HCP approves spin-off of Quality Care Properties
HCP has approved, subject to certain conditions, the previously announced spin-off of HCP's HCR ManorCare portfolio of skilled nursing and assisted living assets, as well as certain other assets, into Quality Care Properties, which will be an independent, publicly-traded REIT. The spin-off will be effected through a pro rata distribution of the outstanding shares of QCP common stock to HCP's stockholders of record as of the close of business on October 24. Each HCP stockholder will receive one share of QCP common stock for every five shares of HCP common stock held on the record date. No action is required by HCP stockholders to receive their QCP shares in the distribution, expected to occur on October 31. Following the spin-off, HCP will continue to be listed on the NYSE under "HCP." QCP will list its common stock on the NYSE under the symbol "QCP." The Spin-Off remains subject to the satisfaction of certain conditions, including the effectiveness of the registration statement on Form 10 filed by QCP, which is expected to occur shortly.