Quality Care Properties Provides Update on HCR ManorCare
BETHESDA, MD–Quality Care Properties, Inc. (NYSE: QCP) (“QCP” or the “Company”) announced today that it has agreed with HCR ManorCare, Inc. and HCR III Healthcare, LLC, the Company’s principal tenant (collectively, “HCR ManorCare”) to further extend the deadline for HCR ManorCare’s response to QCP’s receivership complaint to January 15, 2018, subject to Court approval, to allow for negotiations regarding a potential comprehensive restructuring of the economic relationships between the parties. As previously announced, on August 17, 2017, QCP filed a complaint against HCR ManorCare seeking the appointment of an independent receiver for QCP’s skilled nursing and assisted living/memory care facilities.
The Company also announced that it received $19 million in rent from HCR ManorCare for November 2017.
HCR ManorCare continues to be in default under the Master Lease and Security Agreement, dated as of April 7, 2011, as amended and supplemented and the Guaranty of Obligations effective as of February 11, 2013 with respect to obligations under the Master Lease.