BETHESDA, Md., Dec. 4, 2017 /PRNewswire/ -- 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.
About QCP
Quality Care Properties, Inc. is one of the nation's largest
actively managed real estate companies focused on
post-acute/skilled nursing and memory care/assisted living
properties. QCP's properties are located in 29 states and include
257 post-acute/skilled nursing properties, 61 memory care/assisted
living properties, a surgical hospital and a medical office
building. For more information regarding QCP, visit
www.qcpcorp.com.
Safe Harbor Statement
Certain statements in this press release that are not historical
statements of fact may be deemed "forward-looking
statements." The Company intends to have its forward-looking
statements covered by the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with those provisions.
Forward-looking statements include, among other things, statements
regarding our intent, belief or expectations. In particular we note
that statements regarding our negotiations with HCR ManorCare are
all forward-looking statements. No assurance can be given
that we will reach agreement with HCR ManorCare as a result of
negotiations or that the terms of any such agreement will be
favorable to QCP. Although we believe that the assumptions
underlying the forward-looking statements are reasonable, we can
give no assurance that our expectations will be attained. See
"Risk Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2016, as amended, and
our later SEC filings for extensive discussion regarding the risks
to us from our association with HCR ManorCare. These filings are
available on our website at www.qcpcorp.com and at www.sec.gov.
Forward-looking statements speak only as of the date of this
press release. Except as may be required under the federal
securities laws and the rules and regulations of the Securities and
Exchange Commission, the Company expressly disclaims any obligation
to release publicly any updates or revisions to any forward-looking
statements.
For further information: C. Marc
Richards, Chief Financial Officer, Quality Care Properties,
Inc., (240) 223-4680
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SOURCE Quality Care Properties, Inc.