After blaming its acquisition of HCR ManorCare for a significant annual loss in 2018, non-profit health system ProMedica credited its new skilled nursing assets for helping to offset a rough first quarter for its insurance business. The Toledo, Ohio-based acute- and post-acute giant logged a net loss of $9.8 million in the first quarter of […]
Category: Finance
Colony Capital, Inc. (NYSE: CLNY) on Thursday announced the successful refinance of a $1.73 billion consolidated loan on its health care portfolio, which includes skilled nursing facilities, senior housing properties, hospitals, and medical office buildings. The new interest-only loan totals $1.52 billion, with a five-year term and a blended interest rate of one-month LIBOR plus […]
After four years of declines, skilled nursing occupancy inched up year-over-year between the first quarters of 2018 and 2019, a major industry data tracker announced Wednesday. Nationwide occupancy at skilled nursing facilities ticked up 28 basis points to 83.7% in the first quarter of the year, according to the most recent data release from the […]
In the competitive world of short-term rehab, success depends on both who and what you know — and, by extension, how you tell your individual building’s story to the people whose opinions matter the most. The Medicare-focused building has been hailed as the future of skilled nursing and questioned as a difficult-to-achieve pipe dream, but […]
Though the leasing relationships between real estate investment trusts (REITs) and their skilled nursing tenants have come under scrutiny — and criticism — in recent months, it may be premature to declare their permanent demise. “There’ll be health care — broadly defined — REITs that’ll move in and out of the sector, upsize and downsize,” […]
A few weeks after a lender attempted to hold up the transfer of nursing homes formerly operated by Skyline Healthcare in South Dakota to a new permanent provider, a new report reveals that another party has jumped into the fray. Avera, a regional health system based in Sioux Falls, S.D., moved to stop a planned […]
The market will still need to determine whether the new Medicare reimbursement structure for nursing homes will be a net positive or negative for the industry, but at least one insider says buyers and sellers in the space aren’t optimistic enough. Current prices for skilled nursing facilities don’t typically account for the potential of cost […]
Berkadia closed a $21.7 million bridge-to-HUD loan for the acquisition of two skilled nursing facilities, one of which was located in Idaho. The interest-only loan carries a floating rate with an initial term of 18 months. The facilities, which opened between 2016 and 2017, have an almost 100% Medicare-eligible population and an average occupancy of […]
Nursing home operators in one of the toughest states for Medicaid reimbursements will receive a $240 million reprieve in the next fiscal year. Illinois lawmakers approved the funding boost as part of the state’s most recent budget, which Democratic Gov. J.B. Pritzker signed into law Wednesday; Capitol News Illinois initially reported the nursing home windfall […]
The skilled nursing industry has — with good reason — thrown much of its energy and focus onto the challenges of the Medicare reimbursement overhaul taking effect on October 1 of this year. But according to one prominent industry leader, the challenges of Medicaid pose a far greater threat to providers — particularly as the […]
The Ensign Group (Nasdaq: ENSG) closed in on 200 skilled nursing facilities with the acquisition of a combined SNF and senior living facility in Harlingen, Texas. Golden Palms Rehabilitation and Retirement features 60 skilled nursing beds, 38 assisted living beds, and 92 independent living units. The terms of the purchase, which closed June 1, were […]
Acknowledging the disconnect between investor sentiment and opportunity in the skilled nursing space, the CEO of National Health Investors (NYSE: NHI) invited skeptics to check out his company’s portfolio. “I know a lot of people think about skilled nursing and crinkle their nose, but if you took a deep dive on our skilled nursing portfolio, […]
The new Medicare model for skilled nursing facilities more closely links reimbursements with resident conditions — and making sure that facilities completely document those conditions will soon be an essential step for success. But because payment under the current Resource Utilization Group (RUG) system is driven primarily by therapy minutes, capturing those conditions on the […]
A pair of properties formerly operated by the troubled Dycora Transitional Health and Living chain in the Golden State have a new owner. Eduro Healthcare entered the California market with the acquisition of the two former Dycora properties in Fresno and Stockton, Calif. Michael Bewsey, managing partner at the Salt Lake City-based Eduro, characterized the […]
Under the leadership of founder and CEO Stephen Rosenberg, Greystone has grown from a small consulting shop to a heavyweight in the health care and multifamily lending space, with its hands also extending into operations and development. Rosenberg has seen a few decades’ worth of change in the industry in his time at the helm, […]
The collapse of a Chicago-area nursing home business resulted in the largest loss in history for the Department of Housing and Urban Development’s (HUD) loan guarantee program for skilled nursing facilities, the New York Times reported Friday — prompting the paper to question the safeguards in place for the program. The nursing home chain in […]
The Texas Legislature failed to pass two bills that would have provided Medicaid reimbursement relief for skilled nursing providers before the end of its most recent session. That could spell trouble for providers in the Lone Star State, which already has a notably low Medicaid reimbursement rate, according to Kevin Warren, president and CEO of […]
Three Years After Entering the Space, Eastern Union Eyes $1B in Annual Skilled Nursing, Health Deals
Eastern Union has only been in the skilled nursing real estate space for about three years, but the executive in charge of its health care group has “lofty goals” for deal volume. The New York City-based mortgage brokerage has handled about $12 billion in real estate deals over the last three years, with health practice […]
Two 120-bed skilled nursing facilities in Houston and Lubbock, Texas — both formerly operated by Senior Care Centers — were leased to two regional operators based in the Lone Star State. The transaction, which was facilitated by the Chicago-based advisory firm Helios Healthcare Advisors, was structured at market lease rates and with pre-negotiated purchase options. […]
Patients are discharged from skilled nursing facilities at notably higher rates around day 20 of their Medicare benefit period, compared with day 19 or day 21, a study published Tuesday in JAMA Internal Medicine found. The authors of the study, who hailed from the University of Pennsylvania and the University of Chicago, studied patients discharged […]
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