LONG BEACH, Calif. - (Business Wire) HCP (NYSE:HCP) announced that it has transitioned a portfolio of 11 senior housing communities located in various states to Emeritus Corp. (NYSE:ESC) under a new master lease.
“We are pleased with the smooth transition of these communities to Emeritus,” said HCP Chairman and Chief Executive Officer, Jay Flaherty. “We have a significant number of valued relationships with senior housing operators, and we are excited with the opportunity to expand our relationship with Emeritus to include these communities.”
Mr. Flaherty continued, “This transaction, like the transition to Hoag Memorial Hospital Presbyterian of our Irvine, California, hospital and the repositioning of our Lusk life science campus in San Diego, highlights HCP's active approach to asset management. We continue to work on unlocking value within our portfolio to allow our shareholders to benefit from efficient operations of our properties.”
ABOUT HCP
HCP, Inc., an S&P 500 company, is a real estate investment trust (REIT) that, together with its consolidated subsidiaries, invests primarily in real estate serving the healthcare industry in the United States. As of September 30, 2008, the Company’s portfolio of properties, excluding assets held for sale but including mortgage loans and properties owned by unconsolidated joint ventures, totaled 704 properties among the following segments: 267 senior housing, 107 life science, 254 medical office, 25 hospital and 51 skilled nursing. For more information, visit the Company’s website at www.hcpi.com.
FORWARD-LOOKING STATEMENTS
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which 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 include among other things qualitative and quantitative assumptions about the future performance of the subject communities and the ability of Emeritus to perform its obligations under the lease. These statements are made as of the date hereof and are subject to known and unknown risks, uncertainties, assumptions and other factors—many of which are out of the Company’s control and difficult to forecast—that 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 risks described from time to time in the Company’s Securities and Exchange Commission filings. The Company 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.
HCP
Mark A. Wallace
Executive Vice President -
Chief Financial Officer and Treasurer
562-733-5100
