News Release Issued: Aug 31, 2017 (10:54pm EDT)
To view this release online and get more information about HCP Investor Relations visit: http://ir.hcpi.com/2017-08-31-HCP-Provides-Update-on-Impact-of-Hurricane-Harvey
IRVINE, Calif., Aug. 31, 2017 /PRNewswire/ — HCP, Inc. (NYSE: HCP) today provided an update on the impact from Hurricane Harvey.
HCP’s preliminary assessment indicates its assets incurred either no or limited damage due to Hurricane Harvey. All medical office buildings and most senior housing communities in the storm-impacted region are fully-operational. Three operating and one triple-net senior housing communities were evacuated due to water intrusion and to ensure the safety of our residents. Remediation work has begun and residents are expected to return over the coming days and weeks.
HCP’s impacted assets are covered by property and business interruption insurance and the Company expects all damages will be insured under its existing polices subject to modest deductibles. As the duration and full impact of the storm remain unknown, the Company will provide additional updates in the event of any material changes.
“Our thoughts go out to the many people impacted by this devastating storm,” commented Tom Herzog, HCP’s President and CEO. “Brookdale and our other operating partners, along with our on-site teams, were well-prepared and continue to work diligently to ensure the safety of our residents and tenants.”
HCP, Inc. is a fully integrated real estate investment trust (REIT) that invests primarily in real estate serving the healthcare industry in the United States. HCP owns a large-scale portfolio diversified across multiple sectors, led by senior housing, life science and medical office. Recognized as a global leader in sustainability, HCP has been a publicly-traded company since 1985 and was the first healthcare REIT selected to the S&P 500 index. For more information regarding HCP, visit www.hcpi.com.
Statements in this release that are not historical factual statements are “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. These statements include, among other things, statements relating to our expectations concerning Hurricane Harvey’s impact on our assets and business. All forward-looking statements are made as of the date hereof, are not guarantees of future performance and are subject to known and unknown risks, uncertainties, assumptions and other factors — many of which are out of our and our management’s control and difficult to forecast — that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. These risks and uncertainties include but are not limited to the aforementioned statements, as well as risks described from time to time in our filings with the U.S. Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. We assume no, and hereby disclaim any, obligation to update any forward-looking statements as a result of new information or new or future developments, except as otherwise required by law.
Vice President – Finance and Investor Relations
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