National Health Investors (NYSE: NHI) touted the strong coverage of its skilled nursing portfolio and the potential positives of the new Medicare reimbursement system for SNFs in its most recent earnings call with investors — but the real estate investment trust (REIT) won’t be diving headlong into the space as a result. “I think we […]
Category: Finance
Nursing home operators that have relied on government-backed financing for acquisitions and renovations can begin measuring time in two distinct eras: pre-Rosewood and post-Rosewood. The record-setting default on the Rosewood Care Centers portfolio, publicized in the New York Times, has prompted the Department of Housing and Urban Development (HUD) to take a harder line on […]
Diversicare Healthcare Services (OTC: DVCR) on Wednesday announced that it has formally closed the book on a Department of Justice investigation that has stretched for nearly eight years. The Brentwood, Tenn.-based skilled nursing provider will pay out the $9.5 million throughout the next five years to resolve a False Claims Act case regarding its therapy […]
Twenty-eight skilled nursing facilities in Texas and Oklahoma will be purchased by the non-profit Preservation Freehold Corp., with $689.7 million of unrated taxable and tax-exempt bonds coming to market this month to finance the purchase or refinance of the facilities. The Bond Buyer first reported the news on February 14. All but two of the […]
MONTICELLOAM, LLC on Tuesday announced that it had provided $117 million in first-lien debt financing for the acquisition of a 12-building skilled nursing portfolio in North Carolina and Kentucky — along with the refinance of a thirteenth SNF. The entire portfolio totaled 1,357 skilled nursing beds. The New York City-based financial company and its affiliates […]
With all the changes that have swept the skilled nursing industry over the last decade, one of the classic investment models in the space may need to evolve with the times. “I think that the REIT model is dead,” Robert Hartman, founder of Symphony Post Acute Network, said during a Monday panel discussion at the […]
Despite steady reports of increasing reimbursements under the new Medicare payment model for nursing homes, at least one industry leader believes that the federal government will be happy with the early returns — and that any changes are fairly far down the road. Skilled nursing operators have not gone overboard with the strategy changes that […]
A group of 27 U.S. representatives asked the Centers for Medicare & Medicaid Services (CMS) to rethink a proposal restricting Medicaid supplemental payments — claiming enforcement will lead to decreased services and fewer available nursing home beds. The controversial proposed rule, the Medicaid Fiscal Accountability Regulation (MFAR), would bring tighter regulations to state-based Medicaid supplemental […]
Fresh off a successful Series A funding round, a telehealth company that built its platform around serving rural skilled nursing facilities sees growth ahead in urban markets — as well in serving other post-acute providers along the continuum. TapestryCare last week announced the completion of a funding round led by the New York City-based Sopris […]
Cushman & Wakefield facilitated the sale of a 10-property senior housing portfolio, consisting of assisted living and skilled nursing properties, for $76.6 million, REBusinessOnline reported. The portfolio includes 1,289 beds and was sold by ADME Investment Partners; Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented ADME. The buyers were not disclosed. The skilled […]
Skilled nursing giant HCR ManorCare outperformed projections in its first full year as a tenant of Welltower Inc. (NYSE: WELL), the real estate investment trust (REIT) announced Thursday, and could soon expand its footprint to include partnerships with health systems outside of its current orbit. “[The] ManorCare portfolio did not hit our expectation; it exceeded […]
Welltower Inc. (NYSE: WELL) on Wednesday announced the pending sale of three skilled nursing facilities operated by HCR ManorCare and ProMedica for $67 million. “The sale of these HCR ManorCare-operated facilities was initiated following an unsolicited offer and is anticipated to close in the first half of 2020,” the Toledo, Ohio-based real estate investment trust […]
Since the landmark passage of a sweeping oversight bill in the late 1980s, hundreds of nursing homes have closed — while those that remained have increasingly taken on more difficult medical cases, according to new research from Brown University. The analysis, which focused on the effects of the Omnibus Budget Reconciliation Act of 1987 (OBRA […]
A health care staffing startup that had initially focused on the home setting sees significant opportunity to expand into a skilled nursing space still grappling with the implications of a new Medicare payment model — and it recently pulled down a $5 million funding round to help fuel that growth. The Los Angeles-based Gento, formerly […]
MONTICELLOAM, LLC and its affiliates this week announced the completion of a $32 million refinance for a 177-bed skilled nursing facility in Maryland. The New York City-based private real estate lender and asset manager, collectively known as Monticello, also provided a $2 million working capital loan through its asset-based lending arm, Monticello Commercial Capital, LLC. […]
Oxford Finance LLC closed a term loan and revolving line of credit totaling $64.6M to fund the Portopiccolo Group’s purchase of three nursing homes. The N.J.-based Portopiccolo, a family-owned private equity firm focused on skilled nursing assets, acquired one facility in Maryland and two in North Carolina, totaling 450 skilled beds and 50 assisted living […]
After multiple quarters of struggles with operator Daybreak Venture, Omega Healthcare Investors (NYSE: OHI) on Thursday announced a plan to largely purge the provider’s buildings from its portfolio. “During the course of the next several quarters, Omega anticipates transitioning, either through re-leases or sales, the vast majority of Daybreak’s existing Omega facilities,” chief operating officer […]
The Ensign Group (Nasdaq: ENSG) on Thursday announced that its skilled nursing facilities have seen rate increases of up to 6% under the new Medicare payment model, in part helping to drive the post-acute leader to another set of record earnings. The company’s established same-store facilities achieved those 6% gains, while Ensign’s transitioning facilities — […]
Once wary of accountable care organizations (ACOs) and other new payment models, nursing home owners and operators are beginning to turn in favor of these value-based care structures — in the hopes of gaining leverage in a complex skilled nursing market burdened by high costs of care and staffing pressures. And although the push to […]
Skilled nursing giant HCR ManorCare has sold a pair of business lines to Grant Avenue Capital, according to an announcement from the private equity firm released earlier this week. The New York City-based Grant Avenue will roll the two entities — Heartland Rehabilitation and MileStone Staffing Services — into a new brand known as H2 […]