Quality Care Properties provides update on HCR ManorCare
Quality Care Properties has agreed with HCR ManorCare and HCR III Healthcare, the company's principal tenant, to further extend the deadline for HCR ManorCare's response to QCP's receivership complaint to November 1, subject to Court approval, to allow for the continuation of workout discussions. Discussion topics include, but are not limited to, the parties cooperating in the sale or re-leasing of facilities, and agreeing to governance changes and protocols at HCR ManorCare to facilitate sales and re-leasing activities and asset stewardship. HCR ManorCare continues to be in default under the Master Lease and Security Agreement, dated as of April 7, 2011, as amended and supplemented and the Guaranty of Obligations effective as of February 11, 2013 with respect to obligations under the Master Lease. HCR ManorCare has indicated to QCP that it anticipates paying approximately $21M in rent for October, of which approximately $12.5M has been paid to date.