The property associated with the Sanatoga Center skilled nursing and rehabilitation facility in Sanatoga, Penn., sold for more than $20.9 million, The Santoga Post reported Wednesday. The deal closed on Jan. 28. The property was previously owned by DELM Nursing Inc. of Kennett Square, Pa.; it was sold to a company called Santoga RE, according […]
Category: Finance
Skilled nursing provider The Ensign Group (Nasdaq: ENSG) on Thursday announced a series of leadership changes that will bring a new CEO to the company by spring. Barry Port, currently chief operating officer of the company’s Ensign Services arm, will take the reins from Christopher Christensen effective May 30, while Christensen transitions to executive chairman […]
As value-based care models place greater emphasis on individual resident outcomes — and less importance on the particular care setting — partnerships with senior housing providers could represent a major opportunity for the beleaguered skilled nursing industry. That was the main message from National Investment Center for Seniors Housing & Care (NIC) president and CEO […]
Shares of pharmacy and insurance giant CVS Health (NYSE: CVS) slid on Wednesday after executives reported a $2.2 billion impairment charge related to its long-term health care business. The Woonsocket, R.I.-based CVS took the hit in the fourth quarter of 2018 due to troubles at its Omnicare arm, which provides pharmacy services to long-term health […]
In an interesting role reversal, executives at National Health Investors (NYSE: NHI) expressed optimism about skilled nursing investments while handling pointed questions about some distress on the senior housing side of its business. CEO Eric Mendelsohn trumpeted his real estate investment trust’s (REIT) new partnerships with skilled nursing operators Ignite Medical Resorts and Wingate on […]
A survey of industry leaders from around the country revealed the least optimism for standalone skilled nursing assets in 2019. When asked about the perceived economic viability of solo SNF properties over the coming year, a plurality of respondents to Lancaster Pollard’s 2019 Seniors Housing & Care Survey — or 36% — said the outlook […]
A consulting firm that offers services across the health care spectrum sees opportunity for growth in skilled nursing, though the leader of its SNF practice believes that the industry must expand beyond short-term rehab to survive. The Wayne, Penn.-based McBee plans to look at both hires and potential acquisitions as it tries to bolster its […]
Lancaster Pollard Mortgage Company helped provide financings for skilled nursing facilities in Michigan and South Carolina, while also landing a $42 million Fannie Mae refinance for a continuing care retirement community (CCRC). In Michigan, Lancaster Pollard assisted Riverview Health with the refinance of two of its communities in Detroit. Lancaster Pollard obtained two loans through […]
CareTrust REIT (Nasdaq: CTRE) turned in solid earnings results for the fourth quarter of 2018, with a sizable pipeline of skilled nursing assets coming in 2019. The real estate investment trust’s quarterly revenue of $40.4 million beat analyst estimates by about $270,000, and represented an increase of around 10% from the previous year. Still, chief […]
The operations of four rehab-focused skilled nursing facilities developed by Mainstreet have been sold to a former company executive and his newly formed operating firm, Skilled Nursing News has learned. Led by Mark Fritz, who helped create the “Rapid Recovery Center” model for the Carmel, Ind.-based senior care developer, Bridgemoor now operates the quartet of […]
Fresh off its acquisition by an offshoot of Bain Capital, skilled nursing medical services provider HealthDrive made a move of its own on Wednesday by entering the senior mental health space. The Wellesley, Mass.-based HealthDrive, which provides a variety of specialty medical offerings to skilled nursing operators, announced an agreement to purchase New England Geriatrics […]
CareTrust REIT (Nasdaq: CTRE) this week announced the $49.3 million acquisition of four skilled nursing facilities in California operated by Covenant Care, Inc. The 503-bed portfolio comes to the San Clemente, Calif.-based real estate investment trust (REIT) through a sale-leaseback arrangement, with initial annual cash lease payments of $4 million and a 15-year term. The […]
Executives at Welltower Inc. (NYSE: WELL) are becoming more confident in the post-acute business, noting that skilled nursing acquisition prices have increased. In fact, in the past 12 months, the company has gone from being “an opportunistic buyer to opportunistic seller,” at least when it comes to skilled nursing, Welltower chief investment officer Shankh Mitra […]
Even though the federal government shutdown lasted 35 days, the effect on the skilled nursing financing landscape could last well into the spring and summer as officials work through the sizable backlog. The Department of Housing and Urban Development was unable to endorse loans during the partial government work stoppage that lasted from December into […]
Omega Healthcare Investors, Inc. (NYSE:OHI) once again ran into problems with skilled nursing tenant Daybreak Venture in the fourth quarter of 2018, with the Denton, Texas-based operator underpaying about $4 million in rent. The Hunt Valley, Md.-based real estate investment trust (REIT) reported fourth-quarter net income of $64.9 million, or $0.31 per common share, compared […]
Questions are swirling about Pennsylvania’s approval process for nursing home owners after Wood Ridge, N.J.-based Skyline Healthcare collapsed less than a year after the state Department of Health signed off on the company. That’s according to a deep dive from The Reading Eagle, published on Sunday. Four years before Joseph Schwartz, the owner of the […]
The traditional relationships between skilled nursing facilities and their real estate investment trust (REIT) partners have come under increasing scrutiny amid high-profile restructuring efforts and bankruptcies — and the leader of one of the nation’s largest care providers said Monday that the existing models just don’t work. “I would argue that the traditional REIT structure […]
Tryko Partners on Friday announced the acquisition of Collingswood Rehabilitation & Healthcare Center in the Washington, D.C. suburb of Rockville, Md. The Brick, N.J.-based private equity firm installed its health care affiliate, Marquis Health Services, as the new operator, with plans for $4.5 million in capital improvements and new programming at the site. The 160-bed […]
To facilitate the transfer of Welcov Healthcare’s 22 skilled nursing facilities to new operators, the provider’s landlords agreed to take a back seat to vendors in the repayment line, with the goal of resolving an unusual bankruptcy proceeding. That’s according to court documents and a recorded hearing, which detail the transfer of operations and the […]
A New York-based owner, operator, and investor picked up a pair of nursing homes in Maryland with the help of Healthcare Transactions Group. The Brinton Woods Post Acute Center and the Brinton Woods Health & Rehab Center at Arlington West were sold February 1, according to an announcement from Healthcare Transactions Group, a Reisterstown, Md.-based […]