Given current recovery trends, skilled nursing facilities may continue to prove a safer near-term bet for investors than the traditionally more attractive senior living landscape, according to a new analysis from Mizuho Securities USA — but 2022 and beyond remains deeply uncertain. Speaking at Mizuho’s virtual health care REIT summit on Tuesday, American Health Care […]
Category: Finance
Despite the near-term upheaval of COVID-19, an asset management firm was able to raise nearly half a billion dollars as institutional investors look to play the long game in post-acute, long-term care, and senior housing. Locust Point Capital this week announced the closure of a $428 million debt fund to support its direct lending efforts […]
Skilled nursing giant The Ensign Group (Nasdaq: ENSG) on Tuesday announced the acquisition of three new skilled nursing facilities in Colorado. The San Juan Capistrano, Calif.-based Ensign picked up the following three facilities as of April 1: The 140-bed Boulder Canyon Health and Rehabilitation in Boulder The 76-bed Berthoud Care and Rehabilitation in Berthoud The […]
The Utah-based skilled nursing operator Eduro Healthcare last week announced its expansion into Texas with a four-building pickup. Eduro signed a long-term lease to manage the quartet of buildings in Beeville, Cleburn, Hurst, and Lockhart, Texas, with a total of 434 beds. “We are excited about the opportunity to enter the Texas market,” Eduro managing […]
The federal government last week began recovering the extra Medicare payments sent to nursing homes and other health care providers during the initial height of the coronavirus crisis last year. The Centers for Medicare & Medicaid Services (CMS) in 2020 doled out more than $100 billion in cash to Medicare-certified providers under the Accelerated and […]
A international group of 95 investment firms with holdings in post-acute and long-term care companies on Thursday called on the industry to bolster care and raise wages for frontline caregivers in the wake of the COVID-19 pandemic. “As the sector recovers, and we reflect upon the damage to our societies and the loss of human […]
Capital Funding Group announced on Monday that it closed $285 million in financing for the acquisition of a skilled nursing portfolio secured by 16 facilities in the mid-Atlantic region, in partnership with its credit venture CFG Credit Partners. The bridge-to-HUD [Department of Housing and Urban Development] financing was for “a nationally recognized borrower” who is […]
Vi at Bentley Village in Naples, Fla., announced a $41 million redevelopment project for its skilled nursing facility, the Bentley Care Center, and its assisted living residences, both part of a campus that includes independent living and coach homes. The redevelopment is scheduled to begin in the third quarter of 2021, and includes redesigning the […]
An advisory and brokerage firm for senior housing and care operators expects transactions in the space to gather steam in the second half of 2021, with “greater near-term activity in skilled nursing,” according to a virtual investor meeting hosted by BMO Capital Markets that the bank recapped in a March 21 note. But Blueprint Healthcare […]
For the second time in as many weeks, federal lawmakers scrutinized private equity investment in nursing homes as the probes into the COVID-19 disaster in long-term care continue to intensify. “How many grandmothers and grandfathers died because profits were prized above lives, with our taxpayer dollars funding this?” Rep. Bill Pascrell, who chairs the House […]
Fitch Ratings announced Tuesday that it “has affirmed and withdrawn all ratings of Welltower, Inc. (NYSE: WELL), including the Long-Term Issuer Default Ratings (IDRs) at ‘BBB+’.” The credit ratings provider also said that the rating outlook for the Toledo, Ohio-based real estate investment trust (REIT) is “Negative,” a reflection of its “elevated leverage profile above […]
Genesis HealthCare on Tuesday morning announced Harry Wilson as its new CEO, replacing Robert Fish in the role after less than three months at the helm. Fish, who replaced George Hager as CEO in January, will remain a member of the board, according to the Kennett Square, Pa-based Genesis. Wilson will also join the company’s […]
PatientPing, a software company that has garnered significant venture capital funding as it looks to ease care transitions between nursing homes and other settings, has sold to Appriss Health, the companies announced Tuesday. PE Hub initially reported the news Monday, citing “people familiar with the transaction”; the two firms formally confirmed that they had reached […]
CareTrust REIT (Nasdaq: CTRE) acquired the Buena Vista Care Center, a 150-bed skilled nursing facility in Santa Barbara, Calif., for about $15.9 million, including transaction costs, the real estate investment trust announced March 9. The facility will continue to be operated by Covenant Care under a long-term lease assumed by the San Clemente, Calif.-based CareTrust […]
Over the last several years, regionalization has dominated the mergers-and-acquisitions narrative in nursing homes, with operators and investors increasingly questioning the utility of massive scale in a landscape that depends so heavily on local market factors such as Medicaid rates and hospital referral flows. But as former giants such as Kindred Healthcare exited the industry […]
Sen. Elizabeth Warren this week wrote another letter to executives at Genesis HealthCare (NYSE: GEN), raising concerns about the nursing home giant’s recent deal to significantly restructure its operations in part through a $50 million private equity investment. Warren, a Massachusetts Democrat, made headlines in late January when she publicly questioned the operator’s decision to […]
The Ensign Group (Nasdaq: ENSG) is seeing admission volumes start to recover in the wake of vaccination clinics at its long-term care facilities, but the time it will take for occupancy to return to pre-COVID-19 levels is still an open question, the operator’s executives indicated during a virtual presentation at the brokerage and investment bank […]
Diversicare Healthcare Services (OTC: DVCR) this week reported a financial boost from its decision to outsource therapy services, along with a significant cache of stimulus funds waiting for deployment. The Brentwood, Tenn.-based nursing home operator in November announced a shift from its wholly-owned Diversicare Therapy Services to Reliant Rehabilitation, a move that Jay McKnight predicted […]
LTC Properties (NYSE: LTC) late Thursday announced that it will transition 11 skilled nursing facilities currently controlled by Abri Health Services/Senior Care Centers to a new operator after sending a notice of default over non-payment of March rent. The Texas-based HMG Healthcare will assume operation of the 1,400-bed portfolio sometime in the second quarter of […]
Invesque Inc. (TSE: IVQ.U) on Thursday indicated that talks to finalize the details of a transaction to cut its exposure to Symphony Care Network, its largest skilled nursing operator tenant, continue — while recognizing no revenue from Bridgemoor Transitional Care. In the third quarter of 2020, Invesque reported that it was taking steps to reduce […]
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