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 […]

Ensign Group to Spin Off Non-Skilled Nursing Assets into New Public Company

The Ensign Group (Nasdaq: ENSG) on Monday announced a plan to spin off its non-skilled nursing assets into a separate publicly traded company. The Mission Viejo, Calif.-based operator will shift its home health, hospice, and senior living assets into a new firm known as The Pennant Group, Inc., with the deal tentatively set to close […]

CareTrust Buys $10M SNF in Texas; Rehab Hospital Breaks Ground in Arizona

CareTrust REIT Inc. (Nasdaq: CTRE) acquired the 118-bed Lakewest Rehabilitation & Skilled Care skilled nursing facility in Dallas, for an initial investment of $10 million, inclusive of transaction costs. The San Clemente, Calif.-based real estate investment trust (REIT) leased the property to Texas SNF operator Next Gen P, LLC, with initial annual cash rent set […]

CareTrust Wraps Up $211M Acquisition of 12-Building Portfolio from BM Eagle

CareTrust REIT (Nasdaq: CTRE) on Tuesday announced the successful completion of a $211 million deal that saw 12 properties change hands and two operators expand their portfolios in the South. The San Clemente, Calif.-based real estate investment trust (REIT) picked up seven skilled nursing facilities, along with an eighth SNF/assisted living campus, in Louisiana. Management […]

Lamb: CareTrust ‘Can’t Get Enough’ Skilled Nursing Assets

Survey after survey finds that investors remain skittish about skilled nursing, but a top executive at CareTrust REIT (Nasdaq: CTRE) says his firm has the opposite problem: There just aren’t enough solid properties available to satiate its appetite. Skilled Nursing News caught up with Mark Lamb, the real estate investment trust’s (REIT) chief investment officer, […]

CareTrust Touts $300M Skilled Nursing Pipeline for 2019

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 […]

CareTrust’s $43.9M Deal in California; Invesque’s $70M Portfolio Sale in Georgia

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 […]

Genesis’s Hager: Traditional Skilled Nursing-REIT Structure a ‘Failure’

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 […]

Ensign Group Takes Victory Lap After Record Quarter for Earnings

Executives at skilled nursing operator The Ensign Group (Nasdaq: ENSG) on Thursday touted record earnings numbers and continued to insist that the post-acute and long-term care space isn’t as difficult as the headlines and headwinds may make it seem. The Mission Viejo, Calif.-based firm set company records for adjusted earnings per share and diluted earnings […]

CareTrust Buys Campus for $9M; New Owner on Deck for SNF in Receivership

CareTrust REIT (Nasdaq: CTRE) on Tuesday announced the $9 million acquisition of the Oakview skilled nursing and supportive living campus in Mt. Carmel, Ill. The community features 90 skilled nursing beds and 38 supportive living facility beds, according to a deal announcement from the San Clemente, Calif.-based real estate investment trust (REIT). CareTrust will install […]

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 […]