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News Article | December 6, 2016
Site: www.businesswire.com

CHICAGO--(BUSINESS WIRE)--Care Capital Properties, Inc. (NYSE: CCP) (“CCP” or the “Company”) announced today that its Board of Directors declared a regular quarterly dividend of $0.57 per share, payable in cash on January 5, 2017 to stockholders of record on December 16, 2016. The dividend is the fourth quarterly installment of the Company’s 2016 annual dividend. Care Capital Properties, Inc. is a healthcare real estate investment trust with a diversified portfolio of triple-net leased properties focused on the post-acute sector. Its skilled management team is fully invested in delivering excellent returns by forging strong relationships with shareholders, operators and employees. More information about Care Capital Properties, Inc. can be found at: www.carecapitalproperties.com. This press release includes 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. All statements regarding CCP’s or its tenants’ or borrowers’ expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, growth opportunities, expected lease income, continued qualification as a real estate investment trust (“REIT”), plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ materially from CCP’s expectations. Except as required by law, CCP does not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made. Factors that could cause CCP’s actual future results and trends to differ materially from those anticipated are discussed in its filings with the Securities and Exchange Commission and include, without limitation: (a) the ability and willingness of CCP’s tenants, borrowers and other counterparties to satisfy their obligations under their respective contractual arrangements with CCP, including, in some cases, their obligations to indemnify, defend and hold harmless CCP from and against various claims, litigation and liabilities; (b) the ability of CCP’s tenants and borrowers to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including without limitation obligations under their existing credit facilities and other indebtedness; (c) CCP’s success in executing its business strategy and its ability to identify, underwrite, finance, consummate and integrate suitable acquisitions and investments; (d) macroeconomic conditions such as a disruption of or lack of access to the capital markets, changes in the debt rating on U.S. government securities, default or delay in payment by the United States of its obligations, and changes in the federal or state budgets resulting in the reduction or nonpayment of Medicare or Medicaid reimbursement rates; (e) the nature and extent of competition in the markets in which CCP’s properties are located; (f) the impact of pending and future healthcare reform and regulations, including cost containment measures, quality initiatives and changes in reimbursement methodologies, policies, procedures and rates; (g) increases in CCP’s borrowing costs as a result of changes in interest rates and other factors; (h) the ability of CCP’s tenants to operate CCP’s properties in compliance with applicable laws, rules and regulations (and the cost of such compliance), to deliver high-quality services, to hire and retain qualified personnel, to attract residents and patients, and to participate in government and managed care reimbursement programs; (i) changes in general economic conditions or economic conditions in the markets in which CCP may, from time to time, compete for investments, capital and talent, and the effect of those changes on CCP’s earnings and financing sources; (j) CCP’s ability to repay, refinance, restructure or extend its indebtedness as it becomes due; (k) CCP’s ability and willingness to maintain its qualification as a real estate investment trust in light of economic, market, legal, tax and other considerations; (l) final determination of CCP’s taxable net income for the current and future years; (m) the ability and willingness of CCP’s tenants to renew their leases with CCP upon expiration of the leases, CCP’s ability to reposition its properties on the same or better terms in the event of nonrenewal or in the event CCP exercises its right to replace an existing tenant, and obligations, including indemnification obligations, CCP may incur in connection with the replacement of an existing tenant; (n) year-over-year changes in the Consumer Price Index and the effect of those changes on the rent escalators contained in CCP’s leases and on CCP’s earnings; (o) CCP’s ability and the ability of its tenants and borrowers to obtain and maintain adequate property, liability and other insurance from reputable, financially stable providers; (p) the impact of increased operating costs and uninsured professional liability claims on CCP’s and its tenants’ and borrowers’ liquidity, financial condition and results of operations, and the ability of CCP and its tenants and borrowers to accurately estimate the magnitude of those costs and claims; (q) consolidation in the healthcare industry resulting in a change of control of, or a competitor’s investment in, any of CCP’s tenants or borrowers and significant changes in the senior management of any of CCP’s tenants or borrowers; (r) the impact of litigation or any financial, accounting, legal or regulatory issues, including government investigations, enforcement proceedings and punitive settlements, that may affect CCP or its tenants or borrowers; and (s) changes in accounting principles, or their application or interpretation, and CCP’s ability to make estimates and the assumptions underlying the estimates, which could have an effect on CCP’s earnings. Many of these factors are beyond the control of CCP and its management.


News Article | February 28, 2017
Site: www.businesswire.com

CHICAGO--(BUSINESS WIRE)--Care Capital Properties, Inc. (NYSE: CCP) (“CCP” or the “Company”), a company with a diversified portfolio of triple-net leased healthcare properties focused on the post-acute sector, today announced operating results for the quarter and year ended December 31, 2016. CCP began operating as an independent, publicly traded company in August 2015, following completion of its spin-off from Ventas, Inc. (NYSE: VTR) (“Ventas”). As previously explained, financial results reported for 2015 represent a combination of operating results that have been “carved-out” of Ventas’s consolidated financial statements for the period prior to the spin-off and standalone operating results for the period subsequent to the spin-off. “We are pleased to have delivered strong results in 2016, while generating robust cash flow to reinvest in growing our business. Our many accomplishments included putting our permanent capital structure in place, improving our portfolio through acquisitions, portfolio redevelopment, dispositions and asset transitions and building out our standalone infrastructure,” CCP Chief Executive Officer Raymond J. Lewis said. “In addition, we paid an attractive dividend and enhanced our investment grade balance sheet. As we look ahead to 2017, we are focused on completing value-enhancing investments and managing our portfolio to invest and grow with quality operators.” CCP currently expects its 2017 normalized FFO to range between $2.80 and $2.90 per diluted common share. NAREIT FFO is expected to range from $2.73 to $2.83 per diluted common share for the year. This 2017 guidance assumes: CCP’s guidance is predicated on a number of other assumptions that are subject to change and many of which are outside of CCP’s control. If actual results vary from these assumptions, the Company’s expectations may change. There can be no assurance that CCP will achieve these results. CCP will hold a conference call to discuss its fourth quarter and full year 2016 results and 2017 guidance in more detail today at 10:00 A.M. Eastern Time (9:00 A.M. Central Time). The dial-in number for the conference call is (888) 349-0115 or (412) 317-5143 for international callers and (855) 669-9657 for Canadian callers. Please ask to be joined to the Care Capital Properties, Inc. call. The call will also be webcast live and can be accessed at CCP’s website at www.carecapitalproperties.com. A replay of the call will be available at CCP’s website, or by calling (877) 344-7529 or (412) 317-0088 for international callers and (855) 669-9658 for Canadian callers, passcode 10099909, beginning on February 28, 2017 at approximately 2:00 P.M. Eastern Time and will remain available until March 28, 2017. Care Capital Properties, Inc. is a healthcare real estate investment trust with a diversified portfolio of triple-net leased properties, focused on the post-acute sector. The Company’s skilled management team is fully invested in delivering excellent returns by forging strong relationships with shareholders, operators, and employees. Supplemental information about Care Capital Properties, Inc. can be found on the Company’s website under the “Investors” section at: www.carecapitalproperties.com/investors/financial-information/documents. This press release includes 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. All statements regarding CCP’s or its tenants’ or borrowers’ expected future financial condition, results of operations, cash flows, funds from operations, dividends and dividend plans, financing opportunities and plans, capital markets transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, growth opportunities, expected lease income, continued qualification as a real estate investment trust (“REIT”), plans and objectives of management for future operations and statements that include words such as “anticipate,” “if,” “believe,” “plan,” “estimate,” “expect,” “intend,” “may,” “could,” “should,” “will” and other similar expressions are forward-looking statements. These forward-looking statements are inherently uncertain, and actual results may differ materially from CCP’s expectations. Except as required by law, CCP does not undertake a duty to update these forward-looking statements, which speak only as of the date on which they are made. Factors that could cause CCP’s actual future results and trends to differ materially from those anticipated are discussed in its filings with the Securities and Exchange Commission and include, without limitation: (a) the ability and willingness of CCP’s tenants, borrowers and other counterparties to satisfy their obligations under their respective contractual arrangements with CCP, including, in some cases, their obligations to indemnify, defend and hold harmless CCP from and against various claims, litigation and liabilities; (b) the ability of CCP’s tenants and borrowers to maintain the financial strength and liquidity necessary to satisfy their respective obligations and liabilities to third parties, including without limitation obligations under their existing credit facilities and other indebtedness, and the impact of CCP’s tenants or borrowers declaring bankruptcy or becoming insolvent; (c) CCP’s ability to successfully execute its business strategy, including identifying, underwriting, financing, consummating and integrating suitable acquisitions and investments; (d) macroeconomic conditions such as a disruption in or lack of access to the capital markets, changes in the debt rating on U.S. government securities, default or delay in payment by the United States of its obligations, and changes in federal or state budgets resulting in the reduction or nonpayment of Medicare or Medicaid reimbursement rates; (e) the nature and extent of competition in the markets in which CCP’s properties are located; (f) the impact of pending and future healthcare reform and regulations, including cost containment measures, quality initiatives and changes in reimbursement methodologies, policies, procedures and rates; (g) increases in CCP’s borrowing costs as a result of changes in interest rates and other factors; (h) the ability of CCP’s tenants to successfully operate CCP’s properties in compliance with applicable laws, rules and regulations, to deliver high-quality services, to hire and retain qualified personnel, to attract residents and patients, and to participate in government or managed care reimbursement programs; (i) changes in general economic conditions or economic conditions in the markets in which CCP may, from time to time, compete for investments, capital and talent, and the effect of those changes on CCP’s earnings and financing sources; (j) CCP’s ability to repay, refinance, restructure or extend its indebtedness as it becomes due; (k) CCP’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; (l) final determination of CCP’s taxable net income for the year ended December 31, 2016 and for current and future years; (m) the ability and willingness of CCP’s tenants to renew their leases with CCP upon expiration of the leases, CCP’s ability to reposition its properties on the same or better terms in the event of nonrenewal or in the event CCP exercises its right to replace an existing tenant, and obligations, including indemnification obligations, CCP may incur in connection with the replacement of an existing tenant; (n) year-over-year changes in the Consumer Price Index and the effect of those changes on the rent escalators contained in CCP’s leases and on CCP’s earnings; (o) CCP’s ability and the ability of its tenants and borrowers to obtain and maintain adequate property, liability and other insurance from reputable, financially stable providers; (p) the impact of increased operating costs and uninsured professional liability claims on CCP’s or its tenants’ or borrowers’ liquidity, financial condition and results of operations, and the ability of CCP and its tenants and borrowers to accurately estimate the magnitude of those costs and claims; (q) consolidation in the healthcare industry resulting in a change of control of, or a competitor’s investment in, one or more of CCP’s tenants or borrowers or significant changes in the senior management of CCP’s tenants or borrowers; (r) the impact of litigation or any financial, accounting, legal or regulatory issues, including government investigations, enforcement proceedings and punitive settlements, that may affect CCP or its tenants or borrowers; and (s) changes in accounting principles, or their application or interpretation, and CCP’s ability to make estimates and the assumptions underlying the estimates, which could have an effect on CCP’s earnings. Many of these factors are beyond the control of CCP and its management. Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. However, since real estate values historically have risen or fallen with market conditions, many industry investors deem presentations of operating results for real estate companies that use historical cost accounting to be insufficient by themselves. For that reason, CCP considers FFO and normalized FFO to be appropriate measures of operating performance of an equity REIT. In particular, CCP believes that normalized FFO is useful because it allows investors, analysts and CCP management to compare CCP’s operating performance to the operating performance of other real estate companies and between periods on a consistent basis without having to account for differences caused by unanticipated items and other events such as transactions. NAREIT defines FFO as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of real estate property and impairment write-downs of depreciable real estate, plus real estate depreciation and amortization, and after adjustments for joint ventures. Adjustments for joint ventures will be calculated to reflect FFO on the same basis. CCP defines normalized FFO as FFO excluding items which may be nonrecurring or recurring in nature but not consistent in amounts. FFO and normalized FFO presented herein may not be comparable to similar measures presented by other real estate companies due to the fact that not all real estate companies use the same definitions. FFO and normalized FFO should not be considered as alternatives to net income (determined in accordance with GAAP) as indicators of CCP’s financial performance or as alternatives to cash flow from operating activities (determined in accordance with GAAP) as measures of CCP’s liquidity, nor are they necessarily indicative of sufficient cash flow to fund all of CCP’s needs. CCP believes that in order to facilitate a clear understanding of the consolidated historical operating results of CCP, FFO and normalized FFO should be examined in conjunction with net income attributable to CCP as presented elsewhere herein. The following information considers the effect on net income of CCP’s investments and dispositions that were completed during the year ended December 31, 2016, as if the transactions had been consummated as of the beginning of the period. The following table illustrates net debt to adjusted earnings before interest, taxes, depreciation and amortization, as well as adjustments for items which may be nonrecurring or recurring in nature but not consistent in amounts (“Adjusted EBITDA”) (dollars in thousands):


News Article | November 10, 2016
Site: www.businesswire.com

CHICAGO--(BUSINESS WIRE)--Care Capital Properties, Inc. (NYSE: CCP) (“CCP” or the “Company”), a company with a diversified portfolio of triple-net leased healthcare properties, focused on the post-acute sector, today announced operating results for the quarter ended September 30, 2016. The Company began operating as an independent, publicly traded company on August 18, 2015, following the completion of its spin-off from Ventas, Inc. (NYSE: VTR) (“Ventas”). A portion of the results reported for


Legrand S.B.,Cleveland Clinic | Heintz J.B.,Care Capital
Journal of Pain and Symptom Management | Year: 2012

Context: There are no data on the motives or characteristics of physicians choosing fellowship training in Hospice and Palliative Medicine (HPM). Objectives: To understand more about the residents who choose HPM and what leads them to this decision. Methods: An electronic survey of HPM fellows initiating training in July 2009. Results: Seventy-six physicians began the study, with 62 responders (82%) completing all questions. Fifty-five percent were aged 30-40 years, and 61% were female. Sixty-eight percent were non-Hispanic Caucasian, 24% were Asian, and none were African American. Fifty-five percent were trained in internal medicine. Most (86%) asserted that the care of a dying, critically ill, or symptomatic person impacted their decision to enter the field of HPM. Sixty-three percent did not feel prepared to manage dying patients, and 41% felt personal regret about the care they delivered. The major reasons for choosing the specialty were a desire to contribute to relief of suffering (79%), enhance end-of-life care (73%), and improve communication (78%). Ninety-five percent received negative comments about their career choice. Fifty-nine percent had no exposure to hospice or palliative medicine in medical school, whereas 61% had an exposure available during residency. Forty-seven percent decided to enter a fellowship in the third year of residency, and 33% applied after practicing in their primary specialty for a median of 10 years. Accreditation, strength of education, and a hospital palliative medicine service were required by the majority for selection of a fellowship program. Conclusion: Negative experiences with end-of-life care in residency, particularly in the intensive care unit, continue to be a factor in selection of HPM as a specialty. Many residents make their decision to enter the field and apply during Postgraduate Year 3. Most received negative comments about the choice. Fellows require a broad range of experience when selecting a fellowship program. © 2012 U.S. Cancer Pain Relief Committee. Published by Elsevier Inc. All rights reserved.


Howlett S.E.,Dalhousie University | Rockwood K.,Dalhousie University | Rockwood K.,Care Capital
Age and Ageing | Year: 2013

All the current frailty measures count deficits. They differ chiefly in which items,and how many, they consider. These differences are related: if a measure considers only afew items, to define broad risks those items need to integrate across several systems (e.g. mobility or function). If many items are included, the cumulative effect of small deficits can be considered. Even so, it is not clear just how small deficits can be. To better understand how the scale of deficit accumulation might impact frailty measurement, weconsider how age-related, subcellular deficits might become macroscopically visible and so give rise to frailty. Cellular deficits occur when subcellular damage has neither been repaired nor cleared. With greater cellular deficit accumulation, detection becomes more likely. Deficit detection can be done by either subclinical (e.g. laboratory, imaging, electrodiagnostic) or clinical methods. Not all clinically evident deficits need cross a disease threshold. The extent to which cellular deficit accumulation compromises organ function can reflect not just what is happening in that organ system, but deficit accumulation in other organ systems too. In general, frailty arises in relation to the number of organsystems in which deficits accumulate. This understanding of how subcellular deficits might scale has implications for understanding frailty as a vulnerability state. Considering the cumulative effects of many small deficits appears to allow important aspects of the behaviour of systems close to failure to be observed. It also suggests the potential to detect frailty with less reliance on clinical observation than current methods employ. © The Author 2013. Published by Oxford University Press on behalf of the British Geriatrics Society. All rights reserved.


Korsbek L.,Care Capital
Psychiatric Rehabilitation Journal | Year: 2013

Topic: This account reflects on the topic of illness insight and recovery. Purpose: The purpose of the account is to clarify our understanding about the importance of illness insight in peoples' recovery process, especially when relating the question of illness insight to the question of identity. Sources Used: The writing is based on research literature related to illness insight and on personal recovery experiences. Conclusions and Implications for Practice: It is helpful to consider the integration of the issue of illness insight when addressing the questions and consequences of diagnosis, and to assist individuals to work through the false analogy between illness and identity while supporting the transformation from patient to person. It is also necessary for clinicians to develop a clear understanding of peoples' actual needs and gain more knowledge about peoples' own views and experiences in relation to the importance of illness insight in the recovery process. © 2013 American Psychological Association.


NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the ratings of Ventas, Inc. (NYSE: VTR) and its subsidiaries, including the company's Issuer Default Rating (IDR), at 'BBB+'. The Rating Outlook is Stable. A full list of rating actions follows at the end of this release. The affirmation, 'BBB+' rating and Stable Outlook reflect Ventas' diverse portfolio of healthcare properties, demonstrated and consistent access to multiple sources of capital, adequate liquidity and a deep management team. These strengths are tempered by leverage that has increased over the past few quarters and now persists closer to 6x than 5x as measured by debt less readily available cash to recurring operating EBITDA. Other credit concerns include the potential for higher volatility in operating cash flows through the cycle given the company's RIDEA (REIT Investment Diversification and Empowerment Act) structured investments and Fitch's broader concerns surrounding healthcare REITs' rapid growth. Fitch expects leverage will sustain around 6x unless VTR issues equity or engages in meaningful asset sales with the former currently less likely given the decline in VTR's share price to around $64 from a 52-week high of $81.93. Fitch estimates leverage could be as high as 6.3x for 1Q15 pro forma for the Ardent and Care Capital transactions (pro forma) and closer to 6x assuming some level of asset sales. Fitch expects VTR will manage to lower leverage levels; however, there could be negative momentum on the ratings and/or Outlook should leverage sustain at / or above 6x over 12 to 24 months. As an alternative to issuing equity, Ventas could also reduce leverage by selling assets and repaying debt. Counterintuitively, weakness in healthcare REIT share prices could incentivize Ventas and its peers to engage in more meaningful portfolio recycling than they historically have done, thereby improving portfolio quality should weaker assets be sold. Fitch assumes cash flow growth will remain steady through 2017 (2% triple net revenue, 3.5% same-store net operating income [SSNOI] growth for seniors housing operating assets and 3% SSNOI growth for medical office buildings) resulting in fixed-charge coverage in the low 4x range, which is strong for the rating. Nonetheless, Fitch assumes RIDEA portfolios (including VTR's) have the potential for higher volatility through-the-cycle than other owned property types and notes that the strong 2010-2014 performance was achieved during a period of strong fundamentals. Fitch defines fixed-charge coverage as recurring operating EBITDA less straight-line rent and recurring maintenance capital expenditures to total interest. A key driver of Ventas' ratings is its strong access to capital. Ventas has consistently demonstrated access to the public unsecured bond markets in the U.S. and Canada including a 30-year note issuance. Ventas' access to capital is supplemented by its bank lending group which provides a $2 billion unsecured revolving credit facility and $1.9 billion of term loans (assuming VTR closes the five-year $900 million term loan disclosed in the most recent filings). While equity issuance has been modest given VTR's size ($527 million in 2014 and 1Q15 vs. the $21 billion market capitalization), VTR has used shares as a consideration for deals (i.e. the 29.5 million shares and units, or almost $1.9 billion on today's share price, issued in the ARC Healthcare (NASDAQ: HCT) transaction). Fitch projects VTR's sources of liquidity cover its uses by 1x for the period April 1, 2015 through Dec. 31, 2016 before the term loan is finalized and 1.3x once entered into. Fitch defines sources as readily available cash, availability under the revolving credit facility and retained cash flow from operations after dividends pro forma for the sale of the Ardent OpCo and the pending dividend from Care Capital Properties and uses as debt maturities, the purchase of Ardent, maintenance capital expenditures and development expenditures. Moreover, Ventas' dividend payout ratio enables the company to retain material amounts of operating cash flow. In 1Q15, Ventas' 72% payout ratio (cash distributions to normalized funds available for distribution) resulted in $101 million of retained cash or $404 million on an annualized basis. Fitch estimates VTR retained $325 million in 2014 and $289 million in 2013. VTR's unencumbered asset pool provides adequate contingent liquidity to its unsecured debt at 2.0x assuming a stressed 8.5% capitalization rate. On the margin, the portfolio is slightly more leverageable pro forma given the increased contribution from seniors housing, offset in part by the addition of hospitals to the unencumbered pool which have limited leveragability. Fitch's key assumptions within the rating case for VTR include: --2% triple net revenue growth, 3.5% same store NOI growth on seniors housing operating assets, and 3% same-store NOI growth in medical office buildings through 2017; --The SNF spin-off and Ardent transactions close in 3Q2015; --$2 billion in annual acquisitions in 2016-2017 funded with 50% equity and 50% debt; --Debt repayment with the issuance of new unsecured bonds; The following factors may result in positive momentum on the ratings and/or Outlook: --Fitch's expectation of leverage sustaining below 4.5x (pro forma leverage is 6.3x); --Fitch's expectation of fixed-charge coverage sustaining above 4.0x (pro forma fixed charge coverage is 3.8x); --Fitch's expectation of unencumbered asset coverage of unsecured debt (UA/UD) at a stressed 8.5% capitalization rate sustaining above 4.0x (pro forma UA/UD is 2.0x). The following factors may result in negative momentum on the ratings and/or Outlook: --Increased cash flow volatility through the cycle due to heightened RIDEA exposure and/or material increase in RIDEA exposure; Fitch has affirmed the following ratings: Effective July 14, 2015, Fitch has assigned a 'BBB+' rating to the $500 million 4.125% senior unsecured notes due 2026 issued by Ventas Realty Limited Partnership. The notes were priced at 99.218% implying a 192 basis point spread to the benchmark treasury. Fitch has affirmed and withdrawn the following ratings as they are no longer relevant to the agency's coverage following the note redemption in May 2015: Additional information is available on www.fitchratings.com Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage (pub. 28 May 2014) Treatment and Notching of Hybrids in Non-Financial Corporate and REIT Credit Analysis (pub. 25 Nov 2014) ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.


CHICAGO--(BUSINESS WIRE)--Ventas, Inc. (NYSE: VTR) (“Ventas” or the “Company”) today announced the filing of an initial Form 10 Registration Statement with the Securities and Exchange Commission (“SEC”) in connection with its previously announced plan to spin off most of its post-acute/skilled nursing facility (“SNF”) portfolio into an independent, publicly traded REIT. The new public company will be named Care Capital Properties, Inc. (“CCP”). “The filing of the Form 10 is an important step towards successfully completing the strategic, value creating spin-off of our SNF portfolio,” said Ventas Chairman and Chief Executive Officer Debra A. Cafaro. “With this transaction, we will create two focused companies with distinct strategies. CCP will be well positioned as an independent, pure-play SNF REIT with significant external growth opportunities. Ventas will improve its industry leading contribution from private pay net operating income, its relationship with top 20 care providers, and its growth rate, while maintaining its diversification, scale, strong balance sheet and superior dividend and cash flow growth as a top global REIT.” “The name Care Capital Properties captures our strategy of providing capital to local and regional post-acute care operators,” said CCP Chief Executive Officer Raymond J. Lewis. “We are pleased with the progress we are making on the spin-off and remain on track to complete the transaction in the second half of this year. We are working hard to position Care Capital Properties to capitalize on the attractive investment opportunities in the skilled nursing market.” Following its separation from Ventas, CCP will be a newly listed, publicly traded real estate investment trust that will own, acquire and lease skilled nursing facilities and other healthcare assets across the United States. CCP’s large, diversified portfolio will initially consist of 353 high-quality assets operated by 43 private regional and local care providers. It will benefit from an independent, experienced management team and strategy focused on attractive investment opportunities with regional and local operators in the fragmented skilled nursing market. With a strong balance sheet, equity currency and independent access to capital markets, CCP will drive growth and create value through acquisitions and active asset management, including redevelopment. The Form 10 filing provides information related to the transaction and CCP’s strategies, operations, and historical financial statements for fiscal years 2014, 2013 and 2012. As is customary, the initial Form 10 filing will be updated to provide additional information regarding other matters. Under the terms of the spin-off, Ventas stockholders are expected to receive one share of CCP common stock via a special distribution for every four shares of Ventas common stock they own. Following the distribution, Ventas’s stockholders will own shares in both Ventas and CCP. Importantly, the number of Ventas shares owned by each stockholder will not change as a result of the distribution. No vote of Ventas stockholders is required in connection with the separation and distribution. Ventas’s common stock will continue to trade on the New York Stock Exchange under the symbol “VTR.” The transaction is subject to certain conditions, including receipt of an opinion from tax counsel regarding the tax-free nature of the distribution, and final approval and declaration of the distribution by Ventas’s Board of Directors. The transaction is expected to be completed in the second half of 2015. A copy of the Form 10 Registration Statement is available on the investor page of the Company’s website: www.ventasreit.com/investor-relations. Ventas, Inc., an S&P 500 company, is a leading real estate investment trust. Its diverse portfolio of more than 1,600 assets in the United States, Canada and the United Kingdom consists of seniors housing communities, medical office buildings, skilled nursing facilities, hospitals and other properties. Through its Lillibridge subsidiary, Ventas provides management, leasing, marketing, facility development and advisory services to highly rated hospitals and health systems throughout the United States. More information about Ventas and Lillibridge can be found at www.ventasreit.com and www.lillibridge.com. This press release includes 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. Although Ventas believes that the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that these expectations will be attained, and it is possible that actual results may differ materially from those indicated by these forward-looking statements due to a variety of risks and uncertainties. Such factors include, but are not limited to: uncertainties as to the completion and timing of the spin-off; the failure to satisfy any conditions to complete the spin-off; the expected tax treatment of the spin-off; the inability to obtain certain third party consents required to transfer certain properties; and the impact of the spin-off on the businesses of Ventas and CCP. Other important factors that could cause actual results or events to differ materially from those expressed in forward-looking statements made in this press release are described in Ventas’s most recent Annual Report on Form 10-K filed with the SEC. Ventas assumes no obligation to update these statements except as is required by law. Click here to subscribe to Mobile Alerts for Ventas, Inc.


CAMBRIDGE, Mass.--(BUSINESS WIRE)--Acceleron Pharma Inc. (NASDAQ:XLRN), a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of novel therapeutic candidates that regulate cellular growth and repair, today announced the appointment of Francois Nader, M.D., M.B.A, as the Chairman of its Board of Directors. Dr. Nader joined the Acceleron Board in December 2014. “We are very pleased to appoint Dr. Nader as Chairman. His extensive background in drug development and his success in leading an organization through late stage development into global commercialization in rare diseases will be an important asset for Acceleron as we enter this exciting stage of corporate growth,” said John Knopf, Ph.D., Chief Executive Officer of Acceleron. Dr. Nader is a 30-year veteran of the healthcare industry. Dr. Nader served as President, Chief Executive Officer and Director of NPS Pharma through the recent acquisition of NPS by Shire. During his tenure, Dr. Nader transformed NPS Pharma into a leading global rare disease company. He joined NPS Pharma in 2006 as chief medical and commercial officer and was promoted to chief operating officer in 2007. Previously, he was a venture partner at Care Capital. Dr. Nader served on the North America Leadership Team of Aventis and its predecessor companies and held a number of executive positions including senior vice-president, integrated healthcare markets and North America medical and regulatory affairs. Prior to that, Dr. Nader led the global commercial operations at the Pasteur Vaccines division of Rhone-Poulenc. Dr. Nader currently serves as immediate past chairman of the Board of Trustees for BioNJ, New Jersey’s trade organization representing the biotechnology industry. He is also a Board member of the New Jersey Chamber of Commerce, Trevena, Inc. (TRVN) and Clementia Pharmaceuticals. Dr. Nader earned his French Doctorate in Medicine from St. Joseph University (Lebanon) and his Physician Executive MBA from the University of Tennessee. Acceleron is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of novel protein therapeutics for cancer and rare diseases. The company is a leader in understanding the biology of the Transforming Growth Factor-Beta (TGF-β) protein superfamily, a large and diverse group of molecules that are key regulators in the growth and repair of tissues throughout the human body, and in targeting these pathways to develop important new medicines. Acceleron has built a highly productive R&D platform that has generated innovative clinical and preclinical protein therapeutic candidates with novel mechanisms of action. These protein therapeutic candidates have the potential to significantly improve clinical outcomes for patients with cancer and rare diseases. For more information, please visit www.acceleronpharma.com.

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