BKD 7.58 HCP will buy Brookdale's 51% equity in JV
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Posted On: 10/01/2019 9:04:42 AM
BKD 7.58 HCP will buy Brookdale's 51% equity in JV for $510M
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HCP to Buy Brookdale Senior Living's Stake in JV for $510M
DOW JONES & COMPANY, INC. 7:38 AM ET 10/1/2019
Symbol Last Price Change
BKD 7.58up 0 (0%)
HCP 35.63up 0 (0%)
QUOTES AS OF 06:30:00 PM ET 09/30/2019
Brookdale Senior Living Inc. (BKD) and HCP Inc.(HCP) said on Tuesday they entered into a multi-part transaction.
HCP said it will buy Brookdale's 51% equity interest in its unconsolidated CCRC Venture for $510 million.
Brookdale and HCP will jointly market for sale the three remaining unconsolidated entry fee CCRC communities, with Brookdale receiving 51% of the net cash proceeds. HCP will pay Brookdale a negotiated $100 million management termination fee at the closing of HCP's acquisition of the 13 communities.
Brookdale and HCP have agreed to restructure the current portfolio of 43 triple-net leased communities. Upon closing of the CCRC Venture transaction, Brookdale will buy 18 triple-net leased communities from HCP for $405 million. The companies will restructure the lease for 24 communities pursuant to an amended and restated master lease.
The sale of Brookdale's 51% interest in its unconsolidated entry fee JV for 13 communities and Brookdale's concurrent acquisition of 18 triple-net leased communities is expected to close in the first quarter of 2020.
Brookdale said it is evaluating using a portion of the net proceeds for opportunistic share repurchases and elective debt pay downs.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
10-01-190738ET
Copyright (c) 2019 Dow Jones & Company, Inc.
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All Content and Data provided by Third-Parties — Terms of Use
HCP to Buy Brookdale Senior Living's Stake in JV for $510M
DOW JONES & COMPANY, INC. 7:38 AM ET 10/1/2019
Symbol Last Price Change
BKD 7.58up 0 (0%)
HCP 35.63up 0 (0%)
QUOTES AS OF 06:30:00 PM ET 09/30/2019
Brookdale Senior Living Inc. (BKD) and HCP Inc.(HCP) said on Tuesday they entered into a multi-part transaction.
HCP said it will buy Brookdale's 51% equity interest in its unconsolidated CCRC Venture for $510 million.
Brookdale and HCP will jointly market for sale the three remaining unconsolidated entry fee CCRC communities, with Brookdale receiving 51% of the net cash proceeds. HCP will pay Brookdale a negotiated $100 million management termination fee at the closing of HCP's acquisition of the 13 communities.
Brookdale and HCP have agreed to restructure the current portfolio of 43 triple-net leased communities. Upon closing of the CCRC Venture transaction, Brookdale will buy 18 triple-net leased communities from HCP for $405 million. The companies will restructure the lease for 24 communities pursuant to an amended and restated master lease.
The sale of Brookdale's 51% interest in its unconsolidated entry fee JV for 13 communities and Brookdale's concurrent acquisition of 18 triple-net leased communities is expected to close in the first quarter of 2020.
Brookdale said it is evaluating using a portion of the net proceeds for opportunistic share repurchases and elective debt pay downs.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
10-01-190738ET
Copyright (c) 2019 Dow Jones & Company, Inc.
BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD BKD
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