CHICAGO — Care Capital Properties Inc. (NYSE: CCP), the skilled nursing spinoff of giant healthcare REIT Ventas (NYSE: VTR), officially began trading on the New York Stock Exchange today. The company will ring the closing bell to celebrate its first day of trading.
CCP primarily owns, acquires and leases skilled nursing facilities across the United States. The company currently owns 355 triple-net leased assets operated by private regional and local care providers.
CCP’s portfolio spans 37 states and 42 operators. The company expects to generate estimated net operating income (NOI) between $310 million and $320 million, and estimated normalized funds from operations (FFO) between $235 million and $250 million, both on an annualized run-rate basis.
“CCP is poised for growth and success as a pure-play skilled nursing focused REIT,” says Raymond Lewis, the company’s CEO. “CCP has strong operator relationships, an excellent balance sheet and access to capital and is uniquely positioned to capitalize on the significant opportunities within the fragmented skilled nursing market.”
CCP expects to declare a dividend of $0.57 per share for the third quarter of 2015, subject to approval by the company’s board of directors. The company plans to declare as a REIT for income tax purposes.
On July 30, Ventas declared a dividend distribution of one share of CCP common stock for every four shares of Ventas common stock held at the close of business on August 10.
CCP has approximately 84 million fully diluted shares outstanding. Ventas has approximately 336.4 million fully diluted shares outstanding.