News: uality Care Properties and HCR ManorCare reached an agreement to transition the ownership and leadership of HCR ManorCare to QCP; co expects to no longer qualify for status as a REIT QCP
Time: Friday, March 02, 2018 9:44
Notes: QCP and HCR ManorCare have agreed to effect this transaction through a prepackaged plan of reorganization pursuant to a Plan Sponsor Agreement entered into between the parties. Bankruptcy court approval is expected during the second quarter and the transaction is expected to be completed during the third quarter of 2018. Concurrent with the signing of the Plan Sponsor Agreement, HCR ManorCare made a rent payment to QCP of $23.5 million, which represents the $14 million and $9.5 million payments previously due on January 25 and February 10, 2018, respectively. QCP expects to receive rent payments from HCR ManorCare during the Chapter 11 period in accordance with the provisions of the Plan Sponsor Agreement.
Intraday Maximum Change: $ - 1% Minutes After:
Latest Quote: 20.46 Change Since: $6.66 - 32.55% Days Since: 138
Snapshot of company's key stats at the time of the event
Market Cap: 1,591,009,527 Shares Outstanding: 93,809,524 Float: 93,597,519
Day's Short Interest: 5,645,002 Short Ratio: 7.64%
Institutional Ownership: 44.3% Insider Ownership: 0%
QCP - Quality Care Properties Inc.
Sector: Real Estate - Industry: REITs
Quality Care Properties Inc real estate investment trust. It is in the business of owning and leasing post-acute nursing properties and memory care living properties. The company derives revenues from rent payable under the master lease.