X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONG BEACH, CA-HCP, a healthcare properties REIT, has completed a $500 million offering of 14.95 million shares at a price of $33.50. The company plans to use proceeds to repay a portion of its debt.

The closing of the offering is the latest in a recent series of financial news announcements from HCP, which raised $1.3 billion through asset dispositions and financing transactions during the second quarter ended June 30. That followed an earlier announcement in June that the company had placed $259 million in secured financing on 21 of the health care property REIT’s senior housing assets, with Fannie Mae buying the debt.

The June refinancing followed HCP’s issuance in March and April of approximately $560 million in stock to respond to the anticipated demand for shares of its common stock by index funds in connection with the REIT’s addition to the S&P 500 Index. It used the proceeds to repay a portion of its debt under its revolving line of credit.

HCP also recently reached a settlement with Tenet Healthcare Corp. that is expected to produce income ranging from $41 million to $46 million, according to the REIT’s filings. The agreement with Tenet restructures HCP’s hospital portfolio leased to Tenet and settles various disputes between the two firms.

HCP owns properties in five categories within the health care segment: senior housing, medical office, life sciences, hospitals and skilled nursing facilities. Its portfolio totaled 706 properties as of June 30, with 267 in senior housing, 107 in life science, 256 in medical office, 25 hospitals and 51 skilled nursing facilities.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.