Diversicare to Exit Kentucky, Hand Over Control of 10 Skilled Nursing Facilities

Diversicare Healthcare Services (Nasdaq: DVCR) on Wednesday announced a plan to exit the Kentucky market, ceding control of the 10 skilled nursing facilities it operates in the state. The Brentwood, Tenn.-based Diversicare reached an agreement with landlord Omega Healthcare Investors (NYSE: OHI) to terminate operations at the 10-building portfolio, which consists of around 885 skilled […]

Bucking Industry Trends, Genesis Sees $25 Million Opportunity in Long-Term Residents

Genesis HealthCare (NYSE: GEN) has seen stabilizing occupancy and length of stay in recent quarters, positive trends that its leaders on Wednesday attributed to an unlikely source: long-term care residents covered under Medicaid. “We’re very happy to bring on patients that need our services that have long-term care needs, and we think that that’s the […]

Greystone’s $72M Portfolio Deal; Formation’s 12-SNF Sale in VA; Strawberry Fields Grows to 70 SNFs

Greystone on Tuesday announced the successful closing of a nearly $72 million bridge loan used in the acquisition and refinance of a seven-building skilled nursing portfolio across North Carolina and Kentucky. The New York City-based lending and advisory firm extended 24-month payment terms on the $71.9 million bridge financing, along with a pair of six-month […]

Transfer of Former Skyline Properties Faces Opposition from Lender

Several former Skyline Healthcare properties in South Dakota could soon be transferred from a court-appointed receiver to a new permanent operator, but one lender involved in the case is arguing that it won’t get paid if the deal happens. The Aberdeen News first reported the news late last week. Skyline fell apart financially in South […]

Skilled Nursing Property Sells for $21M; $80M SNF Breaks Ground in Wisconsin

A New Jersey group purchased the property associated with the Winston-Salem Nursing and Rehabilitation facility for $21 million, the Winston-Salem Journal reported. The property, located in Winston-Salem, N.C., was purchased by Winston-Salem One Propco LLC, an affiliate of Ultra Care Management LLC of Englewood Cliffs, N.J., the publication reported, citing a filing with the Forsyth […]

SNH Begins $900M Sell-Off With Three-Building Skilled Nursing Deal

A week after announcing plans to sell all of its standalone skilled nursing assets as part of a larger portfolio reshuffle, Senior Housing Properties Trust (NYSE: SNH) pulled off a three-SNF sale in California. The real estate investment trust (REIT) sold three buildings in Van Nuys, LaSalette, and Thousand Oaks, Calif., with a total of […]

Skilled Nursing Remains at Bottom of Investor Wishlists Despite Occupancy Gains

Freestanding nursing facilities still rank low on investor wishlists, even though the sector saw an uptick in occupancy late last year, according to a new survey of senior housing investors from the professional services firm JLL (NYSE: JLL). Though 41% of survey respondents — which included lenders, operators and consultants, among other transactions professionals — […]

MedEquities Shareholders Approve $600M Omega Merger

Shareholders of MedEquities Realty Trust (NYSE: MRT) on Wednesday overwhelmingly approved a plan to merge with fellow real estate investment trust (REIT) Omega Healthcare Investors (NYSE: OHI). Around 99.9% of the votes cast — representing 79.5% of all outstanding shares as of March 4 — were in favor of the $600 million deal, first announced […]

LTC to Sell Majority of 23 Buildings Operated by Preferred Care

LTC Properties (NYSE: LTC) late last week announced a plan to sell off the majority of the 23 buildings in its portfolio operated by Preferred Care, Inc., citing the bankrupt provider’s desire to minimize its relationship with the real estate investment trust (REIT). “We continue to work cooperatively with them to accommodate Preferred Care’s interest […]

SunTrust Provides $29.7M Skilled Nursing Financing in Florida; $35M SNF Breaks Ground in Idaho

SunTrust Banks, Inc. (NYSE: STI) served as senior debt lender for a $29.7 million financing for the construction of a new skilled nursing facility in Florida, CityBizList reported. The 180-bed facility is being built in Apopka, Florida, by Greystone Healthcare Management; construction started in April of this year and is expected to finish in early […]

Genesis Plots More Real Estate Buys in Wake of 15-SNF Welltower Deal

Major landlords have taken steps in recent years to reduce their exposure to Genesis HealthCare (NYSE: GEN) and skilled nursing properties more broadly — and now a leading national provider is looking to return the favor. The Kennett Square, Pa.-based Genesis is actively searching out more real estate acquisition opportunities after pulling off a 15-building, […]

Senior Care Centers Drags Down Sabra’s Q1, But Optimism Remains — With Addiction as Next Frontier

A sizable real estate impairment charge related to the bankrupt Senior Care Centers contributed to a $77.7 million first-quarter loss for Sabra Health Care REIT (Nasdaq: SBRA), but executives remain upbeat that the changes coming to skilled nursing this fall will boost fortunes industry-wide. The real estate investment trust (REIT) took a $103 million impairment […]

Senior Housing Properties Trust to Sell Off All Standalone Skilled Nursing Facilities

A month after announcing a $900 million disposition plan with a specific focus on standalone skilled nursing assets, the president of Senior Housing Properties Trust (Nasdaq: SNH) confirmed that the company intends to sell all remaining single-site SNFs in its portfolio. “We’re marketing and selling all of our standalone skilled nursing, and are very far […]

Omega: Increase in Medicaid Days Shows Demographic Wave’s Early Effects

Executives at Omega Healthcare Investors (NYSE: OHI) on Wednesday expressed optimism about the skilled nursing industry in the long term — and even believe that there’s some near-term upside amid payment increases from the federal government and new models of reimbursement on the horizon. In addition, leaders at the real estate investment trust (REIT) even […]

ProMedica CEO, ManorCare President Reveal Details of $70M Capital Plan

Less than a year has passed since the ink dried on health system ProMedica’s acquisition of skilled nursing operator HCR ManorCare, but the deal has already brought $70 million into its capital-starved post-acute operations this year — with more cash influxes where that came from. That level of reinvestment, which ManorCare plans to repeat each […]

$15 Minimum Wage Creates Fault Lines Between SNFs, Employees in CT as Strike Threat Remains

A proposal to increase the minimum wage in Connecticut has employees hopeful for higher salaries — and operators worried about even tighter margins moving forward. Nursing care providers in the Constitution State, already facing the threat of a strike by about 2,500 employees at 20 facilities, have become increasingly concerned about the potential for a […]