National Health Investors Inc. (NYSE: NHI) CEO Eric Mendelsohn said its skilled nursing operators serve as a “blueprint” for long-term stability and growth at this point in the pandemic, during a third quarter earnings call late Monday. NHI’s skilled portfolio represents 32% of its annualized cash revenue, with National Healthcare Corporation (NYSE: NHC) and the […]
Category: Finance
Providence Group has acquired California’s second-largest skilled nursing facility operator as the company expands its presence out west, the company announced this week. The deal with Plum Healthcare Group, which closed on Nov. 5 for an undisclosed sum, includes the operations of 58 total facilities — 57 nursing homes and one assisted living/independent living facility […]
CareTrust REIT (Nasdaq: CTRE) expects its skilled nursing assets to return to pre-pandemic occupancy by next summer, with continued recovery from the second to third financial quarter ending Sept. 30. About 60% of the real estate investment trust’s (REIT) skilled nursing operators are “within 90% of their pre-pandemic census or better,” David Sedgwick, president and […]
Operators continue to face liquidity and workforce shortage issues at this point in the pandemic, Omega Healthcare Investors (NYSE: OHI) told shareholders during its third quarter earnings call on Friday, but anticipated Provider Relief Funds (PRF) and state initiatives will offset costs when they arrive. Florida’s nearly $100 million funding initiative for nursing homes, along […]
Despite “mediocre” bottom line results, Welltower (NYSE: WELL) CEO Shankh Mitra said he “could not be happier” with the real estate investment trust’s (REIT) third quarter overall. Mitra was also thankful the impact of the COVID-19 delta variant had a minimal impact on the REIT’s operators. “In our experience, COVID surges drive revenue down and […]
KeyBank Real Estate Capital has established a $750 million unitranche loan program in partnership with Welltower Inc. (NYSE: WELL). The health care real estate fund will provide first mortgage financing on skilled nursing and seniors housing projects, according to a press release announcing the program. A unitranche loan blends senior and junior debt pricing and […]
While Sabra Health Care REIT (Nasdaq: SBRA) saw occupancy improve across its portfolio in the third quarter, the real estate investment trust fell short of industry expectations as its rent revenues declined from $100.6 million in the third quarter of 2020 to $85.4 million a year later — leading to a drop in its stock […]
Commercial real estate volume has been booming this year, particularly in the most recent quarter as it surpassed $450 billion year-to-date, according to Zach Bowyer, JLL managing director. The combination of a pent up market and low cap rates continue to push pricing in the skilled nursing space. Commercial real estate volume hasn’t reached such […]
The Centers for Medicare and Medicaid Services (CMS) on Tuesday finalized its Calendar Year (CY) 2022 Physician Fee Schedule (PFS), confirming a 1% cut to Medicare Part B physical and occupational therapy rates, down from the proposed 2% in July, and a 15% cut for services provided by therapy assistants. CMS specified the 15% cut […]
While the long-term care industry continues to see labor shortage pressures impact day-to-day operations and, at times, hinder the ability to improve occupancy levels, the impending decline in the availability of family caregivers could present future growth for congregate care settings. “On the one hand it’s challenging to find that staff, but on the other […]
Specialty investment bank Ziegler announced it closed $120 million Series 2021 bonds for a group that owns and operates 14 continuing care retirement communities (CCRCs) throughout California. The CCRCs consist of 2,188 residential living apartments, 477 assisted living apartments, 161 memory support suites and 656 skilled nursing beds. The bonds will be used to fund […]
A recent study from University of Pennsylvania researchers reveals that among 975,179 hospital discharges who were 65 years or older, the use of skilled nursing facilities (SNFs) noticeably declined over the course of the pandemic. SNF spending within post-acute care was also shown to have declined. As hospitalizations declined in March and April 2020, so […]
Despite labor shortage strains causing some LTC Properties (NYSE: LTC) tenants to continue requests for incremental rent deferrals and abatements, the real estate investment trust (REIT) says it’s “fairly confident” in occupancy recovery and reduced need for rent deferrals in the new year. “The rent support we’ve been giving to this small subset of operators […]
Optimism is growing that a long debated domestic policy package — which includes an investment in the skilled nursing sector to improve surveys and ensure staffing ratios are being monitored and adjusted accordingly — could be passed in Congress. The $1.85 trillion bill, highlighted by social social services and climate change programs, has been coupled […]
Already a major player in the skilled nursing space The Ensign Group (Nasdaq: ENSG) is looking to take an aggressive approach to the acquisition market moving forward — with an eye on new states and distressed operations. The San Juan Capistrano, Calif.-based Ensign announced the formation of a captive real estate investment trust (REIT) on […]
About $7.1 billion of the Provider Relief Fund (PRF) — which has totaled $178 billion over the past 18 months — has not been allocated, an October analysis from Washington, D.C.–based think tank Urban Institute determined. Skilled nursing facilities received $5 billion of allocated funds, the analysis found, and another $5 billion was devoted to […]
Staffing agency platform ShiftMed has raised $45 million in five months to increase its national footprint, after investors witnessed 400% growth over the past year-and-a-half, the company announced Wednesday. Funds will expand ShiftMed’s reach to 56 markets across the country. In January, the health care technology company was in 10 markets, according to ShiftMed CEO […]
Mergers and acquisitions across most health care sectors increased in the third quarter of 2021, though long-term care deal volume showed a slight dip. There were 107 M&A’s reported for long-term care in the third quarter, down from 111 deals in the second quarter, according to data from Norwalk, Conn.-based Irving Levin Associates. The numbers […]
Genesis HealthCare Inc. is yet again on the hunt for a new leader less than eight months after current CEO Harry Wilson was named to head the organization as the post-acute care company continues its restructure during the COVID-19 pandemic. Wilson and his consulting firm, the MAEVA Group, were brought on in March to develop […]
Specialty investment bank Ziegler announced it closed $91,910,000 Series 2021A, Series 2021B and 2021C bonds for a Washington not-for-profit corporation that owns and operates a continuing care retirement community in Tacoma, Wash. The bonds will be used to fund an expansion project that will include the construction of 91 new independent living units, a new […]
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