$CCP (Care Capital Properties, Inc.)

$CCP {{ '2016-05-06T13:15:17+0000' | timeago}} • Announcement

Healthcare real estate investment trust $CCP reported lower 1Q16 funds from operations (FFO), hurt by interest expense. The company reported FFO of $67MM, or $0.80 per share, compared with $72MM, or $0.86 per share a year ago. Net income was $29.77MM, or $0.36 cents per share.

$SBRA {{ '2017-08-15T21:45:36+0000' | timeago}} • Announcement

$SBRA received shareholder approval for its pending merger with $CCP. The transaction is currently scheduled to close on August 17, 2017, subject to customary closing conditions.

$SBRA {{ '2017-08-04T13:09:57+0000' | timeago}} • Announcement

Independent proxy voting advisory firm, Glass Lewis & Co. recommended $SBRA shareholders vote For proposed transaction with $CCP at the company's upcoming Special Meeting on Aug. 15, 2017.

$CCP {{ '2017-08-03T15:22:47+0000' | timeago}} • Announcement

$CCP's BoD declared a prorated dividend on its common stock, conditioned upon the completion of its pending combination with $SBRA pursuant to a merger of $CCP with and into a subsidiary of $SBRA. The Merger is expected to occur on or about Aug. 17, 2017.

$SBRA {{ '2017-07-24T15:23:20+0000' | timeago}} • Announcement

Eminence Capital, which owns 3.9% of the common stock of $SBRA, has decided to vote against the company’s proposed acquisition of $CCP as Eminence views this transaction to be a poor strategic fit and the purchase price to be too high.

$CCP {{ '2017-05-09T14:47:28+0000' | timeago}} • Announcement

At 1Q17 end, $CCP had $514MM of available borrowing capacity under its revolver, with $64MM in cash held in an Internal Revenue Code Section 1031 exchange escrow account used to fund a portion of the behavioral health hospital acquisition. CCP’s weighted average interest rate as of March 31, 2017 was approximately 3.8%.

$CCP {{ '2017-05-09T14:45:48+0000' | timeago}} • Announcement

$CCP's net attributable income for 1Q17 more than doubled to $65MM or $0.77 per diluted share, from last year's $30MM or $0.35 per share. Total revenues inched down to $82.8MM from $84.5MM, while normalized FFO was $57MM or $0.68 per diluted share. During the quarter, CCP invested $8MM through acquisitions and redevelopment at an avg yield of 8.1%.

$SBRA {{ '2017-05-08T13:13:13+0000' | timeago}} • Announcement

$SBRA $SBRAP to acquire $CCP. Upon closing of merger, $SBRA shareholders are expected to own approx. 41% and the former $CCP shareholders are expected to own approx. 59% of the combined company. The current management of $SBRA will lead the combined company, with Rick Matros as Chairman and CEO, Harold Andrews as CFO and Talya Nevo-Hacohen as CIO.

$SBRA {{ '2017-05-08T13:11:20+0000' | timeago}} • Announcement

$SBRA $SBRAP to acquire $CCP. Under the terms of the agreement, $CCP shareholders will receive 1.123 shares of $SBRA $SBRAP common stock for each share of $CCP common stock they own. The combined company is expected to have a pro forma total market capitalization of approx. $7.4Bil. The transaction is expected to close during 3Q17.

$CCP {{ '2017-04-11T12:57:50+0000' | timeago}} • Announcement

$CCP agreed to buy 6 behavioral health hospitals in sale-leaseback transaction for $400MM and to fund up to $50MM in capital expenditures to finance expansion and improvements in the portfolio. Upon completion of transaction, which is expected to occur in 2Q17, $CCP will lease properties to affiliates of Signature on a 10-year triple-net basis.

$CCP {{ '2016-11-10T18:09:17+0000' | timeago}} • Webcast

$CCP expects operating margins to be under pressure in the near term. This will be due to the slower revenue growth and shorter lengths of stay, higher expenses from wage and staffing pressures, and the cost of regulatory and legal proceedings.

$CCP {{ '2016-11-10T17:57:53+0000' | timeago}} • Webcast

$CCP, which is currently in its second year as an stand-alone entity, stated that as of August end, the company's transition services agreement with $VTR has ended. Earlier in August 2015, $CCP became a stand-alone public company as it was spun off from $VTR.

$CCP {{ '2016-11-10T13:38:15+0000' | timeago}} • Announcement

Following 3Q16 end, $CCP agreed to acquire 5 skilled nursing facilities and 3 senior housing communities for $39MM in a sale leaseback deal with an existing customer. This deal is expected to close before the end of 2016. The company also agreed to sell a total of 23 properties in two separate transactions for total proceeds of approx. $151MM.

$CCP {{ '2016-11-10T13:32:53+0000' | timeago}} • Announcement

$CCP lifted its 2016 normalized funds from operations (NFFO) outlook to $3.00-3.04 per diluted share, from the prior range of $2.92-2.98 per diluted share. FFO, as defined by National Association of Real Estate Investment Trusts (NAREIT), is expected to be $2.85-2.89 per diluted share.

$CCP {{ '2016-11-10T13:25:33+0000' | timeago}} • Announcement

$CCP's normalized funds from operations for 3Q16 was $63MM or $0.75 per diluted share, compared to $70MM or $0.84 per diluted share, in the prior year quarter. The decrease was a result of higher interest expense in the just completed quarter.

$CCP {{ '2016-11-10T13:11:24+0000' | timeago}} • Announcement

$CCP, which was formed by the spin-off of $VTR in August 2015, reported a lower profit in 3Q16, hurt by higher expenses. Net income was $19MM or $0.23 per diluted share compared with $36MM or $0.43 per diluted share in the prior year quarter. However, revenue increased 6% to $87.3MM.

$CCP {{ '2016-08-11T15:05:10+0000' | timeago}} • Webcast

Richard Anderson of Mizuho Securities asks for an update on the pipeline. $CCP said the pipeline remains consistent in the $0.75-1Bil range. The company has opportunities to work on this and also has a deal flow ahead of it.

$CCP {{ '2016-08-11T14:56:08+0000' | timeago}} • Webcast

Kevin Tyler of Green Street Advisors asks about optimization activities. $CCP said there will be a $10MM impact to rents from the pushback of optimization activities. The company is trying to optimize the portfolio and maximize cash flow while also trying to make the best decisions and work with tenants on the portfolio.

$CCP {{ '2016-08-11T14:40:39+0000' | timeago}} • Webcast

$CCP said cash net operating income for 328 same store properties increased 2.4% for 2Q16 compared to 2Q15. Excluding the transition of the 14-property portfolio in March, quarterly same-store cash NOI for the remaining 314 properties increased 3.6% YoverY. $CCP has 16 redevelopment and development projects underway or approved totaling $118MM.

$CCP {{ '2016-08-11T14:31:18+0000' | timeago}} • Webcast

$CCP said it is seeing good Medicaid rate increases in many states, which are averaging around 2%. The company's portfolio is diversified with its operators getting half of their revenues from Medicare commercial insurance and half from Medicaid. So the reimbursement outlook over the next year is looking positive for operators.

$CCP {{ '2016-08-11T14:13:31+0000' | timeago}} • Webcast

Chicago, Illinois-based company $CCP said in 2Q16, it made progress on its strategic priorities of making value-enhancing investments, migrating to a permanent capital structure, portfolio optimization and building infrastructure. The company paid a quarterly dividend of $0.57 per share, representing a payout ratio of 72%.

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