HCP To Acquire Assisted-Living Facilities From HCR ManorCare

Real estate investment trust HCP has signed a definitive agreement to acquire substantially all of the real estate assets of privately owned HCR ManorCare Inc. for a purchase price of $6.1 billion.

The companies explain that consideration for the purchase will consist of about $3.53 billion in cash, $1.72 billion reinvested from the payoff of HCP's existing debt investments in HCR ManorCare and $852 million in HCP common stock issued directly to the shareholders of HCR ManorCare.

HCP will acquire from HCR ManorCare 338 post-acute, skilled nursing and assisted-living facilities located in 30 states, with the highest concentrations in Ohio, Pennsylvania, Florida, Illinois and Michigan.

HCR ManorCare and its affiliates will continue to operate the assets pursuant to a long-term master lease supported by a guaranty from HCR ManorCare.



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