After a busy week of headlines and speculation, Quality Care Properties, Inc. (NYSE: QCP) is reportedly inching closer to a complete equity takeover of HCR ManorCare, its troubled skilled nursing tenant, according to a Sunday report from the New York Post.
Less than a year ago, QCP spun off from Irvine, California-based real estate investment trust (REIT) HCP Inc. (NYSE: HCP), which remains a major owner of private pay senior housing assets.
QCP had made overtures to ManorCare’s lenders last week, asking for $500 million to help buy out private equity giant Carlyle Group, which has owned the Toledo, Ohio-based SNF provider since 2007. The move would strip QCP of its REIT status, but the hope is that it could potentially bring stability to the beleaguered ManorCare, which recently failed to make its June rent.
QCP plans to shutter ManorCare locations once the deal is complete, according to the Post report.
However, while all parties are looking to find a solution that helps ManorCare avoid bankruptcy, no SNF closures are part of any deal on the table, a source close to the situation told Skilled Nursing News.
Read the full story on Skilled Nursing News.
Written by Alex Spanko