QCP Moves to Put ManorCare Portfolio into Receivership

ManorCare Health Services-Belden Village, a ManorCare property in Canton, Ohio ManorCare Health Services-Belden Village, a ManorCare property in Canton, Ohio

TOLEDO, Ohio — Quality Care Properties Inc. (NYSE: QCP), a Maryland-based seniors housing owner, has started the legal process to appoint an independent receiver to oversee operation of its skilled nursing, assisted living and memory care facilities currently managed by HCR ManorCare, a skilled nursing operator based in Toledo.

ManorCare has defaulted on its leases with QCP, which led to a forbearance agreement announced in April. The independent receiver will not be affiliated with either company, and will oversee the transition process.

QCP intends to work with the independent receiver, if appointed by the California court with which the receivership was filed, to transition its properties to new owners and/or operators. All of the facilities are open and are expected to continue to provide uninterrupted patient care.

Looking ahead, QCP intends to pursue a regionalization strategy that will offer opportunities to local operators, using the teams already working at the facilities.

QCP’s properties are located in 29 states and include 257 skilled nursing properties, 61 memory care/assisted living properties, a surgical hospital and a medical office building.

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