2021 Will See ‘Many Facilities Fail’ Without Federal, State Help

Nursing home and senior living providers in the not-for-profit sector are facing significant strains from the surge in COVID-19 nationwide. Leading into the Thanksgiving holiday, operators are pleading with those in the community to refrain from gathering amid challenges both operational and financial. “Nursing homes really are at the brink,” Deke Cateau, the CEO of […]

CareTrust’s $47.6M Texas Portfolio Purchase; New Management for Five Genesis SNFs in Vermont

CareTrust REIT (Nasdaq: CTRE) acquired four post-acute care facilities in the Dallas-Fort Worth area for $47.6 million, inclusive of transaction costs, in an off-market deal, the San Clemente, Calif.-based real estate investment trust (REIT) announced last week. The portfolio includes 554 skilled nursing beds and 24 assisted living beds across Beacon Harbor Healthcare & Rehabilitation […]

With Second Stimulus Stalled, Nursing Homes Still Struggle to Track First Round of Relief Rules

In late 2019, North Shore Healthcare bought 22 senior housing and care facilities that had been in receivership. Almost a year later, the timing of the deal has meant North Shore still hasn’t received the initial round of CARES Act relief funds from the federal government — during a pandemic that’s thrown aging care providers […]

Sabra: Genesis, Signature Not Alone in COVID-19 Troubles, But Wider Write-Down Trend Unlikely

General improvements in access to testing and vital protective gear have put skilled nursing facilities in a better spot than the springtime, a top landlord in the space asserted Tuesday, but operators and investors shouldn’t necessarily expect complete adoption of a long-awaited vaccine when it hits the market. And although Sabra Health Care REIT (Nasdaq: […]

$317M Eagle Arc Portfolio Buy Marks First Deal for Capital Funding’s Credit Arm

A sweeping portfolio deal on behalf of Eagle Arc Partners marked the first transaction for Capital Funding Group’s new credit venture — with a $317.5 million price tag. The Baltimore-based lending and finance firm closed the bridge-to-Department of Housing and Urban Development (HUD) acquisition loan through its CFG Credit Partners entity. The $300 million-plus deal […]

ESI Handles 21-Building Exit for Skilled Nursing Operator with $86M Price Tag

Evans Senior Investments this week announced the successful completion of an $86 million deal that saw a Midwestern nursing home owner-operator offload 21 facilities across three distinct portfolios. The unnamed seller was looking for an exit from the long-term care space, according to a release from the Chicago-based ESI, which marketed the buildings in three […]

Eagle Arc’s 20-SNF Purchase; KeyBank’s $40M Financing in New York City

Eagle Arc Partners, formerly known as BM Eagle Holdings, has acquired 20 skilled nursing facilities — the majority of which are located in Florida, along with properties in Georgia and Mississippi. The price of the sale was not disclosed; two operators who were also not disclosed partnered with Eagle Arc on the sale. The process […]

Invesque to Cut Symphony Exposure in Half, Reports No Bridgemoor Revenue as Post-Acute COVID Strains Mount

Invesque Inc. (TSE: IVQ.U) this week reported significant COVID-19 strains on a pair of its post-acute care tenants, with the skilled nursing landlord taking steps to reduce its exposure to Symphony Care Network and reporting no revenue from Bridgemoor Transitional Care. The real estate investment firm will either sell or transition operations at half of […]

New BaneCare President: ‘It’s Up to Us’ in Nursing Home Sector to Plot Future of Long-Term Care

Successfully taking the reins of a nursing home chain during the COVID-19 pandemic may seem like an insurmountable challenge, but Kevin Morris sees only opportunity ahead — both for his company, BaneCare Management, and the industry as a whole. It’s just up to the leaders within the industry to chart a better and safer path […]

As Admissions Stall and Aid Dries Up, ‘Losses are Coming’ for Nursing Homes in ‘Bleak’ First Half of 2021

The steps taken by regulators to cut red tape for skilled nursing facilities during the COVID-19 pandemic have been extremely helpful in stabilizing operations, and the financial support from various rounds of stimulus funds has kept balance sheets steady. But with COVID-19 surging again in many parts of the U.S. and occupancy seemingly flatlining, the […]

NHI Sees ‘Tale of Two Cities’ as Nursing Homes Benefit from Federal Aid — and Senior Living Lags Behind

The real estate investment trust (REIT) National Health Investors, Inc. (NYSE: NHI), offered a concise take on the varied impacts of the COVID-19 pandemic for the senior housing and skilled nursing sectors while reporting its third quarter results Tuesday. “The difference between skilled nursing and senior housing is like a tale of two cities,” Eric […]

Nursing Home Giant Genesis Mulls Restructuring as Expenses, Losses Exceed Federal Aid by $60M

Nursing home giant Genesis HealthCare (NYSE: GEN) is in active talks with its financial backers about several potential restructuring options amid ongoing COVID-19 financial strains, CEO George Hager indicated Monday. “We have initiated discussions with select capital partners to analyze a number of restructuring alternatives,” Hager said on the company’s third quarter earnings call with […]

Stapley: Federal Relief to Sustain CareTrust’s Skilled Nursing Tenants for Multiple Quarters

Senior living and skilled nursing landlord CareTrust REIT (Nasdaq: CTRE) on Friday projected a relative period of financial calm ahead for the sector as emergency Department of Health and Human Services (HHS) funding continues to insulate its tenants from serious hardships. “The HHS provider relief funds appear to be providing our skilled nursing operators with […]

Sabra Joins Fellow REITs, Takes $14.3M Write-Off on Genesis and Signature Rent

Sabra Health Care REIT (Nasdaq: SBRA) this week became the latest landlord to change its accounting for nursing home tenants Genesis HealthCare (NYSE: GEN) and Signature HealthCARE, writing off $14.3 million of non-cash rent receivables associated with the operators. The real estate investment trust (REIT) cited concerns about Genesis and Signature’s operational futures in the […]

Ensign Grows in Texas; $38.4M in Financing for Four Illinois Skilled Nursing Facilities

The Ensign Group, Inc. (Nasdaq: ENSG) acquired the real estate and operations of the 82-bed skilled nursing facility The Medical Lodge of Amarillo in Amarillo, Texas, effective November 1. Kevin Niccum, President of Keystone Care LLC, Ensign’s Texas-based subsidiary, said in a release announcing the deal that the company expects the facility to be accretive […]

SNF Finance CEOs on the Future: Recovery Unclear, But Hands-On Approach More Important Than Ever

If there’s been one constant in 2020, it’s been uncertainty — and the post-acute and long-term care landscape has seen more than its fair share. For operators and the residents they serve, that murkiness has taken the form of shifting mandates, questions about reopening their properties to vital visits from family and friends, and the […]

Diversicare Inks Deal to Outsource All Therapy to Reliant Rehab, Expects Cost Savings

Nursing home operator Diversicare Healthcare Services (OTCQX: DVCR) this week announced a deal to shift all of its therapy services to a third-party provider, Reliant Rehabilitation. The Brentwood, Tenn.-based chain had previously offered rehab care under Diversicare Therapy Services, a wholly owned subsidiary. “We believe that this transition will equip us to continue to be […]