Irvine-based healthcare real estate owner and investor HCP Inc. will spin off its HCR ManorCare skilled nursing and assisted living businesses into a separate, publicly traded real estate investment trust.
The new real estate investment trust will have more than 320 properties and annual rent of $485 million, HCP said.
Mark Ordan, who’s serving as an HCP senior adviser, will become chief executive of the spinoff, referred to as “SpinCo” in federal filings.
HCP said it expects the spinoff to be completed in the second half of the year but didn’t say where it will be based. It said its portfolio will afterward have more than 860 properties that generate about $1.4 billion a year.
HCP, which is the third largest U.S. real estate investment trust by market value, had seen its stock price fall 10% since the start of the year.
—Vita Reed
