HCP spin-off of ManorCare portfolio expected to be final Oct. 31
HCP expects the spin-off of its HCR ManorCare portfolio into Quality Care Properties, an independent, publicly traded real estate investment trust, to be finalized Oct. 31, HCP announced Thursday.
That's the date on which the Irvine, CA-based HCP expects shareholders of its common stock to receive their shares of QCP. Each HCP shareholder will receive one share of QCP common stock for every five shares of HCP common stock held as of Oct. 24.
“Following the spin, the substantial majority of HCP's portfolio will be private pay, including more than 850 properties across our three core segments of senior housing, life science and medical office,” said Mike McKee, chairman of the board, president and CEO of HCP.
The HCR ManorCare portfolio includes assisted living and memory care communities as well as post-acute/skilled nursing facilities
After the spin-off, HCP will continue to be listed on the New York Stock Exchange under the symbol HCP. QCP will list its common stock on the NYSE under the symbol QCP.