IRVINE, Calif. — Quality Care Properties, the spinoff of HCP’s ManorCare skilled nursing portfolio, has begun trading on the New York Stock Exchange under the symbol QCP WI.
QCP is now a completely separate company from HCP (NYSE: HCP), one of the largest seniors housing REITs in the United States. QCP is also classified as a REIT following the spinoff.
HCP common stockholders received one share of QCP common stock for every five shares of HCP common stock they held on October 24. Stockholders will receive cash in lieu of fractional shares of QCP.
“As two independent companies, HCP and QCP will be able to focus on their inherent strengths and will have increased flexibility to pursue their distinct growth strategies,” says Mike McKee, chairman, president and CEO of HCP. “HCP expects to benefit from its improved portfolio quality and enhanced ability to accelerate growth within its core businesses of seniors housing, life science and medical office properties.”
Barclays and Morgan Stanley were financial advisors to HCP, and Skadden, Arps, Slate, Meagher & Flom LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel.