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

Care Capital Properties, Inc.

CIK: 1639947 Ticker: CCP

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.

The following information was filed by Care Capital Properties, Inc. (CCP) on Thursday, November 10, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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Care Capital Properties, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2016 10-K Annual Report includes:

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Inside Care Capital Properties, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Combined Consolidated Statements Of Cash Flows
Combined Consolidated Statements Of Equity
Combined Consolidated Statements Of Equity (parenthetical)
Combined Consolidated Statements Of Income And Comprehensive Income
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Accounting Policies
Accounting Policies (net Investment In Direct Financing Lease) (details)
Accounting Policies (net Real Estate Property) (details)
Accounting Policies (noncontrolling Interests) (details)
Accounting Policies (policies)
Acquisitions And Dispositions Of Real Estate Property
Acquisitions And Dispositions Of Real Estate Property (details)
Acquisitions And Dispositions Of Real Estate Property (estimated Fair Value) (details)
Acquisitions And Dispositions Of Real Estate Property (tables)
Borrowing Arrangements And Derivatives And Hedging Activities
Borrowing Arrangements And Derivatives And Hedging Activities (balance Sheet Location) (details)
Borrowing Arrangements And Derivatives And Hedging Activities (derivatives) (details)
Borrowing Arrangements And Derivatives And Hedging Activities (financial Instrument Liability) (details)
Borrowing Arrangements And Derivatives And Hedging Activities (income Statement Location) (details)
Borrowing Arrangements And Derivatives And Hedging Activities (maturities) (details)
Borrowing Arrangements And Derivatives And Hedging Activities (narrative) (details)
Borrowing Arrangements And Derivatives And Hedging Activities (summary Of Long Term Debt) (details)
Borrowing Arrangements And Derivatives And Hedging Activities (tables)
Description Of Business
Description Of Business (details)
Earnings Per Share
Earnings Per Share (details)
Earnings Per Share (tables)
Income Taxes
Income Taxes (details)
Intangibles And Goodwill
Intangibles And Goodwill (details)
Intangibles And Goodwill (goodwill) (details)
Intangibles And Goodwill (tables)
Litigation
Loans Receivable
Loans Receivable (details)
Loans Receivable (tables)
Other Assets
Other Assets (details)
Other Assets (tables)
Stock-based Compensation
Stock-based Compensation (details)
Stockholders Equity (details)
Stockholders??? Equity
Subsequent Events
Subsequent Events (details)
Summary Specialty Valuation Firm Statement Of Operations
Summary Specialty Valuation Firm Statement Of Operations (details)
Summary Specialty Valuation Firm Statement Of Operations (tables)
Triple-net Lease Arrangements
Triple-net Lease Arrangements (details)
Ticker: CCP
CIK: 1639947
Form Type: 10-Q Quarterly Report
Accession Number: 0001639947-16-000116
Submitted to the SEC: Thu Nov 10 2016 4:26:45 PM EST
Accepted by the SEC: Thu Nov 10 2016
Period: Friday, September 30, 2016
Industry: Real Estate Investment Trusts

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