EX-99.1
2
a51550110ex99_1.htm
EXHIBIT 99.1
Exhibit 99.1
Care
Capital Properties Completes Acquisition of Six Behavioral Health
Hospitals for $400 Million
CHICAGO--(BUSINESS WIRE)--May 1, 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 that it has completed its previously
announced acquisition of six behavioral health hospitals in a
sale-leaseback transaction with affiliates of Signature Healthcare
Services, LLC. As part of the transaction, the Company has agreed to
fund up to $50 million in capital expenditures to finance future
expansion and other improvements of the properties.
The initial funding for the acquisition totaled $379 million, and the
Company has an option, exercisable beginning in the fourth quarter of
2018, to purchase one additional building for an amount that is expected
to be approximately $20 million. The initial GAAP yield on the
transaction is 8.7%.
More information regarding the transaction can be found on the Company's
website under the "Investors" section at
www.carecapitalproperties.com/investors/Signature
.
About Care Capital Properties
Care Capital Properties, Inc. is a healthcare real estate investment
trust with a diversified portfolio of triple-net leased properties,
focused on the post-acute sector. The Company's skilled management team
is fully invested in delivering excellent returns by forging strong
relationships with shareholders, operators, and employees.
Forward-Looking Statements
This press release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements regarding CCP's or its tenants' or borrowers' expected future
financial condition, results of operations, cash flows, funds from
operations, dividends and dividend plans, financing opportunities and
plans, capital markets transactions, business strategy, budgets,
projected costs, operating metrics, capital expenditures, competitive
positions, acquisitions, investment opportunities, dispositions, growth
opportunities, expected lease income, continued qualification as a real
estate investment trust ("REIT"), plans and objectives of management for
future operations and statements that include words such as
"anticipate", "if", "believe", "plan", "estimate", "expect", "intend,"
"may", "could", "should", "will"
and other similar expressions are forward-looking statements.
These
forward-looking statements are inherently uncertain, and actual results
may differ materially from CCP's expectations. Except as required by
law, CCP does not undertake a duty to update these forward-looking
statements, which speak only as of the date on which they are made.
Factors that could cause CCP's actual future results and trends to
differ materially from those anticipated are discussed in its filings
with the Securities and Exchange Commission and include, without
limitation: (a) the ability and willingness of CCP's tenants, borrowers
and other counterparties to satisfy their obligations under their
respective contractual arrangements with CCP, including, in some cases,
their obligations to indemnify, defend and hold harmless CCP from and
against various claims, litigation and liabilities; (b) the ability of
CCP's tenants and borrowers to maintain the financial strength and
liquidity necessary to satisfy their respective obligations and
liabilities to third parties, including without limitation obligations
under their existing credit facilities and other indebtedness, and the
impact of CCP's tenants or borrowers declaring bankruptcy or becoming
insolvent; (c) CCP's ability to successfully execute its business
strategy, including identifying, underwriting, financing, consummating
and integrating suitable acquisitions and investments; (d) macroeconomic
conditions such as a disruption in or lack of access to the capital
markets, changes in the debt rating on U.S. government securities,
default or delay in payment by the United States of its obligations, and
changes in federal or state budgets resulting in the reduction or
nonpayment of Medicare or Medicaid reimbursement rates; (e) the nature
and extent of competition in the markets in which CCP's properties are
located; (f) the impact of pending and future healthcare reform and
regulations, including cost containment measures, quality initiatives
and changes in reimbursement methodologies, policies, procedures and
rates; (g) increases in CCP's borrowing costs as a result of changes in
interest rates and other factors; (h) the ability of CCP's tenants to
successfully operate CCP's properties in compliance with applicable
laws, rules and regulations, to deliver high-quality services, to hire
and retain qualified personnel, to attract residents and patients, and
to participate in government or managed care reimbursement programs; (i)
changes in general economic conditions or economic conditions in the
markets in which CCP may, from time to time, compete for investments,
capital and talent, and the effect of those changes on CCP's earnings
and financing sources; (j) CCP's ability to repay, refinance,
restructure or extend its indebtedness as it becomes due; (k) CCP's
ability and willingness to maintain its qualification as a real estate
investment trust in light of economic, market, legal, tax and other
considerations; (l) final determination of CCP's taxable net income for
the year ended December 31, 2016 and for current and future years; (m)
the ability and willingness of CCP's tenants to renew their leases with
CCP upon expiration of the leases, CCP's ability to reposition its
properties on the same or better terms in the event of nonrenewal or in
the event CCP exercises its right to replace an existing tenant, and
obligations, including indemnification obligations, CCP may incur in
connection with the replacement of an existing tenant; (n)
year-over-year changes in the Consumer Price Index and the effect of
those changes on the rent escalators contained in CCP's leases and on
CCP's earnings; (o) CCP's ability and the ability of its tenants and
borrowers to obtain and maintain adequate property, liability and other
insurance from reputable, financially stable providers; (p) the impact
of increased operating costs and uninsured professional liability claims
on CCP's or its tenants' or borrowers' liquidity, financial condition
and results of operations, and the ability of CCP and its tenants and
borrowers to accurately estimate the magnitude of those costs and
claims; (q) consolidation in the healthcare industry resulting in a
change of control of, or a competitor's investment in, one or more of
CCP's tenants or borrowers or significant changes in the senior
management of CCP's tenants or borrowers; (r) the impact of litigation
or any financial, accounting, legal or regulatory issues, including
government investigations, enforcement proceedings and punitive
settlements, that may affect CCP or its tenants or borrowers; and (s)
changes in accounting principles, or their application or
interpretation, and CCP's ability to make estimates and the assumptions
underlying the estimates, which could have an effect on CCP's earnings.
Many of these factors are beyond the control of CCP and its management.
CONTACT:
Care Capital Properties, Inc.
Lori B. Wittman
Executive
Vice President and Chief Financial Officer
lwittman@carecapitalproperties.com
312.881.4702

EX - 99 . 1 2 a51550110ex99 _ 1 . htm EXHIBIT 99 . 1 Exhibit 99 . 1 Care Capital Properties Completes Acquisition of Six Behavioral Health Hospitals for $ 400 Million CHICAGO -- ( BUSINESS WIRE ) -- May 1 , 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 that it has completed its previously announced acquisition of six behavioral health hospitals in a sale - leaseback transaction with affiliates of Signature Healthcare Services , LLC . As part of the transaction , the Company has agreed to fund up to $ 50 million in capital expenditures to finance future expansion and other improvements of the properties . The initial funding for the acquisition totaled $ 379 million , and the Company has an option , exercisable beginning in the fourth quarter of 2018 , to purchase one additional building for an amount that is expected to be approximately $ 20 million . The initial GAAP yield on the transaction is 8 . 7 % . More information regarding the transaction can be found on the Company 's website under the " Investors " section at www.carecapitalproperties.com/investors/Signature . About Care Capital Properties Care Capital Properties , Inc . is a healthcare real estate investment trust with a diversified portfolio of triple - net leased properties , focused on the post - acute sector . The Company 's skilled management team is fully invested in delivering excellent returns by forging strong relationships with shareholders , operators , and employees . Forward - Looking Statements This press release includes forward - looking statements within the meaning of Section 27A of the Securities Act of 1933 , as amended , and Section 21E of the Securities Exchange Act of 1934 , as amended . All statements regarding CCP 's or its tenants ' or borrowers ' expected future financial condition , results of operations , cash flows , funds from operations , dividends and dividend plans , financing opportunities and plans , capital markets transactions , business strategy , budgets , projected costs , operating metrics , capital expenditures , competitive positions , acquisitions , investment opportunities , dispositions , growth opportunities , expected lease income , continued qualification as a real estate investment trust ( " REIT " ) , plans and objectives of management for future operations and statements that include words such as " anticipate " , " if " , " believe " , " plan " , " estimate " , " expect " , " intend , " " may " , " could " , " should " , " will " and other similar expressions are forward - looking statements . These forward - looking statements are inherently uncertain , and actual results may differ materially from CCP 's expectations . Except as required by law , CCP does not undertake a duty to update these forward - looking statements , which speak only as of the date on which they are made . Factors that could cause CCP 's actual future results and trends to differ materially from those anticipated are discussed in its filings with the Securities and Exchange Commission and include , without limitation : ( a ) the ability and willingness of CCP 's tenants , borrowers and other counterparties to satisfy their obligations under their respective contractual arrangements with CCP , including , in some cases , their obligations to indemnify , defend and hold harmless CCP from and against various claims , litigation and liabilities ; ( b ) the ability of CCP 's tenants and borrowers to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties , including without limitation obligations under their existing credit facilities and other indebtedness , and the impact of CCP 's tenants or borrowers declaring bankruptcy or becoming insolvent ; ( c ) CCP 's ability to successfully execute its business strategy , including identifying , underwriting , financing , consummating and integrating suitable acquisitions and investments ; ( d ) macroeconomic conditions such as a disruption in or lack of access to the capital markets , changes in the debt rating on U . S . government securities , default or delay in payment by the United States of its obligations , and changes in federal or state budgets resulting in the reduction or nonpayment of Medicare or Medicaid reimbursement rates ; ( e ) the nature and extent of competition in the markets in which CCP 's properties are located ; ( f ) the impact of pending and future healthcare reform and regulations , including cost containment measures , quality initiatives and changes in reimbursement methodologies , policies , procedures and rates ; ( g ) increases in CCP 's borrowing costs as a result of changes in interest rates and other factors ; ( h ) the ability of CCP 's tenants to successfully operate CCP 's properties in compliance with applicable laws , rules and regulations , to deliver high - quality services , to hire and retain qualified personnel , to attract residents and patients , and to participate in government or managed care reimbursement programs ; ( i ) changes in general economic conditions or economic conditions in the markets in which CCP may , from time to time , compete for investments , capital and talent , and the effect of those changes on CCP 's earnings and financing sources ; ( j ) CCP 's ability to repay , refinance , restructure or extend its indebtedness as it becomes due ; ( k ) CCP 's ability and willingness to maintain its qualification as a real estate investment trust in light of economic , market , legal , tax and other considerations ; ( l ) final determination of CCP 's taxable net income for the year ended December 31 , 2016 and for current and future years ; ( m ) the ability and willingness of CCP 's tenants to renew their leases with CCP upon expiration of the leases , CCP 's ability to reposition its properties on the same or better terms in the event of non renewal or in the event CCP exercises its right to replace an existing tenant , and obligations , including indemnification obligations , CCP may incur in connection with the replacement of an existing tenant ; ( n ) year - over - year changes in the Consumer Price Index and the effect of those changes on the rent escalators contained in CCP 's leases and on CCP 's earnings ; ( o ) CCP 's ability and the ability of its tenants and borrowers to obtain and maintain adequate property , liability and other insurance from reputable , financially stable providers ; ( p ) the impact of increased operating costs and uninsured professional liability claims on CCP 's or its tenants ' or borrowers ' liquidity , financial condition and results of operations , and the ability of CCP and its tenants and borrowers to accurately estimate the magnitude of those costs and claims ; ( q ) consolidation in the healthcare industry resulting in a change of control of , or a competitor 's investment in , one or more of CCP 's tenants or borrowers or significant changes in the senior management of CCP 's tenants or borrowers ; ( r ) the impact of litigation or any financial , accounting , legal or regulatory issues , including government investigations , enforcement proceedings and punitive settlements , that may affect CCP or its tenants or borrowers ; and ( s ) changes in accounting principles , or their application or interpretation , and CCP 's ability to make estimates and the assumptions underlying the estimates , which could have an effect on CCP 's earnings . Many of these factors are beyond the control of CCP and its management . CONTACT : Care Capital Properties , Inc . Lori B . Wittman Executive Vice President and Chief Financial Officer lwittman@carecapitalproperties.com 312 . 881 . 4702