BETHESDA, Md., Dec. 21, 2016 /PRNewswire/ -- Quality Care Properties, Inc. (NYSE: QCP) today reminded investors that on November 28, 2016, HCP, Inc. ("HCP"), the former parent company of QCP, issued a press release providing important tax information for investors of QCP that owned shares of HCP as of October 24, 2016, the record date (the "Record Date") for the spin-off of QCP from HCP on October 31, 2016 (the "Spin-Off"). HCP common stockholders received one share of QCP common stock for every five shares of HCP common stock they held as of the Record Date (the "Distributed Shares") and cash in lieu of fractional shares of QCP. For U.S. federal income tax purposes, HCP stated that it intends to report that the fair market value of the QCP common stock distributed per each share of HCP common stock outstanding on the Record Date was approximately $6.17, or $30.85 for each share of QCP common stock. Accordingly, every HCP common stockholder who received a Distributed Share will have a tax cost basis of $30.85 per Distributed Share. QCP investors should consult HCP's website (www.hcpi.com) for further information.
Also on December 21, 2016, QCP announced that due to the lack of real estate investment trust ("REIT") taxable income following the Spin-Off and the ongoing financial difficulties experienced by its primary tenant, HCR Manor Care, Inc., it will not be declaring a dividend for the fourth quarter of 2016.
Quality Care Properties, Inc. is one of the nation's largest actively managed real estate companies focused on post-acute/skilled nursing and memory care/assisted living properties. QCP's properties are located in 30 states and include 270 post-acute/skilled nursing properties, 62 memory care/assisted living properties, a surgical hospital and a medical office building. For more information regarding QCP, visit www.qcpcorp.com.
CONTACT: C. Marc Richards, Chief Financial Officer, (240) 223-4680
SOURCE Quality Care Properties, Inc.