Property Types Seniors Housing
HCP to Sell 4.5M Shares for $150M, Issue 12.5M Shares to Public
March 26, 2008
By: Barbra Murray, Contributing Editor

Healthcare REIT HCP Inc. has announced that it will sell 4.5 million shares of common stock to Goldman Sachs & Co. for $149.9 million in an offering it just priced at $33.32 per share and, in a separate move, will offer 12.5 million shares of common stock to the public.

HCP plans to use the proceeds from the sale of stock to Goldman Sachs and the issuance of additional stock to repay part of a $1 billion debt under the company's revolving credit facility which, when entered into on Aug. 1, 2007, had an initial capacity of $1.5 billion. Additionally, the issuance of the 12.5 million shares to index funds will be used to meet the anticipated needs of index funds to acquire HCP common stock when the company is added to the S&P 500 Index at end of the business day on March 28. Both offerings are on target to close simultaneously.

Headquartered in Long Beach, Calif., HCP invests primarily in real estate associated with the healthcare industry and is considered the largest REIT in its niche. As of the close of 2007 the company's portfolio consisted of 753 senior housing, life science, medical office, hospital and skilled nursing properties. HCP stock opened today at $32.81 today.

 
Recent Seniors Housing Headlines
Pair of Senior Housing Deals Total $122M
July 02, 2008
Senior citizens naturally tend to slow down, but two new deals are further evidence that the senior housing sector is as active as ever.
Marsh’s Edge Sells for $56M in Georgia
July 01, 2008
Coastal Community Retirement Corp. sold Marsh’s Edge, the Entrance Fee Continuing Care Retirement Community located in St. Simons Island, Ga.
DC Officials Plan TIF Package for $260M Mixed-Use Project
June 27, 2008
Roadside Development, the company behind the planned CityMarket at O mixed-use redevelopment endeavor, is on track to get a helping hand from the District of Columbia for the funding of the $260 million project.
KeyBank Closes 3 Loans for $25M for Assisted Living Communities
June 26, 2008
KeyBank Real Estate Capital closed three loans totaling $25 million for Emeritus Senior Living.
Freddie Mac Buys $140M in Seniors Housing Mortgages
June 20, 2008
Freddie Mac has announced the purchase of a $140 million pool of mortgages from Capmark Finance Inc.
 

 

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