial Statements and Exhibits. |
(d) Exhibit. The following exhibit is being filed herewith:
No. |
|
Description |
|
|
|
99.1* |
|
Text of the Press Release dated June 1, 2011. |
|
|
|
* |
|
Exhibit 99.1 is being furnished to the SEC pursuant to Item 7.01 of this Current Report on Form 8-K and shall not be deemed filed with the SEC, nor shall it be deemed incorporated by reference in any filing with the SEC under the Securities Exchange Act of 1934 or the Securities Act of 1933, whether made before or after the date hereof and irrespective of any general incorporation language in any filings. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
HCP, INC. | |
|
(Registrant) | |
|
| |
|
| |
|
By: |
/s/ James F. Flaherty III |
|
|
James F. Flaherty III, |
|
|
Chairman and Chief Executive Officer |
|
| |
|
| |
Dated: June 1, 2011 |
|
EXHIBIT INDEX
No. |
|
Description |
|
|
|
99.1* |
|
Text of the Press Release dated June 1, 2011. |
|
|
|
* |
|
Exhibit 99.1 is being furnished to the SEC pursuant to Item 7.01 of this Current Report on Form 8-K and shall not be deemed filed with the SEC, nor shall it be deemed incorporated by reference in any filing with the SEC under the Securities Exchange Act of 1934 or the Securities Act of 1933, whether made before or after the date hereof and irrespective of any general incorporation language in any filings. |
Exhibit 99.1
HCP Announces Strategic Venture with Brookdale Senior Living
LONG BEACH, CA June 1, 2011 HCP (NYSE:HCP) announced that it has entered into definitive agreements to form a strategic venture with Brookdale Senior Living, Inc. (Brookdale) that includes the operation of 37 HCP-owned senior living communities previously leased to or operated by Horizon Bay Retirement Living (Horizon Bay). As part of this transaction, Brookdale will acquire Horizon Bay, assume an existing triple-net lease for 9 of these senior living communities and assume Horizon Bays management of 3 communities, one of which was recently developed by HCP.
In addition, Brookdale will enter into a triple-net lease relating to 4 of these communities in Rhode Island and enter into management contracts and a joint venture agreement for a 10% interest in the real estate and operations of 21 senior living communities located in Arizona, California, Florida, Illinois, Rhode Island and Texas. These 25 communities were previously owned by an institutional joint venture in which HCP acquired the 65% joint venture partners interest in January 2011.
HCP expects the transaction to close on August 1, 2011, although there can be no assurance that the transaction will close or, if it does, when the closing will occur. In addition, completion of the transaction is subject to satisfaction of conditions regarding regulatory approvals and third party consents, and to other customary closing conditions. Upon the closing, HCP will own 61 senior living communities operated by Brookdale.
Brookdales acquisition of Horizon Bay will ensure a seamless transition for the senior residents in these 37 communities, said Jay Flaherty, HCPs Chairman and Chief Executive Officer. The combination of Brookdales formidable operating platform and the geographic overlap of this portfolio with Brookdales existing operations should produce attractive upside in cash flow growth for the portfolio, especially given where we are in the real estate cycle for senior housing. As such, we have chosen to structure the go forward management of the 21 senior living communities in a RIDEA format. We are especially pleased to extend our relationship with Brookdale and look forward to opportunities to collaborate with Brookdale in the future.
Operating metrics for these communities are as follows:
|
|
|
|
Units |
|
|
|
|
| ||||||||
|
|
Properties |
|
IL |
|
AL |
|
ALZ |
|
SNF |
|
Total |
|
Occup. (1) |
|
Margin (1) |
|
Existing NNN Lease |
|
9 |
|
378 |
|
456 |
|
203 |
|
|
|
1,037 |
|
84.0 |
% |
25.7 |
% |
New NNN Lease |
|
4 |
|
206 |
|
167 |
|
22 |
|
156 |
|
551 |
|
94.7 |
% |
30.7 |
% |
Joint Venture |
|
21 |
|
4,228 |
|
770 |
|
81 |
|
|
|
5,079 |
|
89.0 |
% |
37.7 |
% |
Managed Properties |
|
3 |
|
128 |
|
200 |
|
47 |
|
|
|
375 |
|
100.0 |
% |
37.9 |
% |
Total |
|
37 |
|
4,940 |
|
1,593 |
|
353 |
|
156 |
|
7,042 |
|
88.7 |
% |
34.7 |
% |
Note:
(1) Occupancy and margin exclude the recently developed property that is currently in fill-up
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. HCPs 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 HCPs website at www.hcpi.com.
Forward-Looking Statements
The statements contained in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are made as of the date hereof and are subject to known and unknown risks, uncertainties, assumptions and other factorsmany of which are out of HCPs control and difficult to forecastthat could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: the satisfaction of the conditions to the closing of the transaction; national and local economic conditions; changes in healthcare laws and regulations, including the impact of future or pending healthcare reform, and other changes in the healthcare industry which affect the operations of the above facilities; the ability to attract and retain residents and operate the communities in a manner at least consistent with historical operations; the ability to obtain and maintain regulatory approvals necessary for the closing of the transaction and the long-term operation of the facilities; changes in management; changes in tax laws and regulations; changes in the financial position or business strategies; changes in rules governing financial reporting; and other risks described from time to time in HCPs Securities and Exchange Commission filings. HCP assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law. These statements should not be relied upon as representing HCPs views as of any date subsequent to the date of this press release.
Contact
HCP Investor Relations
562-733-5309