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HCP Closes $486.5 Million Equity Offering

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  Published in Business and Finance on Tuesday, November 9th 2010 at 12:16 GMT by Market Wire
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LONG BEACH, Calif.--([ BUSINESS WIRE ])--HCP (NYSE:HCP) announced that it has successfully completed its $486.5 million public offering of 13.8 million shares of common stock at a price per share of $35.25, which includes 1.8 million shares sold to the underwriters upon exercise of their option to purchase additional shares. HCP will use the proceeds to repay borrowings under HCPa™s revolving credit facility, which was drawn upon for various investments, including the recent debt investments in Genesis HealthCare, with the remainder to be used for general corporate purposes.

About HCP

HCP, Inc., an S&P 500 company, is a real estate investment trust (REIT) that, together with its consolidated subsidiaries, invests primarily in real estate serving the healthcare industry in the United States. As of September 30, 2010, HCPa™s portfolio of investments, including properties owned by its unconsolidated joint ventures, consisted of: (i) interests in 670 properties among the following segments: 250 senior housing, 102 life science, 252 medical office, 45 skilled nursing and 21 hospital; and (ii) $2.0 billion of mezzanine and other secured loans.