Real estate investment trust HCP Inc. said Thursday it is eliminating contracts with 15 facilities operated by Sunrise Senior Living Inc. because of a failure to meet performance thresholds.
The contracts will be terminated Oct.1 and does not require a termination fee by HCP or its tenant. The company expects to transition the facilities to new operators during the second half of 2009.
Following the reduction, the company's Sunrise-managed properties will fall to 75.
"This transaction highlights the most recent example of HCP's active approach to asset management as we continue to find ways in this challenging environment to unlock value in our portfolio," said Chairman and CEO Jay Flaherty, in a statement.
Shares of HCP rose 8 cents to close at $20.90.
source:yahoo
The contracts will be terminated Oct.1 and does not require a termination fee by HCP or its tenant. The company expects to transition the facilities to new operators during the second half of 2009.
Following the reduction, the company's Sunrise-managed properties will fall to 75.
"This transaction highlights the most recent example of HCP's active approach to asset management as we continue to find ways in this challenging environment to unlock value in our portfolio," said Chairman and CEO Jay Flaherty, in a statement.
Shares of HCP rose 8 cents to close at $20.90.
source:yahoo
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