QUALITY CARE PROPERTIES,INC. (NYSE:QCP) Files An 8-K Other Events

ME Staff 8-k
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QUALITY CARE PROPERTIES,INC. (NYSE:QCP) Files An 8-K Other Events
Item 8.01.Other Events.

As previously reported by Quality Care Properties,Inc. (“QCP” or the “Company”), during 2017, the Company and Tandem Health Care, LLC (“Tandem”), a tenant with an option to purchase the nine properties it leases from the Company at a favorable purchase price, entered into various lease amendments extending the purchase option expiration date to January4, 2018, increasing the purchase option price to approximately $82 million, and providing for payment to the Company of various non-refundable deposits and extension fees totaling $4.5 million. As a result of Tandem’s failure to consummate the purchase option on or prior to January4, 2018, the purchase option has expired. The Company will retain the $4.5 million in non-refundable deposits and extension fees received from Tandem.


About QUALITY CARE PROPERTIES,INC. (NYSE:QCP)

Quality Care Properties, Inc. is a self-managed and self-administered real estate investment trust. The Company is focused on post-acute/skilled nursing and memory care/assisted living properties. As of June 30, 2016, the Company’s portfolio included 274 post-acute/skilled nursing properties, 62 memory care/assisted living properties, a surgical hospital and a medical office building (MOB) across 30 states of the United States. The Company’s primary tenant is HCR ManorCare, Inc. (HCRMC), a provider of post-acute, memory care and hospice services. As of June 30, 2016, 249 of the Company’s post-acute/skilled nursing properties and 61 of its memory care/assisted living properties were leased to HCR III Healthcare, LLC (HCR III), a subsidiary of HCRMC. As of June 30, 2016, its hospital had a capacity of 37 beds. As of June 30, 2016, its medical office covered 88,000 square feet. As of June 30, 2016, its post-acute/skilled nursing properties had a capacity of 33,490 beds.