Real estate investment trust (REIT) HCP will spin-off its HCR ManorCare skilled nursing and assisted living properties effective Oct. 24.
HCP’s Board of Directors has approved of the new company, Quality Care Properties, Inc., pending regulatory approval. Quality Care Properties will be an independent and publicly-traded REIT led by healthcare veteran Mark Ordan.
"We believe a stand-alone HCR ManorCare portfolio offers a unique opportunity to invest in one of the nation's largest actively-managed real estate companies focused on post-acute/skilled nursing and memory care/assisted living properties,” said Mike McKee, chairman of the Board, president and chief executive officer in a press release.
The remaining majority of HCP’s portfolio will be more than 850 properties in senior housing, life science and medical office.