Plum Healthcare Lands $22.5M for New Development; $18.4M Bridge Financing for Kentucky Portfolio

Lancaster Pollard Mortgage Company arranged $22.5 million in development financing for Plum Healthcare Group, LLC to build a new skilled nursing facility in Walnut Creek, Calif. The Columbus, Ohio-based firm worked with a local banking partner on the transaction; Grant Goodman led the transaction for Lancaster Pollard Mortgage Co., along with Joe Munhall, who leads […]

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 […]

Diversicare Divests Three Kentucky Properties; Greystone’s $20.9M HUD Financing

Diversicare To Sell Three Kentucky Facilities for $18.7M Executives with the operator Diversicare Healthcare Services Inc. (Nasdaq: DVCR) signed an agreement to sell three Kentucky properties for a combined $18.7 million, Nashville Post reported. The sales are expected to close in the fourth quarter, and will cut Diversicare’s footprint in the state to 10 facilities. The […]

Diversicare Records $7.4M Loss Related to Open DOJ Investigation

Diversicare Healthcare Services Inc. (Nasdaq: DVCR) recorded a net loss from continuing operations of $7.4 million, or $1.15 per share, in what president and CEO Jay McKnight described as “a challenging quarter.” The loss was mainly attributable to a $6.4 million litigation contingency expense related to an open Department of Justice (DOJ) investigation into potential violations […]

Diversicare, Omega Agree to New Master Lease on 34 Skilled Nursing Facilities

Diversicare Healthcare Services (Nasdaq: DVCR) on Monday announced a new lease deal with landlord Omega Healthcare Investors (NYSE: OHI), which will see 34 skilled nursing facilities consolidated under a single agreement. The Brentwood, Tenn.-based skilled nursing provider previously had 23 facilities — scattered across Texas, Kentucky, Alabama, Florida, Ohio, and Tennessee — under one lease […]

Diversicare CEO Retires, CFO James R. McKnight to Take Over

Diversicare Healthcare Services, Inc. (NASDAQ:DVCR) announced Monday that Kelly J. Gill has retired as Chief Executive Officer. Taking over is James R. McKnight, Jr. who had been serving as the Chief Financial Officer since joining Diversicare in August 2012. “On behalf of the entire Board, we thank Kelly for his many contributions to Diversicare over the […]

Diversicare Maintains Momentum at Close of Third Quarter

Despite sustaining monetary damages from Hurricanes Harvey and Irma to the tune of $232,000, Brentwood, Tenn.-based Diversicare Healthcare Services (Nasdaq: DVCR) has maintained “good momentum” as it approaches the end of the year, according to CEO Kelly Gill. In regards to the storms, Gill credits the company’s “extensive preparation activities” in anticipation of the storms. […]

Why SNF Investment Risk Exists in the Eye of the Beholder

Among large swaths of the real estate investment community, reducing exposure to skilled nursing assets is considered a smart play at the moment. Given the uncertain regulatory landscape and shifting payment models, betting on SNFs may just not seem worth it. But several players in the SNF investment market believe that the asset class isn’t necessarily […]

SNF Transactions: Omega, Diversicare Ink New Lease

Diversicare and Omega Negotiate New Master Lease Omega Healthcare Investors (NYSE: OHI) entered into a new master lease with tenant Diversicare Healthcare Services, Inc. (Nasdaq: DVCR), locking in 35 properties for the next 12 years. The move will consolidate two separate leases currently shared between the Brentwood, Tenn.-based Diversicare and the Hunt Valley, Md.-based Omega: […]

Skilled Nursing Pipeline: Genesis Opens New Jersey Rehab Facility

Construction: Planned Ciena Healthcare Plots SNF in Michigan Local officials recently gave the go-ahead to a planned skilled nursing facility in Grand Haven Township, Mich. Ciena Healthcare in 2019 will break ground on the Regency at Grand Haven, a 120-bed SNF, reports the Grand Haven Tribune. Diversicare Community in Missouri Seeks to Add Rehab Units A […]

Highest Paid Chief Executives in Skilled Nursing

Though many of the chief executives behind some of the biggest public skilled nursing companies in the U.S. made millions of dollars last year, some earned more than others. Company leaders at Quality Care Properties (NYSE: QCP), Kindred Healthcare (NYSE: KND), and Omega Healthcare Investors (NYSE: OHI) made the most in total compensation in 2016 — […]