CareTrust, HCP Escape Hurricane Harvey with Little Property Damage, Four Evacuations

by Jeff Shaw

IRVINE and SAN CLEMENTE, Calif. — Two major healthcare REITs — Irvine-based HCP Inc. (NYSE: HCP) and San Clemente-based CareTrust REIT Inc. (NASDAQ:CTRE) — have separately announced that none of their properties in Texas received any significant damage due to Hurricane Harvey. However, HCP did note that three of its seniors housing communities were evacuated. CareTrust evacuated one property as well.

Harvey swept through the country this week, causing major flooding, particularly in the Houston metro.

HCP’s preliminary assessment indicates “either no or limited damage due to Hurricane Harvey.” The company did evacuate three seniors housing communities due to some water intrusion. Remediation work has already begun, with re-opening expected in a few days.

HCP also noted that all damage to its properties will be covered by insurance.

“Our thoughts go out to the many people impacted by this devastating storm,” commented Tom Herzog, HCP’s president and CEO. “Brookdale and our other operating partners, along with our on-site teams, were well-prepared and continue to work diligently to ensure the safety of our residents and tenants.”

CareTrust reported that its seven properties in the area experienced no damage, but did evacuate The Courtyard Rehabilitation and Healthcare Center in Victoria, Texas, due to power outages in the area. The community’s 48 residents were moved to four other properties in San Antonio operated by the same company (The Ensign Group).

“Our first thoughts are for the people, especially the residents, patients and caregivers, who live and work in those healthcare facilities,” said Greg Stapley, CareTrust REIT’s chairman and CEO. “We wish them the best, and acknowledge that no one has been untouched by these events.”

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