Care Capital Properties, Inc. (CCP) SEC Filing 10-Q Quarterly report for the period ending Friday, September 30, 2016

Exhibit 99.1

Care Capital Properties Reports Third Quarter 2016 Results

Produces Net Income of $0.23 Per Diluted Share and Normalized FFO of $0.75 Per Diluted Share – Raises 2016 Guidance

CHICAGO--(BUSINESS WIRE)--November 10, 2016--Care Capital Properties, Inc. (NYSE: CCP) (“CCP” or the “Company”), a company with a diversified portfolio of triple-net leased healthcare properties, focused on the post-acute sector, today announced operating results for the quarter ended September 30, 2016. The Company began operating as an independent, publicly traded company on August 18, 2015, following the completion of its spin-off from Ventas, Inc. (NYSE: VTR) (“Ventas”). A portion of the results reported for the prior year third quarter represent operating results that have been “carved-out” of Ventas’s consolidated financial statements.

“We are pleased to raise our 2016 guidance again as our performance continues to exceed our original expectations,” stated CCP Chief Executive Officer Raymond J. Lewis. “We are executing effectively on all of our strategic priorities, including the pursuit of value-enhancing acquisitions, as well as selective dispositions and transitions to optimize our portfolio. With our permanent capital structure in place and the conclusion of the transition services agreement with Ventas, our dedicated team is keenly focused on driving results for our stakeholders.”

Third Quarter and Year-to-Date Highlights

• Net income attributable to CCP for the quarter ended September 30, 2016 was $19 million, or $0.23 per diluted common share, compared to $36 million, or $0.43 per diluted common share, in the same prior year period.
• Normalized Funds from Operations (“FFO”) for the quarter ended September 30, 2016 was $63 million, or $0.75 per diluted common share, compared to $70 million, or $0.84 per diluted common share, in the same prior year period. FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), was $55 million, or $0.65 per diluted common share, compared to $67 million, or $0.80 per diluted common share, in the same prior year period. The year-over-year decrease is attributable primarily to interest expense, as the Company had no debt prior to the spin-off, partially offset by investments completed in 2015 and 2016 and contractual rent escalations.
• Normalized Funds Available for Distribution (“FAD”) for the quarter ended September 30, 2016 was $62 million. For the nine months ended September 30, 2016, normalized FAD totaled $191 million and cash flow from operations after non-revenue-enhancing capital expenditures and dividends totaled approximately $42 million.
• During the quarter, CCP disposed of two skilled nursing facilities and one specialty hospital for total proceeds of $17.4 million and recognized a net gain of approximately $2 million on the sales. The Company also classified an additional 28 assets as held for sale in the third quarter. Impairment charges totaling approximately $12 million were recognized during the third quarter on two of those assets.
• Redevelopment and development investments in the quarter totaled approximately $10 million at an average initial cash yield of 8.2 percent.