Exhibit 99.1

 

 

HCP ANNOUNCES RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2015

 

FOURTH QUARTER 2015 AND RECENT HIGHLIGHTS

 

--    FFO as adjusted and FAD per share increased year-over-year by 1% to $0.80 and 2% to $0.67, respectively; FFO per share and EPS were ($0.99) and ($1.29), respectively (see “HCR ManorCare Update” on page 3)

 

--    Raised $1.1 billion from capital recycling and financing activities, including $600 million of 4.0% senior unsecured notes that paid down 36% of 2016 debt maturities

 

--    Completed $208 million of investment transactions

 

--    Leased 911,000 sq. ft. in our life science and medical office (“MOB”) portfolios, bringing occupancy to 98.2% and 91.9%, respectively

 

--    Pre-leased half of Phase I of The Cove life science development, and commenced $185 million development of Phase II, adding two Class A life science buildings representing 230,000 sq. ft.

 

--    Jim Mercer retired from HCP as General Counsel on February 5, 2016; we thank Jim for his five years of contributions and commitment to HCP; named Troy McHenry as HCP’s new General Counsel

 

--    Named NAREIT’s 2015 Healthcare Leader in the Light Award winner for sustainability achievements

 

FULL YEAR 2015 HIGHLIGHTS

 

--    FFO as adjusted and FAD per share increased year-over-year by 4% to $3.16 and 6% to $2.72, respectively; FFO per share and EPS were ($0.02) and ($1.21), respectively

 

--    Completed $2.1 billion of accretive investments, including:

 

--    $1.1 billion in private pay senior housing, led by the $847 million acquisition of Chartwell’s portfolio

 

--    $700 million expansion in our life science and MOB office platform, including a new $225 million institutional joint venture with Morgan Stanley owning an on-campus MOB portfolio, and $177 million Class A life science development of The Cove Phase I

 

--    $278 million increase in our international investments, expanding our U.K. care home portfolio

 

--    Raised $3 billion from financing and capital recycling activities, including $2.3 billion of debt at a blended rate of 3.5%

 

--    Selling 50 HCR ManorCare (“HCRMC”) non-strategic assets with expected proceeds of $350 million (80% received to date)

 

--    Executed 3.2 million sq. ft. of leasing in our life science and MOB portfolios

 

--    Welcomed Justin Hutchens as Chief Investment Officer – Senior Housing and Care

 

--    Named to the Dow Jones Sustainability North America Index for the third consecutive year and the Dow Jones Sustainability World Index for the first time

 

2016 OUTLOOK AND DIVIDEND

 

--    Full year guidance, not including the impact from unannounced future transactions, for FFO per share of $2.74 – $2.80; FAD per share of $2.62 – $2.68; and EPS of $1.49 – $1.55

 

--    Full year guidance for Same Property Performance Cash Net Operating Income (“SPP Cash NOI”) growth of 1.5% – 2.5%; excluding HCRMC, SPP Cash NOI growth of 2.3% – 3.3%, led by our life science portfolio

 

--    Increased quarterly cash dividend to $0.575 per share, which represents our 31st consecutive year with a dividend increase

 

--    HCP continues its representation as the first REIT included in the S&P 500 Dividend Aristocrats index

 

Page 1 of 16


The following information was filed by Hcp, Inc. (HCP) on Tuesday, February 9, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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