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HCP and Atria Senior Living Announce Agreement to Transition Management of 24 Senior Housing Communities to Atria

IRVINE, CA and LOUISVILLE, KY–HCP (NYSE: HCP) and Atria Senior Living (“Atria”) announced today they have reached agreements to transition management on a portfolio of 24 HCP-owned senior housing communities from Brookdale Senior Living to Atria.

“We are pleased to meaningfully grow our relationship with Atria,” said Tom Herzog, HCP president and CEO. “Atria has a proven track record of providing outstanding care for residents and strong property operating performance for owners.  We have been discussing ways to grow together and this agreement is a win-win for both organizations.”

“We are excited to partner with HCP and grow our relationship with such a high-quality, long-term owner,” said Atria Senior Living Chairman and CEO John Moore. “We look forward to expanding our management services platform to these quality properties and serving more residents and families.”

The transitions will begin in March 2018 and are expected to be completed by September 2018 as the required regulatory approvals are obtained.