The nursing home sector is on a positive trajectory, and real estate investment trusts (REITs) at the forefront of investments say that stability is favoring greater deal activity in the sector. Despite challenges in staffing, rising operational expenses, and increasing regulatory burdens, particularly in certain states, executives from National Healthcare Investors (NYSE: NHI) and CareTrust […]
Athena Health Care Systems, once the largest owner of nursing homes in Connecticut, announced that it will close another nursing home. The Abbott Terrace Health Center will be shuttered by November 8, with Athena citing the loss of federal reimbursement as the driving factor. This decision will result in the termination of more than 200 […]
The third quarter of 2024 marked a record-breaking period for senior housing and care acquisitions, with a substantial year-over-year jump seen during the quarter for skilled nursing deals as well. That’s according to data released Monday from LevinPro LTC. There were 175 total deals for the quarter, of which 37% were skilled nursing transactions. Skilled […]
Ensign Group’s (Nasdaq: ENSG) acquisition of a Nebraska-based health care campus with an 83-bed skilled nursing facility expands its portfolio to 324 operations across 14 states. Meanwhile, Ziegler closed $48.7 million in acquisition financing for EveryAge and $82.27 million in financing for Presbyterian Retirement Communities Ensign acquires health 83-bed care campus in Nebraska The Ensign […]
CareTrust REIT (NYSE: CTRE) announced Thursday the acquisition of a four-facility, 396-bed skilled nursing portfolio located in the Mid-Atlantic region for approximately $74.7 million. This acquisition includes a skilled nursing and assisted living campus with 47 assisted living units. As part of the acquisition, CareTrust entered into a triple-net master lease with a new operator […]
Pennsylvania bankruptcy court late Monday approved the $53 million sale of nine nursing homes in the state to affiliates of Kadima Healthcare Group, as part of Chapter 11 bankruptcy proceedings for more than a dozen facilities operating under Comprehensive Healthcare Management Solutions. Notably, transaction documents do not transfer assets to any insiders, affiliates, officers or […]
Construction began on Sanford Health’s long-term care property in Sioux Falls, which has a capacity for 500 residents and will eventually include 120 short-term rehab and skilled nursing beds. Meanwhile a REIT divested its Florida-based 118-bed skilled nursing facility. Sanford Health’s senior community with SNF component Sanford Health officially broke ground on Monday for the […]
Nursing home care experienced the most significant price increase among major health care categories in August, but the sector also faced a big dip in employment during the month, with the sector losing 3,600 jobs. That’s according to the latest Altarum Health Sector Economic Indicators (HSEI) briefs for September 2024 released Tuesday. This is the […]
American Healthcare REIT (NYSE: AHR) acquired the remaining 24% minority stake in Trilogy REIT Holdings for a total all-cash purchase price of approximately $258 million. The acquisition included a base purchase price of $247 million and an $11 million pro-rata distribution owed to the former joint venture partner, an affiliate of NorthStar Healthcare Income, AHR […]
More than two-dozen skilled nursing facilities in Iowa are under new ownership, following the closing of a historic transaction this month. The sale is the largest SNF deal ever recorded in The Hawkeye State, according to Marcus & Millichap, which closed the transaction. ABCM sold its skilled nursing and assisted living assets to Chicago-based private […]
Skilled nursing facilities (SNFs) within life plan communities (LPCs) remain pressured even as LPCs overall saw a revival in fiscal 2023, with labor being the biggest challenge for the nursing home assets within these campuses, according to analysts for Fitch Ratings. “The LPCs sector is experiencing a recovery following the post pandemic period that was […]
LeadingAge Illinois and LeadingAge Iowa announced plans to merge this week. Meanwhile, Forest Healthcare Properties closed four separate transactions in September across Massachusetts, New York, and Florida, with the sale of a portfolio of seven facilities in the latter state. Two LeadingAge affiliates merge Effective November 1, 2024, LeadingAge Illinois and LeadingAge Iowa announced plans […]
The Federal Reserve cut interest rates by half a percentage point on Wednesday, marking the first reduction in four years and reflecting a shift aimed at supporting economic growth as inflation shows signs of moderation. Financial experts in the nursing home industry hailed the Fed’s action as “welcome relief.” “[This] is welcome relief for skilled […]
As the industry fights the unfunded federal minimum staffing mandate in court, nursing home executive compensation is under scrutiny from Democratic lawmakers, who are criticizing some leaders in the sector for giving themselves pay raises. However, leaders in the sector are pushing back. Specifically, the executive pay of three major operators – The Ensign Group […]
Ventas (NYSE: VTR) plans to sell a total of $150 million in nursing home assets, and is close to selling a portion of the Pennsylvania facilities in a market that has proven to be challenging due to its state staffing mandate. The Chicago-based real estate investment trust (REIT) is in the midst of efforts to […]
Customer service, staff wellbeing, and tackling low reimbursement rates are some of the top priorities for nursing home operators as they prepare for the future. And educating and supporting care teams is especially important in order to strategize with the quality measures that will be implemented in the coming years, as these will have an […]
First Citizens Bank’s Healthcare Finance business served as lead arranger of $115 million in financing for the acquisition of eight skilled nursing facilities in Illinois. The borrower is a Midwest-based healthcare real estate investment and management company that invests in a variety of post-acute facilities, with investments in over 24 states, First Citizens said in […]
Kaiser Permanente announced the permanent closure of its last nursing home in California, resulting in 249 job losses across various roles. The job cuts involve administrators, physical therapists, dietitians, licensed vocational nurses, and certified nursing assistants. The decision to shut down the facility follows a gradual decline in patient numbers over the last 11 years, […]
PACS Group (NYSE: PACS) announced Tuesday that it has finalized its acquisition of operations of 53 skilled nursing, assisted and independent living facilities from Prestige Care. The nursing home giant said it’s bringing its proven model to new geographical areas, including the Pacific Northwest for the first time as well as to five new states: […]
The sale of 15 bankrupt nursing homes in Pennsylvania might be under jeopardy, putting more residents in the state at risk of being displaced. The sale is part of a financial reorganization plan of the nursing homes’ former owner South Hills Operations, a New York-based nursing home operator currently undergoing Chapter 11 bankruptcy. South Hills […]
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