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 […]
Category: Finance
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 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 […]
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 […]
In a bid to keep its struggling skilled nursing facility open, Sonoma Valley Hospital (SVH) is looking to outsource operations to The Ensign Group (Nasdaq: ENSG). A proposal for Ensign to take over operations on July 1 is in the works, with the final approval slated to come at a special board meeting scheduled for […]
As the federal government continues to push health care providers to put skin in the game for outcomes, skilled nursing facilities have to demonstrate their ability to offer solutions to reap the rewards. But how they do that varies from region to region and provider to provider, with each path presenting its own pros and […]
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 […]
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 […]
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 — […]
For each of the last several years, LindenGrove Communities has lost a total of $5 million to $7 million caring for long-term residents covered by Medicaid — a shortfall that began to drag on the non-profit’s other business lines, including short-term rehabilitation. And though the choice was difficult, LindenGrove president and CEO Linda Joel said […]
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 […]
Cascade Capital Group expanded its footprint in a major way over the last month, buying a total of 15 skilled nursing and assisted living facilities in two separate transactions with a total purchase price of $130 million. The first deal, which closed May 1, saw Cascade pick up five skilled nursing buildings in Southern California, […]
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 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 […]
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, […]
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 […]
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 […]
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 […]
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 […]
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 […]