Confederate forces may have surrendered to the Union more than 150 years ago, but there’s still one living American who’s receiving veterans’ benefits stemming from Civil War service. That would be Irene Triplett, a North Carolina skilled nursing resident who gets a monthly check from the Department of Veterans Affairs for her father’s service in […]
The United Kingdom has a new largest care home operator, and a former U.S. senior housing heavyweight will soon be at its helm. But the company’s chairman still sees dark clouds on the horizon for the industry as a whole. HC-One on Wednesday announced its intention to acquire 122 care homes from Bupa, a London-based […]
The largest Catholic health system in Illinois has signed a deal to merge with a joint venture of the largest non-profit health system in the U.S. Presence Health will become part of Amita Health, a joint venture between Alexian Brothers Health System and Adventist Midwest Health. The Chicago-based Amita is part of Ascension, encompassing nine […]
Quality Care Properties (NYSE: QCP) has begun legal proceedings to have an independent receiver take over the operations of its skilled nursing and assisted living/memory care communities that currently are being operated by HCR ManorCare. Toledo, Ohio-based ManorCare operates more than 500 skilled nursing facilities (SNFs), assisted living communities, outpatient rehab clinics, memory care communities, […]
Shareholders of Sabra Health Care REIT, Inc. (NASDAQ: SBRA) on Tuesday approved the company’s merger with Care Capital Properties (NYSE: CCP), ending a public battle involving dissident hedge funds and several lawsuits. About two-thirds of the shares controlled by attendees at a special stockholder meeting in Irvine, Calif. were voted in favor of the deal, […]
A second proxy advisory firm has come out in favor of the impending merger of Sabra Health Care REIT, Inc. (NASDAQ: SBRA) and Care Capital Properties, Inc. (NYSE: CCP), bringing the current count to two in favor and one against. Egan-Jones Ratings Company issued a report late Tuesday recommending that Sabra shareholders vote for the […]
A shortage of labor in the construction industry, as well as the rising cost of commodities, continues to play a tremendous role in senior living construction costs, including SNFs, according to recent data from Des Moines, Iowa-based design and construction firm Weitz. Overall rising costs have plagued senior living projects in virtually every region of the […]
Kindred Healthcare, Inc. (NYSE: KND) tackled life after skilled nursing on its second-quarter earnings call, the first after it finalized a $700 million deal to sell off its SNF assets in late June. “This transaction is an important step in the ongoing strategic transformation of Kindred,” president and CEO Benjamin Breier said, identifying the company’s […]
Sabra Health Care REIT, Inc. (Nasdaq: SBRA) came out swinging against activist shareholders on the company’s quarterly earnings call Thursday afternoon, trumpeting the potential of skilled nursing facilities in the future and questioning the credentials of those who have criticized its impending merger with Care Capital Properties (NYSE: CCP). A nearly “pure play” SNF real estate […]
Long-term care (LTC) deals played a key role in an overall increase in “megadeals” in the health services industry, according to a new analysis from Pricewaterhouse Coopers (PwC). Overall, 219 deals occurred throughout the health services industry, totaling to $49.6 billion, signifying a year-over-year increase of more than 201%, and a 514% jump from the first quarter of […]
An activist shareholder is once again coming out strong against the proposed $7.4 billion merger of Care Capital Properties, Inc. (NYSE: CCP) and Sabra Health Care REIT, Inc. (Nasdaq: SBRA) — now describing the August 15 vote on the matter as essentially “a shareholder referendum on whether Sabra should continue with the prior strategy of steadily diversifying its […]
First things first: We here at Skilled Nursing News won’t say that Trumpcare has officially died — it’s been revived multiple times so far— but after months of hand-wringing and dire projections about Obamacare repeal’s effect on the skilled nursing industry, it finally looks as though the former president’s cornerstone legislative victory is here to […]
Sabra Health Care REIT, Inc.’s (NASDAQ: SBRA) impending merger with Care Capital Properties (NYSE: CCP) has been met with resistance from two shareholders, and while the aggrieved parties control only a small percentage of the Irvine, Calif.-based real estate investment trust (REIT), one commentator says they can still make closing the deal difficult. Shareholders Eminence and Hudson […]
As HCR ManorCare, Inc.’s battle with landlord Quality Care Properties (NYSE: QCP) drags on, the most likely outcomes for the skilled nursing operator are bankruptcy or receivership, according to a bankruptcy lawyer with experience in health care industry restructuring. QCP, a Bethesda, Md.-based real estate investment trust (REIT), was reportedly close to a full equity […]
Joining others that have expressed opposition, Sabra Health Care REIT, Inc. (NASDAQ: SBRA) shareholder Eminence Capital, LP on Monday announced its intention to vote against Sabra’s upcoming merger with Care Capital Properties, Inc. (NYSE: CCP). Eminence, a New York City-based hedge fund, owns 3.9% of Sabra’s common stock. With its announcement, Eminence follows fellow New […]
The total dollar value of nursing care properties that changed hands in the second quarter of 2017 fell slightly from previous quarters, according to preliminary data from the National Investment Center for Seniors Housing & Care (NIC). In total, $1.4 billion worth of senior care mergers and acquisitions occurred in the second quarter — with senior […]
Each week, we round up the most-read stories on Skilled Nursing News in one place — perfect for catching up on the top headlines you may have missed amid the health care reform collapse and other news out of Washington. Fortis Management Group, an operator of 60 skilled nursing facilities in the Midwest and Pacific […]
Troubled skilled nursing operator HCR ManorCare, Inc. has reportedly received a half-billion-dollar loan, but the Toledo, Ohio-based firm remains quiet on whether it will use the money to end its protracted battle with landlord Quality Care Properties (NYSE: QCP). ManorCare secured a $550 million line of credit from the New York City-based private equity firm […]
A group of skilled nursing properties that changed hands in a sizable transaction two years ago has seemingly fallen on hard times. Fortis Management Group announced on July 12 it filed for a receivership in an agreement with its landlords. The company operates 60 skilled nursing and five assisted and independent living facilities spread across Wisconsin, Michigan, Minnesota, Oregon, Idaho […]
The dollar value of long-term care (LTC) facility transactions ballooned by nearly 300% in the second quarter of 2017, even as the absolute number declined. LTC facilities commanded a total of $9.7 billion in the second quarter of 2017, a 299% increase from the $2.4 billion that changed hands in the second quarter of 2016 […]
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