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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| HCP Inc | NYSE:HCP | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 35.78 | 0 | 01:00:00 |
From May 2019 to May 2024
By Angela Chen
HCP has agreed to reduce the rent of HCR ManorCare Inc. by $68 million annually in exchange for ownership in nine new facilities owned by HCR ManorCare.
Ohio-based HCR ManorCare will now pay $473 million in rent each year, starting April 1, instead of $541 million. The agreement covers about 333 nursing and assisted-living facilities owned by HCP, a real-estate investment trust.
In return, HCP will own nine new facilities valued at $275 million. The transfer is expected to be completed in the next year. Starting next month, HCP will receive annual rent of $19 million on the facilities.
HCP has also initiated a second lease with the initial amount of $250 million.
Related to the new lease, HCP will record an impairment charge of $481 million, or $1.03 a share.
It now expects funds from operations of $3.06 to $3.12 a share and net income between 87 cents and 93 cents a share for the year.
Analysts had expected earnings of $2.06 a share, according to Thomson Reuters.
Write to Angela Chen at angela.chen@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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