HCP to Buy $6.1 Billion of Real Estate from HCR ManorCare
HCP said it will acquire 338 post-acute skilled nursing and assisted living facilities in 30 states, with the highest concentrations in Ohio, Pennsylvania, Florida, Illinois and Michigan.
HCR will continue to operate the assets pursuant to a long-term triple-net master lease.
The real estate investment trust will pay for the assets with $3.528 billion in cash, $1.72 billion reinvested from the payoff of HCP's existing debt investment in HCR and $852 million in HCP common stock issued directly to the shareholders of HCR.
HCP will also have an option to acquire a 9.9% stake in HCR for an additional $95 million.