Former Mainstreet Executive Takes Over Four Rapid Recovery Centers in Texas

The operations of four rehab-focused skilled nursing facilities developed by Mainstreet have been sold to a former company executive and his newly formed operating firm, Skilled Nursing News has learned. Led by Mark Fritz, who helped create the “Rapid Recovery Center” model for the Carmel, Ind.-based senior care developer, Bridgemoor now operates the quartet of […]

Welltower Gains Confidence in Post-Acute as Industry Fundamentals Improve

Executives at Welltower Inc. (NYSE: WELL) are becoming more confident in the post-acute business, noting that skilled nursing acquisition prices have increased. In fact, in the past 12 months, the company has gone from being “an opportunistic buyer to opportunistic seller,” at least when it comes to skilled nursing, Welltower chief investment officer Shankh Mitra […]

Daybreak Rent Deferrals Hit Omega’s Bottom Line in Fourth Quarter

Omega Healthcare Investors, Inc. (NYSE:OHI) once again ran into problems with skilled nursing tenant Daybreak Venture in the fourth quarter of 2018, with the Denton, Texas-based operator underpaying about $4 million in rent. The Hunt Valley, Md.-based real estate investment trust (REIT) reported fourth-quarter net income of $64.9 million, or $0.31 per common share, compared […]

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 […]

KeyBank: Genesis, Next Healthcare Capital Paid $204M for 15 Welltower SNFs

One day after Genesis Healthcare (NYSE: GEN) announced a joint venture to acquire 15 skilled nursing facilities from its landlord, the main lender in the deal put a price tag on the transaction: $204 million. KeyBank underwrote and closed a $142.1 million loan to help Genesis and its deal partner, the New York City-based Next […]

Genesis Teams with Next to Buy 15 SNFs from Welltower, Divests from Seven More

Genesis HealthCare Inc. (NYSE: GEN) on Monday announced the purchase of 15 skilled nursing facilities the operator had previously leased from Welltower Inc. (NYSE: WELL), as well as the provider’s planned departure from seven additional facilities. The Kennett Square, Pa.-based skilled nursing giant bought the 15 buildings in a minority partnership with Next Healthcare Capital, […]

Sabra Cuts Number of Senior Care Centers Properties for Sale from 38 to 28 [UPDATED]

Sabra Health Care REIT (Nasdaq: SBRA) late Sunday night announced that it would retain 10 Senior Care Centers-operated properties it had previously agreed to sell amid the skilled nursing provider’s bankruptcy proceedings. Just two days after the Dallas-based Senior Care Centers entered Chapter 11 bankruptcy protection in early December, landlord Sabra announced that it had […]

Bain Bets on Skilled Nursing with Acquisition of Medical Provider HealthDrive

A subsidiary of Bain Capital made a major move into the skilled nursing world this week, acquiring a provider of specialty medical services to heavy hitters like Genesis Healthcare (NYSE: GEN) and HCR ManorCare. Bain Capital Double Impact on Thursday announced the acquisition of HealthDrive, a Wellesley, Mass.-based firm that offers dentistry, optometry, podiatry, and […]

Sabra’s ‘Genesis Exodus’ Nears Completion with $75.7M Sale of 13 SNFs

Sabra Health Care REIT (Nasdaq: SBRA) on Wednesday announced the sale of 13 more skilled nursing facilities operated by Genesis Healthcare (NYSE: GEN), leaving just three more to sell before the real estate investment trust (REIT) completes its long-planned divestiture of Genesis assets. Four of the Genesis-leased facilities sold last week for $38.6 million, with […]

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 […]

Genesis Gets Boost from Optimistic Analyst Outlook for Company, SNF Industry

Despite losing $58.1 million in the third quarter of 2018, leadership at Genesis Healthcare, Inc. (NYSE: GEN) appeared upbeat during this past earnings season — and last week, they got an early Christmas present that seems to justify their optimism. Financial services company Stifel upgraded its outlook on the Kennett Square, Pa.-based skilled nursing provider […]

Genesis Sees SNF Upside Ahead, Despite Q3 Losses

Improving skilled nursing and occupancy trends, as well as a healthy dose of cost control, made the third quarter a strong one for Genesis Healthcare (NYSE: GEN) in spite of a net loss, executives said on the company’s third-quarter earnings call. “I think you can tell there’s a lot more optimism in our voices,” Genesis CEO George […]

Starbucks Opens New Front in Staffing Wars: Senior Care Benefits

Skilled nursing and senior housing operators often point to wage gains at retail chains as a major reason behind the industry’s persistent staffing woes. This week, one of the country’s largest foodservice employers unveiled another attractive perk that could lure workers away from long-term care: heavily subsidized senior care services for employees who juggle work […]

Genesis Sells 15 Skilled Nursing Facilities as Texas Exit Continues

Genesis HealthCare (NYSE: GEN) this week sold 15 skilled nursing facilities in Texas and handed off the operations of a 16th leased facility in the state. The transaction, announced late Tuesday, leaves seven Genesis SNFs in the state, with the company planning to sell all seven during the fourth quarter of this year. Previously, the […]

Genesis CEO Hager on Leadership, PDPM, and the ‘Medicaid Problem’

Genesis Healthcare (NYSE: GEN) has been working to optimize its portfolio in a year of troubles both for the company and the skilled nursing industry at large — with a goal of properly positioning for the future as changes loom large in the space. Leading that effort is CEO George Hager Jr., who has served […]

Genesis Opens Pennsylvania Rehab Location; PruittHealth to Develop in North Carolina

Genesis Opens Short-Term Rehab Center in Exton, Pennsylvania Genesis Healthcare (NYSE: GEN) opened its 12th PowerBack Rehabilitation location in Exton, Penn., The Daily Local News reported. The 85,000 square-foot Exton center includes a rehabilitation gym and 120 private suites. It is expected to employ approximately 300 people, according to the publication. The PowerBack Rehabilitation service […]

Sabra Continues Genesis Exit, Joins Others in PDPM Support

Sabra Health Care REIT, Inc. (Nasdaq: SBRA) joined the chorus of voices praising the new skilled nursing payment model from the Centers for Medicare & Medicaid Services (CMS) on its second-quarter earnings conference call Thursday. “CMS issued their final rule affirming the Oct. 1 2.4% market basket increase and the implementation of PDPM in October of […]

Genesis Upbeat About Second Quarter Despite Loss, Offers Praise for PDPM

Genesis Healthcare (NYSE: GEN) recorded another net loss for 2018 in the second quarter, but CEO George Hager stressed that Q2 “was a significant and very positive quarter” for the troubled skilled nursing giant. Genesis reported a net loss of $39.61 million, or $0.39 per share, for the second quarter of 2018, compared with a net […]

Sabra Sells 12 Genesis Facilities, 8 Former CCP Buildings for $174M

Sabra Health Care REIT (Nasdaq: SBRA) on Monday announced the sale of 20 total buildings as its so-called “Genesis Exodus” nears completion. The Irvine, Calif.-based real estate investment trust (REIT) closed on the sale of 12 more properties operated by Genesis Healthcare (NYSE: GEN) last Friday, with a total price tag of $134 million. That […]

Amid Issues at Home, Genesis Sees Significant Potential in China

Facing headwinds at home, Genesis Healthcare (NYSE: GEN) has embarked on a plan to tap into the nascent post-acute care market in China — with an eye on capturing just a small fraction of the country’s favorable demographic profile. The Kennett Square, Pa.-based skilled nursing provider has been active in China since 2015, when it […]