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Care Capital Properties, Inc. (CCP) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

Care Capital Properties, Inc.

CIK: 1639947 Ticker: CCP

Exhibit 99.1

Care Capital Properties Reports First Quarter 2017 Results

First Quarter 2017 Net Income of $0.77 Per Diluted Share and Normalized FFO of $0.68 Per Diluted Share

CHICAGO--(BUSINESS WIRE)--May 9, 2017--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 first quarter ended March 31, 2017.

First Quarter 2017 Financial Results

  • Net income attributable to common stockholders for the quarter ended March 31, 2017 was $65 million, or $0.77 per diluted common share, excluding dividends on unvested restricted shares, compared with $30 million, or $0.35 per diluted common share, excluding dividends on unvested restricted shares, for the quarter ended March 31, 2016.
  • Normalized Funds from Operations (“FFO”) for the quarter ended March 31, 2017 was $57 million, or $0.68 per diluted common share. FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), for the same time period was $57 million, or $0.68 per diluted common share. Normalized FFO and NAREIT FFO for the quarter ended March 31, 2016 were $67 million, or $0.80 per diluted common share, and $64 million, or $0.76 per diluted common share, respectively. The decreases in the first quarter of 2017 compared to the prior year period are attributable primarily to an increase in interest expense resulting from the refinancing of short-term floating rate debt with longer term fixed rate debt during 2016, the impact of dispositions and transitions, restructures and new leases completed during 2016 and the first quarter of 2017, partially offset by acquisitions and contractual rent increases.

Operating Results

  • During the quarter ended March 31, 2017, CCP invested a total of $8 million through acquisitions and redevelopment, at an average yield of 8.1%. In addition, the Company committed $23 million in new loans for redevelopment and working capital.
  • During the quarter, the Company disposed of nine properties for gross proceeds of $65 million, representing a weighted average cap rate on cash rent of approximately 9.25%. In addition, the Company entered into definitive agreements to sell an additional 29 properties for gross proceeds of approximately $180 million at an average cap rate on cash rent of 9.6%.

Subsequent to Quarter End

  • In April, CCP completed its previously announced acquisition of six behavioral health hospitals for $379 million at an initial GAAP yield of 8.7%. The Company has an option, exercisable beginning in the fourth quarter of 2018, to purchase one additional building for an amount expected to be approximately $20 million. In addition, the Company is providing the tenant with a line of $50 million to fund future expansions and revenue-generating improvements in the portfolio.

The following information was filed by Care Capital Properties, Inc. (CCP) on Tuesday, May 9, 2017 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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Care Capital Properties, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2017 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
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Equity
Consolidated Statements Of Equity (parenthetical)
Consolidated Statements Of Income And Comprehensive Income
Accounting Policies
Accounting Policies (policies)
Acquisitions Of Real Estate Property
Acquisitions Of Real Estate Property (details)
Acquisitions Of Real Estate Property (estimated Fair Value) (details)
Acquisitions Of Real Estate Property (tables)
Assets Held For Sale And Dispositions Of Real Estate Property
Assets Held For Sale And Dispositions Of Real Estate Property (details)
Assets Held For Sale And Dispositions Of Real Estate Property (narrative) (details)
Assets Held For Sale And Dispositions Of Real Estate Property (tables)
Borrowing Arrangements
Borrowing Arrangements (maturities) (details)
Borrowing Arrangements (narrative) (details)
Borrowing Arrangements (summary Of Long Term Debt) (details)
Borrowing Arrangements (tables)
Concentration Of Risk
Concentration Of Risk (details)
Derivatives And Hedging Activities
Derivatives And Hedging Activities (details)
Derivatives And Hedging Activities (financial Instrument Asset) (details)
Derivatives And Hedging Activities (financial Position) (details)
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 (intangible Assets) (details)
Intangibles And Goodwill (narrative) (details)
Intangibles And Goodwill (schedule Of Goodwill) (details)
Intangibles And Goodwill (tables)
Litigation
Loans Receivable, Net
Loans Receivable, Net (details)
Loans Receivable, Net (tables)
Other Assets
Other Assets (details)
Other Assets (tables)
Stock-based Compensation
Stock-based Compensation (narrative) (details)
Stockholders Equity (details)
Stockholders??? Equity
Subsequent Events
Subsequent Events (details)
Summarized Condensed Consolidating And Combining Information
Summarized Condensed Consolidating And Combining Information (details)
Triple-net Lease Arrangements
Triple-net Lease Arrangements (details)
Ticker: CCP
CIK: 1639947
Form Type: 10-Q Quarterly Report
Accession Number: 0001639947-17-000050
Submitted to the SEC: Wed May 10 2017 3:08:33 PM EST
Accepted by the SEC: Wed May 10 2017
Period: Friday, March 31, 2017
Industry: Real Estate Investment Trusts

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