HCP closes on SNF spin-off

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HCP Inc. completed its previously announced spin-off of its troubled HCR ManorCare skilled nursing and assisted living portfolio into a new real estate investment trust on Oct. 31.

HCP officials believe the new REIT, Quality Care Properties Inc., “is the best outcome to maximize value,”  said HCP President and CEO Michael D. McKee. 

“As two independent companies, HCP and QCP will be able to focus on their inherent strengths and will have increased flexibility to pursue their distinct growth strategies,” McKee added.