Exhibit 99.1

 

 

 

 

 

 

 

 

 

 

 

HCP Announces Results for the Quarter and Year Ended December 31, 2016

 

 

 

FOURTH QUARTER 2016 AND RECENT HIGHLIGHTS

 

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EPS, FFO and FFO as adjusted per share, were $0.12, $0.35 and $0.59, respectively

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Achieved year-over-year three-month SPP Cash NOI and SPP NOI growth of 2.6% and 2.4%, respectively

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Completed the spin-off of Quality Care Properties, Inc. (“QCP”) (NYSE:QCP) on October 31, 2016

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Completed $345 million of acquisitions and loan fundings and $472 million of dispositions in the fourth quarter; in January, we completed the previously announced sale and related financing of a 40% interest in our RIDEA II joint venture generating $480 million in proceeds

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Signed a 115,000 sq. ft. lease at Phase II of The Cove development in South San Francisco, bringing Phases I and II to 86% leased

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Commenced the $211 million development of Phase III of The Cove, representing up to 336,000 sq. ft.

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Repaid $1.7 billion of debt during the fourth quarter and an additional $440 million through February 13, 2017, using proceeds generated primarily from QCP financing and our RIDEA II transaction; on track with previously disclosed deleveraging plan and targeted credit metrics

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Appointed Tom Herzog as Chief Executive Officer and as a member of the Board of Directors, Justin Hutchens as President, and Peter Scott as EVP and Chief Financial Officer

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Reset the quarterly dividend to $0.37 per share, as previously announced

FULL YEAR 2016 HIGHLIGHTS

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EPS, FFO and FFO as adjusted per share were $1.34, $2.39 and $2.74, respectively

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Achieved year-over-year SPP Cash NOI and SPP NOI growth of 3.7% and 2.6%, respectively

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Entered into definitive agreements to sell 64 communities triple-net leased to Brookdale Senior Living, Inc. (“Brookdale”) for $1.125 billion and announced other planned transactions, resulting in improved lease coverage, reduced tenant concentration, and a stronger balance sheet

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Completed $723 million of acquisitions and loan fundings and $770 million of dispositions, excluding the spin-off of QCP

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Placed $271 million of development and redevelopment projects in service, and commenced $580 million of new development and redevelopment projects

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Executed 4.1 million sq. ft. of leasing in our life science and MOB portfolios

2017 GUIDANCE

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Full year guidance for EPS of $1.32 – $1.38, FFO per share of $1.88 – $1.94 and FFO as adjusted per share of $1.89 – $1.95, in-line with preliminary Outlook provided on November 1, 2016

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Full year guidance for SPP Cash NOI growth of 2.5% – 3.5%, in-line with preliminary Outlook provided on November 1, 2016

 

Page 1 of 15


The following information was filed by Hcp, Inc. (HCP) on Monday, February 13, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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