CareTrust’s $47.6M Texas Portfolio Purchase; New Management for Five Genesis SNFs in Vermont

CareTrust REIT (Nasdaq: CTRE) acquired four post-acute care facilities in the Dallas-Fort Worth area for $47.6 million, inclusive of transaction costs, in an off-market deal, the San Clemente, Calif.-based real estate investment trust (REIT) announced last week. The portfolio includes 554 skilled nursing beds and 24 assisted living beds across Beacon Harbor Healthcare & Rehabilitation […]

Stapley: Federal Relief to Sustain CareTrust’s Skilled Nursing Tenants for Multiple Quarters

Senior living and skilled nursing landlord CareTrust REIT (Nasdaq: CTRE) on Friday projected a relative period of financial calm ahead for the sector as emergency Department of Health and Human Services (HHS) funding continues to insulate its tenants from serious hardships. “The HHS provider relief funds appear to be providing our skilled nursing operators with […]

CareTrust Grows with Eduro in $16.5M Off-Market Deal; Houston SNF Sells for $4.3M

The Villa Toscana at Cypress Woods, a 120-bed skilled nursing facility in a Houston suburb, was sold to the SNF-focused private equity firm O&M Investments for $5.3 million. The transaction was handled by the Chicago-based senior living brokerage firm Heavenrich & Company on behalf of a publicly traded real estate investment trust (REIT) and owner-operator […]

Skilled Nursing M&A Remains Active: Investors Don’t ‘Have a Better Place to Put Their Money’

The ongoing pandemic has rightfully shifted attention away from dealmaking in the long-term and post-acute care space, but several leaders have expressed optimism that investors will support the sector moving forward — though the influx of federal cash keeping operators afloat could scramble valuation math for some time to come. With overall uncertainty in the […]

CareTrust: COVID Response Proves State, Federal Leaders ‘Will Not Allow the Industry to Fail’

For many potential skilled nursing investors, the threat of government action — either through new regulations or wholesale changes to payment models — has represented one of the largest risks. But while COVID-19 has brought unprecedented operational strain to nursing homes across the country, leaders at major health care landlord CareTrust REIT (Nasdaq: CTRE) believe […]

CareTrust Keeps 2020 Guidance Amid COVID-19: ‘There is a Possible Path Through This’

Several of the major health care real estate investment trusts (REITs) have responded to the challenges and upheaval of the COVID-19 pandemic by withdrawing their earnings guidance for the year — a move that’s entirely understandable given the number of unknowns about the impact of the resulting emergency on tenants. But the San Clemente, Calif.-based […]

REIT Stocks Fall Again After Reports of New Nursing Home Coronavirus Case

Another skilled nursing facility in the state of Washington has reported an outbreak of COVID-19, the disease caused by the novel coronavirus that is sweeping the globe — resulting in major declines in the stock prices of several real estate investment trusts (REITs) with holdings in the skilled nursing and senior housing sectors. That facility, […]

CareTrust Pulls Off $36M Metron Sale, Doesn’t See PDPM Upheaval Ahead

CareTrust REIT (Nasdaq: CTRE) on Friday announced the successful sale of six skilled nursing facilities operated by Metron Integrated Health for $36 million, observed a slight uptick in skilled nursing pipeline M&A after a slowdown in the wake of the Patient Driven Payment model (PDPM), and pointed to reducing worry about a controversial plan to […]

Ensign Rides High-Acuity Skilled Nursing Model to 6% Rate Gains Under PDPM

The Ensign Group (Nasdaq: ENSG) on Thursday announced that its skilled nursing facilities have seen rate increases of up to 6% under the new Medicare payment model, in part helping to drive the post-acute leader to another set of record earnings. The company’s established same-store facilities achieved those 6% gains, while Ensign’s transitioning facilities — […]

CareTrust to Sell 6 Michigan SNFs for $37M After Operator Stops Paying Rent

CareTrust REIT (Nasdaq: CTRE) on Friday announced a pending $37 million deal to sell six skilled nursing facilities in Michigan after the associated operator indicated its intention to leave the buildings — and also stop paying rent during the transition. The San Clemente, Calif.-based real estate investment trust (REIT) discovered this past quarter that Metron […]

Final Standalone Kindred Skilled Nursing Facility Changes Hands

More than two years after announcing a plan to exit the skilled nursing space, former industry giant Kindred Healthcare has sold off the final remaining standalone SNF in its portfolio. The Louisville, Ky.-based operator sold Kindred Transitional Care and Rehabilitation — Spring Valley, a 160-bed property in Las Vegas, to Capital Senior Ventures on October […]

Ensign Group Completes Spinoff of Non-Skilled Nursing Business Lines

The Ensign Group (Nasdaq: ENSG) on Tuesday announced the successful completion of a plan to spin off all of its non-skilled nursing business lines into a separate company, The Pennant Group (Nasdaq: PNTG). The San Juan Capistrano, Calif.-based post-acute company’s board approved the plan at the end of August, nearly four months after it was […]

Why Skilled Nursing Operators Can’t Bank on ‘Silver Tsunami’ — or One Good Month Under PDPM — for Relief

As the post-acute and long-term health care industry struggles through shortened lengths of stay and compressed reimbursements, an oasis has lingered just beyond the horizon: the so-called silver tsunami. If operators can wait out the current downturn, the thinking goes, the glut of baby boomers turning 80 and older over the coming years will be […]

Skilled Nursing Sell-Off in Texas Goes Beyond Payment: ‘The Problem is Not the Medicaid Rate’

Texas’s failure to pass a program to increase Medicaid payment to skilled nursing facilities was the latest step not taken in improving the reimbursement in the Lone Star State. The legislation, which would have set up a long-term care quality provider participation program (QPPP) to funnel additional compensation to SNFs for meeting certain quality metrics, […]

CareTrust: Lack of Regional Knowledge Undid Trillium’s Skilled Nursing Operation in Ohio

CareTrust REIT (Nasdaq: CTRE) emphasized the importance of local knowledge for skilled nursing operators in its second-quarter earnings call held on Wednesday, both in the case of a planned operator switch in Ohio and in the skilled nursing market more broadly. Specifically, the San Clemente, Calif.-based real estate investment trust (REIT) is looking to sell […]

CareTrust Terminates Lease with Trillium Healthcare Group, Cutting Total from 18 to 11

CareTrust REIT (Nasdaq: CTRE) on Tuesday announced plans to terminate its existing master lease with skilled nursing operator Trillium Healthcare Group in a move that will see the real estate investment trust (REIT) reduce its exposure to the provider from 18 to 11 properties. The Bradenton, Fla.-based Trillium currently operates 10 CareTrust-owned buildings in Iowa, […]

CareTrust Picks Up Cascadia Facility for $12.8M; Ciena Healthcare’s $20M Construction

CareTrust REIT (Nasdaq: CTRE) expanded its existing relationship with operator Cascadia Healthcare with the $12.8 million purchase of a transitional care facility in Nampa, Idaho. Cascadia of Nampa, a 99-bed facility one block away from the Saint Alphonsus Medical Center, became the 12th building from the Eagle, Idaho-based operator to enter the CareTrust portfolio. “We […]