A big long-term care (LTC) provider is setting up a retirement community joint venture with a real estate investment trust (REIT).
The LTC provider, Brookdale Senior Living (NYSE:BKD), is making the continuing care retirement community (CCRC) deal with HCP Inc. (NYSE:HCP).
Brookdale already runs independent living communities, assisted living facilities, dementia-care communities and CCRCs that house about 67,000 people. It hopes to add 46,000 beds when it completes a pending acquisition of Emeritus Senior Living Corp. (NYSE:ESC).
HCP, a health REIT, owns 202 of the senior communities that Emeritus leases and manages.
The Brookdale-HCP joint venture agreement calls for Brookdale to put eight of its properties in the venture.
HCP would add three properties and pay $334 million to buy four other CCRCs that Brookdale manages for other parties. HCP and Brookdale would also put those four CCRCs in the venture.