Lawmakers, Providers Call for Temporary Nurse Aide Extension — as ProMedica Tries to Fill 1,500 Jobs in One State Alone

With skilled nursing facilities facing significant staffing shortages amid the ongoing fallout of the COVID-19 pandemic, a group of lawmakers and operators called for making it easier to retain temporary nurse aides hired during the public health emergency — with one major operator reporting 1,500 unfilled jobs in the state of Pennsylvania. Luke Pile, vice […]

As Genesis Restructures and Leaves NYSE, the Regionalization of Nursing Homes Hits New Milestone

Over the last several years, regionalization has dominated the mergers-and-acquisitions narrative in nursing homes, with operators and investors increasingly questioning the utility of massive scale in a landscape that depends so heavily on local market factors such as Medicaid rates and hospital referral flows. But as former giants such as Kindred Healthcare exited the industry […]

Warren Raises Alarm Over Restructuring at Nursing Home Giant Genesis, Plans to Launch Probe of For-Profit Facilities

Sen. Elizabeth Warren this week wrote another letter to executives at Genesis HealthCare (NYSE: GEN), raising concerns about the nursing home giant’s recent deal to significantly restructure its operations in part through a $50 million private equity investment. Warren, a Massachusetts Democrat, made headlines in late January when she publicly questioned the operator’s decision to […]

Welltower’s Mitra: ‘Controversial’ Genesis Investment Paid Off for REIT with Portfolio Sale, Equity Stake

Welltower Inc. (NYSE: WELL) CEO Shankh Mitra this week touted his company’s decision to largely break up with top nursing home tenant Genesis HealthCare (NYSE: GEN) — while also expressing confidence that the turnaround group brought in to stabilize the troubled operator will bring more value to the real estate investment trust (REIT). Mitra in […]

Welltower to Largely End Relationship with Genesis, Bolster ProMedica Joint Venture in $880M Deal

Welltower Inc. (NYSE: WELL) late Tuesday announced that it will largely end its relationship with troubled nursing home giant Genesis HealthCare (NYSE: GEN), with its joint venture health system partner ProMedica picking up some of the buildings — while also divesting 25 properties acquired through its 2018 ProMedica JV. The Genesis exodus spans 51 assets, […]

Welltower Takes $83M Write-Down on Genesis Loans as Long-Term Nursing Home Outlook Remains Unclear

Welltower Inc. (NYSE: WELL) this week announced another major write-down related to troubled nursing home tenant Genesis HealthCare (NYSE: GEN) as the provider’s future — along with the outlook for the rest of the sector — remains unclear. During the fourth quarter of 2020, the Toledo, Ohio-based real estate investment trust (REIT) wrote down $83 […]

‘No Magic Bullet’: Despite Vaccine Success, Genesis Works to Close Racial Gaps, Plot Post-Clinic Path

Nursing home giant Genesis HealthCare (NYSE: GEN) last week announced greater-than-average COVID-19 vaccine uptake among its residents and staff, but the company’s top clinical official emphasized that the work isn’t over — both because of continued gaps in acceptance among people of color, and an uncertain future after the end of the federal vaccination program. […]

‘No Quick Fix’ for Genesis Struggles as Credit Suisse Downgrades Outlook

Credit Suisse has downgraded its outlook for nursing home heavyweight Genesis HealthCare (NYSE: GEN), citing low occupancy, a looming debt burden, and continued uncertainty around future government support. Analysts bumped the Kennett Square, Pa.-based chain’s stock from “neutral” to “underperform” in a research note published late last week. In particular, Credit Suisse expressed concerns about […]

Genesis’s LTC ACO Inks Deal with Third Eye to Expand Telehealth in Nursing Homes — Free of Charge

An accountable care organization (ACO) backed by one of the nation’s largest nursing home providers on Tuesday announced a deal to expand telehealth services to its members in a push to cut hospitalizations and boost clinical coverage — during and after the COVID-19 pandemic. Under the new agreement, the skilled nursing tech provider Third Eye […]

Skilled Nursing to Bounce Back Faster than Senior Living, But REITs Have ‘Lost Their Patience’ with Genesis

BMO Capital Markets this week downgraded its outlook for several publicly traded landlords of senior housing and skilled nursing facilities, but post-acute care emerged as a rare bright spot in the analysis — with the prediction that the sector will recover faster than its senior living counterparts. The financial services provider issued downgrades to Welltower […]

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 […]

Sabra: Genesis, Signature Not Alone in COVID-19 Troubles, But Wider Write-Down Trend Unlikely

General improvements in access to testing and vital protective gear have put skilled nursing facilities in a better spot than the springtime, a top landlord in the space asserted Tuesday, but operators and investors shouldn’t necessarily expect complete adoption of a long-awaited vaccine when it hits the market. And although Sabra Health Care REIT (Nasdaq: […]

Nursing Home Giant Genesis Mulls Restructuring as Expenses, Losses Exceed Federal Aid by $60M

Nursing home giant Genesis HealthCare (NYSE: GEN) is in active talks with its financial backers about several potential restructuring options amid ongoing COVID-19 financial strains, CEO George Hager indicated Monday. “We have initiated discussions with select capital partners to analyze a number of restructuring alternatives,” Hager said on the company’s third quarter earnings call with […]

Sabra Joins Fellow REITs, Takes $14.3M Write-Off on Genesis and Signature Rent

Sabra Health Care REIT (Nasdaq: SBRA) this week became the latest landlord to change its accounting for nursing home tenants Genesis HealthCare (NYSE: GEN) and Signature HealthCARE, writing off $14.3 million of non-cash rent receivables associated with the operators. The real estate investment trust (REIT) cited concerns about Genesis and Signature’s operational futures in the […]

Welltower Takes $97 Million Write-Down on Genesis in Wake of ‘Going Concern’ Notice

Welltower Inc. (NYSE: WELL) took a $97 million write-down associated with properties operated by Genesis HealthCare (NYSE: GEN) amid concerns about the nursing home giant’s future, the real estate investment trust (REIT) announced Thursday. The move came as Welltower switched Genesis to cash-based reporting for its lease income, retroactive to July 1, though chief financial […]