HCP (NYSE:HCP) and Tenet Healthcare Corporation have reached an
agreement to modify and extend three acute care hospital leases. The
hospitals are Palm Beach Gardens Medical Center in Palm Beach Gardens,
Florida, North Fulton Hospital in Roswell, Georgia, and Frye Regional
Medical Center in Hickory, North Carolina. Together, they represent 656
licensed beds. The leases were extended at current rent levels and
contain annual CPI-based escalators under staggered terms from three to
eight years with purchase options exercisable for a fixed price at the
end of each term.
“This lease extension allows HCP to continue its long-term relationship
with Tenet under a well-covered contractual income stream for the next
several years,” said Lauralee Martin, HCP’s President and Chief
Executive Officer. “It also demonstrates our ability to provide a valued
partner with a flexible solution for three of its important hospitals.”
About HCP
HCP, Inc. is a fully integrated real estate investment trust (REIT) that
invests primarily in real estate serving the healthcare industry in the
United States. The Company's portfolio of assets is diversified among
five distinct sectors: senior housing, post-acute/skilled nursing, life
science, medical office and hospital. A publicly traded company since
1985, HCP: (i) was the first healthcare REIT selected to the S&P 500
index; (ii) has increased its dividend per share for 28 consecutive
years; (iii) is the only REIT included in the S&P 500 Dividend
Aristocrats index; and (iv) is a global leader in sustainability as a
member of the CDP, Dow Jones and FTSE4Good sustainability leadership
indices, and the Global and North American healthcare sector leader for
GRESB. For more information regarding HCP, visit the Company's website
at www.hcpi.com
and www.hcpi.com/sustainability.
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 are made as of the
date hereof, are not guarantees of future performance and are subject to
known and unknown risks, uncertainties, assumptions and other
factors—many of which are out of HCP management’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: the performance of the
contractual obligations of HCP’s counterparties, including the timely
receipt by HCP of rent payments from such counterparties; and other
risks described from time to time in HCP’s 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.
Copyright Business Wire 2013