Care Capital CEO Says Spin Off from Ventas Went Smoothly

Ray Lewis, CEO of Care Capital Properties, Inc. (NYSE: CCP), joined REIT.com for a CEO Spotlight video interview at REITWorld 2015: NAREIT’s Annual Convention for All Things REIT at the Wynn Las Vegas.

Care Capital was spun off from Ventas, Inc. (NYSE: VTR) in mid-2015 as a pure-play REIT focused on the skilled nursing facility market. Lewis said the transition went well.

“We were very well prepared, and the spin couldn’t have gone smoother,” Lewis observed.

Market reception toward the new REIT has been “excellent,” he added. Lewis noted that Care Capital’s investment-grade balance sheet puts the company in a position to capitalize on a large, fragmented market. He noted that the market currently provides “excellent” external investment opportunities.

Lewis pointed out that as Care Capital meets with its new investors, one theme the company has emphasized is that skilled nursing is going to be a beneficiary of the Affordable Care Act, which will emphasize quality, low-cost care. “Our operators are extremely well-positioned to provide that,” he added.

Meanwhile, Lewis commented on the lessons he has learned from working with Debra Cafaro, Ventas’ chairman and CEO. Lewis highlighted Cafaro’s skills in the areas of communication and her transparency with the investor community.