Brookdale Enters into Mutually-Beneficial Agreements with HCP NASHVILLE, Tenn. , Oct. 1, 2019 |PRNewswire| -- Brookdale Senior Living Inc. (NYSE: BKD ) ("Brookdale" or the "Company") today announced that it has entered into definitive agreements with HCP, Inc. ("HCP") for a multi-part transaction 1 : CCRC Venture Transaction : HCP will acquire Brookdale's 51% equity interest in its unconsolidated CCRC Venture, representing 13 unconsolidated entry fee CCRC communities (5,641 units across 12 campuses), for a gross purchase price of $510 million , generating approximately $277 million net cash proceeds after giving effect to debt and subject to customary working capital proration. Brookdale and HCP agree to jointly market for sale the three remaining unconsolidated entry fee CCRC communities (1,629 units), and Brookdale will receive 51% of the net cash proceeds. HCP will pay Brookdale a negotiated $100 million management termination fee at the closing of HCP's acquisition of the 13 communities. Triple-Net Portfolio Transactions : Brookdale and HCP have agreed to favorably restructure the current portfolio of 43 triple-net leased communities (4,726 units).