Skilled Nursing Rents 10% Too High, Analysts Say

Skilled nursing rents must decline by about 10% across the board in order to ensure the facilities’ long-term stability, a Wednesday report from Green Street Advisors has concluded. Real estate investment trusts (REITs) must achieve rent coverage of around 1.9 times to achieve stability for their tenants, the real estate research firm’s analysts Lukas Hartwich […]

CareTrust Buys Colorado SNF for $19.6M, Marking Another Expansion with Eduro

CareTrust REIT, Inc. (Nasdaq: CTRE) on Thursday announced the acquisition of a 154-bed skilled nursing facility in Parker, Colo., which will be operated by the Salt Lake City-based Eduro Healthcare, LLC — the latest step in a growing partnership between the operator and the real estate investment trust (REIT). The SNF, which was built in […]

Looking Ahead to the Top Skilled Nursing Trends of 2019

We’ve made it to the end of 2018, which will likely go down as one of the most eventful years in the history of the long-term and post-acute care industry. Between the first round of Value-Based Purchasing penalties taking effect and the rapid rollout of the Patient-Driven Payment Model (PDPM), it’s probably a safe bet […]

CareTrust Sees Smooth Sailing, SNF-Heavy Pipeline in Q3

CareTrust REIT (Nasdaq: CTRE) had a rosy report for the third quarter of 2018 — and is optimistic about what’s to come next year. “Our third quarter went about as smoothly as any in our history,” Greg Stapley, CareTrust’s chairman, president, and CEO, said on the call. “We closed on a couple of nice deals, […]

CareTrust, Eduro Pick Up Another ManorCare SNF; 5-Building Deal in Ohio

CareTrust Buys Another ManorCare Building for $4.75M CareTrust REIT (Nasdaq: CTRE) on Monday announced the purchase of The Meadows on University, a skilled nursing facility in Fargo, N.D. formerly owned by HCR ManorCare. The 110-bed SNF sold for $4.75 million, including transaction costs, and marked the second installment of a two-part deal between the real […]

CareTrust Grows in Silicon Valley; SLIB Arranges Three Skilled Nursing Deals

CareTrust Picks Up Former Non-Profit CareTrust REIT (Nasdaq: CTRE) last week announced the purchase of the Villas at Saratoga, a senior living community with 85 skilled nursing beds and 37 assisted living units in Saratoga, Calif. — a city to the southwest of San Jose. CareTrust will invest about $19 million in the property, including […]

Eduro Healthcare Eyes Skilled Nursing Expansion with CareTrust

As the skilled nursing industry moves away from large national operators, smaller regional providers are stepping up to fill the void — often in markets that fly under the radar of other investors. One of those players in recent years has been Eduro Healthcare, a Salt Lake City-based operator that launched in 2008 with a […]

PDPM Piles the Pressure on Smaller Skilled Nursing Operators

The new skilled nursing payment model has received mostly praise from the industry since its finalization in late July, but it could have the side effect of leading more mom-and-pop SNFs to exit the space altogether. It’s important to note, however, that it’s not the only reason they’re leaving. “While PDPM is a big factor […]

Ensign Group Touts ‘Enormous Organic Growth’ Potential for Skilled Nursing Properties

The Ensign Group (Nasdaq: ENSG) turned in yet another upbeat quarterly earnings call last week, emphasizing its improved turnaround strategies for underperforming skilled nursing facilities and its strong partnership with landlord CareTrust REIT (Nasdaq: CTRE). CEO Christopher Christensen touted Ensign’s progress on bolstering operations at buildings the Mission Viejo, Calif.-based operator took over in 2017 […]

CareTrust Builds Strong Skilled Nursing Pipeline as ‘Logjam’ Starts to Break

CareTrust REIT (Nasdaq: CTRE) had a relatively light second quarter for transactions, but the San Clemente, Calif.-based real estate investment trust (REIT) expects to be off the sidelines soon, according to executives on its quarterly earnings call. “Although it was an uncharacteristically quiet quarter for us on the acquisition front, Q2 was one of our […]

CareTrust Expands into South Dakota with Acquisition of Former ManorCare SNF

CareTrust REIT, Inc. (Nasdaq: CTRE) acquired a 99-bed skilled nursing facility in Aberdeen, S.D., and added the property to its existing master lease with Salt Lake City-based Eduro Healthcare, LLC. The facility, now known as Prairie Heights Healthcare Center, was formerly operated by an affiliate of HCR ManorCare. Eduro took over operations on Wednesday. The total investment was approximately $9.7 […]

Ensign Group Buys Office Building in California

The Ensign Group (Nasdaq: ENSG) this week announced the acquisition of a new office building for its Service Center employees. The 115,000-square-foot space in San Juan Capistrano, Calif. will replace a leased space in Mission Viejo, Calif., where the skilled nursing provider is currently based. “After considering dozens of possibilities over the last 18 months, […]

CareTrust Sees ‘Better Returns and Brighter Future’ For Skilled Nursing

CareTrust REIT (Nasdaq: CTRE) touted the resolution of tenant issues and predicted a brighter future for skilled nursing on its first-quarter earnings conference call — even with lagging deal volume in the sector. The real estate investment trust (REIT) was upbeat about completing a planned Ohio operator swap that saw Pristine Senior Living and Post-Acute Care replaced with new […]

JV Picks Up 32 Care Homes in Canada; $20M Campus Sale in Dallas

Revera and Axium Form JV to Own 32 LTC Homes in Canada Revera and Axium Infrastructure completed a joint venture (JV) transaction to share ownership of 32 of Revera’s long-term care (LTC) homes in Ontario, Alberta, Manitoba, and British Columbia. Revera, a senior living owner, operator, and investor, will continue to run the homes. Independent portfolio manager […]

CareTrust Acquires $41.5M Portfolio, Lancaster Pollard Closes $11.9M Refinance

ESI Arranges $7.2M Sale of Pennsylvania SNF Evans Senior Investments (ESI), a real estate brokerage firm with locations in Chicago and Boulder, Colo., represented the sale of the 66-bed Bloomsburg Rehab & Wellness Center, a skilled nursing facility in Pennsylvania for $7.2 million, or $117,000 per bed. The buyer and the seller were publicly traded real estate investment […]

Finding Hidden Benefits of Scale in the Skilled Nursing Industry

The recent bankruptcies of the HCR ManorCare and Orianna skilled nursing chains seemed to validate an industry-wide opinion that the future belongs to the smaller, regional operator. But there are still advantages to scale in the skilled nursing industry — even if they remain under the radar. The Ensign Group (NASDAQ: ENSG) has a nationwide […]

CareTrust: Micro-Level Skilled Nursing Gains Outweigh Macro Pains

CareTrust REIT (NASDAQ: CTRE) has made moves to divest from a troubled operator, but management still remained upbeat about the potential for skilled nursing success in the year to come. After a positive experience transitioning seven of its 16 properties operated by Pristine Senior Living and Post-Acute Care in Ohio, CareTrust will market the remaining […]

Skilled Nursing Transactions: Blueprint, Sabra, CareTrust

Blueprint Announces Involvement in 20-SNF Portfolio Sale Blueprint Healthcare Real Estate Advisors announced the portfolio sale of 20 skilled nursing facilities, with 1,866 total licensed beds, for $103.3 million. A dozen facilities were located in Kentucky, seven were in Ohio, and one was located in Indiana. The Chicago-based advisory firm said it served as the […]

Skilled Nursing Transactions: Deals in Tennessee, Illinois, Ohio

Blueprint Announces Sale of Nashville SNF Blueprint Healthcare Real Estate Advisors, a Chicago-based advisory firm focused on health care real estate and senior housing, announced the sale of a 119-bed skilled nursing facility in Nashville, Tenn., for a purchase price of $16 million, or $134,454 per licensed bed. The deal was conducted for a public real estate […]