Shares of healthcare property owner Quality Care Properties Inc. fell to a 13-month low yesterday as investors braced for a prolonged legal battle over unpaid rent with its main tenant, No. 2 U.S. nursing home chain HCR ManorCare, Reuters reported. In a regulatory filing yesterday, Quality Care said that it would pursue all legal paths against its tenant, which owes more than $300 million in back rent. Options include its August request for a court-appointed receiver to take over ManorCare’s operations. Quality Care’s filing yesterday followed a December statement that appeared to signal progress in talks, such as a reduction in rent. Quality Care said yesterday that ManorCare missed a reduced $14 million rent payment due Jan. 25. In August, Quality Care first asked for a receiver to take over Toledo, Ohio-based ManorCare, with more than 250 skilled nursing and assisted living facilities across the U.S.
