Alternate Buyer in Welltower-QCP Deal Drops Out

A buyer that could have thrown a wrench into the deal between Quality Care Properties (NYSE: QCP) and Welltower, Inc. (NYSE: WELL) is no longer in the running, according to a July 2 filing with the U.S. Securities and Exchange Commission (SEC). The Bethesda, Md.-based real estate investment trust (REIT) reported on June 12 that a proposal emerged […]

‘Big Enough to Matter’: Finding the Sweet Spot of Skilled Nursing Scale

If there’s been one overarching philosophy in skilled nursing over the past year, it’s been the rise of regional: the idea that major chains aren’t nimble and and flexible enough to weather the regulatory changes and financial pressures that have gripped SNFs. It’s a theory that has been borne out by reality: Kindred Healthcare (NYSE: […]

QCP Sets Date for Welltower Vote, Sees Skilled Nursing Woes Through 2020

Quality Care Properties (NYSE: QCP) has set a date for shareholders to vote on its proposed acquisition by Welltower Inc. (NYSE: WELL) and the ProMedica hospital system — and despite rumblings about a potentially better offer, QCP continues to tell shareholders to approve the deal. The real estate investment trust (REIT) will convene a meeting […]

QCP Hints at Better Offer in Welltower-ProMedica Deal Wrinkle

Quality Care Properties (NYSE: QCP) may have found a more attractive suitor than its current potential buyers. The Bethesda, Md.-based real estate investment trust (REIT) on Tuesday announced that it had received a potentially better takeover offer than the one currently on the table from fellow REIT Welltower Inc. (NYSE: WELL) and non-profit hospital system […]

DeRosa: Welltower and ProMedica ‘Rescued’ Struggling HCR ManorCare

Welltower Inc. (NYSE: WELL) CEO Tom DeRosa on Wednesday offered a spirited defense of his company’s recent skilled nursing mega-deal, saying the transaction will help save HCR ManorCare from its former private equity owners. “These are very good assets — great real estate that’s been run by a very effective management team with one hand […]

Welltower Updates Investors on Impending QCP, ManorCare Deal

Welltower, Inc. (NYSE: WELL) on Monday provided a brief update to shareholders on the company’s coming acquisition of Quality Care Properties (NYSE: QCP), the real estate investment trust (REIT) primarily associated with struggling skilled nursing provider HCR ManorCare. The update, submitted as a filing with the Securities and Exchange Commission, affirms Welltower’s commitment to ProMedica, […]

ProMedica-ManorCare Deal May Affirm Skilled Nursing’s Future in Senior Living

The splashiest skilled nursing deal of the year portends better things to come for the industry as a whole, according to the leader of one prominent senior living real estate investment trust (REIT). National Healthcare Investors (NYSE: NHI) CEO Eric Mendelsohn touted the recent $1.95 billion acquisition agreement between Welltower Inc. (NYSE: WELL) and Quality Care Properties (NYSE: QCP) […]

ManorCare Mega-Deal Blurs Care Lines, But Will Doctors Buy In?

When assessing the deal struck by Welltower (NYSE: WELL) to acquire Quality Care Properties (NYSE: QCP) and by ProMedica to acquire HCR ManorCare, outsiders should look at whether the players can pull off a genuine team-based approach to care. That’s according to Bob Kramer, founder of the National Investment Center for Seniors Housing & Care (NIC). The […]

Welltower, ProMedica Look to ‘Reinvent’ Skilled Nursing with QCP Deal

After seeing major players like Humana and TPG Capital take billion-dollar bets on vertical health care integration, Welltower Inc. (NYSE: WELL) is getting in on the action as well. Shankh Mitra, the real estate investment trust’s (REIT) senior vice president of investments, specifically cited those companies — which recently teamed up to buy Kindred Healthcare’s […]

QCP Frames ManorCare, Welltower Deals as Best Options Amid Turmoil

When Welltower Inc. (NYSE: WELL) and ProMedica announced their deal to acquire Quality Care Properties (NYSE: QCP) — and, by extension, skilled nursing giant HCR ManorCare — the move was a strategic splash designed to shake up the long-term landscape. For QCP, however, it was simply the best way to play a less-than-ideal hand. On […]

Welltower Acquires QCP for $1.95B, Health System to Take Over ManorCare

The fates of skilled nursing giant HCR ManorCare and its former landlord, Quality Care Properties (NYSE: QCP), have been determined. Welltower Inc. (NYSE: WELL), one of the largest U.S. health care real estate investment trusts (REITs), has reached an agreement to acquire QCP in a $1.95 billion all-cash deal. Going forward, Welltower will own the […]

Welltower, ProMedica Reportedly Eyeing $2B Acquisition of QCP

A non-profit health system and a major real estate investment trust (REIT) are reportedly teaming up to buy Quality Care Properties (NYSE: QCP) for $2 billion. The ProMedica hospital system and Welltower, Inc. (NYSE: WELL) have already made that offer, according to sources that spoke to the Reuters news service — which would value QCP at about […]

Bankruptcy Court Approves QCP’s Takeover of ManorCare

A federal bankruptcy judge on Friday approved HCR ManorCare’s plan to emerge from bankruptcy under the ownership of its landlord, Quality Care Properties (NYSE: QCP). Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware gave the sign-off on the prepackaged Chapter 11 plan, which will see the Bethesda, Md.-based QCP lose […]

Why ManorCare’s Former CEO is Owed Millions After Bankruptcy

Unfunded pension obligations are behind a multi-million-dollar payout due to HCR ManorCare’s former president and CEO — even though the company has filed for Chapter 11 bankruptcy. Paul Ormond, who left ManorCare in September 2017, is owed $116.7 million under the prepackaged bankruptcy plan by which Quality Care Properties, Inc. (NYSE: QCP) will take over […]

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 […]

Feds Decide to Sit Out Fraud Case Against ManorCare Hospice Arm

The U.S. government declined to intervene in a False Claims Act (FCA) case brought against HCR ManorCare’s hospice division, though it asked to be kept updated on pleadings in the case. The decision to not intervene marks another victory in FCA cases for ManorCare; in November, a Medicare fraud case against the Toledo, Ohio-based skilled nursing […]

Despite Steep Debt, ManorCare to Pay $100 Million to Former CEO

Recently filed bankruptcy documents reveal that HCR ManorCare’s total missed rent to Quality Care Properties, Inc. (NYSE: QCP) topped $445 million — while its former CEO is set for a handsome payday. Paul Ormond, who left the embattled provider in September, could receive a settlement in excess of $100 million, according to a letter from ManorCare […]

QCP-ManorCare Deal Could Signal Skilled Nursing Upheaval

When Quality Care Properties, Inc. (NYSE: QCP) announced an agreement to take over its troubled tenant HCR ManorCare late last week, it capped a long struggle between the landlord and the skilled nursing provider. The Bethesda, Md.-based QCP is expected to lose its status as a real estate investment trust (REIT) as a result of the deal, […]

Quality Care Properties to Take Over HCR ManorCare

Quality Care Properties (NYSE: QCP) has reached an agreement to take over full equity ownership of its tenant, skilled nursing provider HCR ManorCare. As a result of the transaction, QCP expects to lose its status as a real estate investment trust (REIT), the company announced this morning. The transaction follows a long period of financial […]

Ensign: The Skilled Nursing Business Isn’t As Hard As It Seems

The Ensign Group (NASDAQ: ENSG) announced solid earnings for the fourth quarter of 2017 — and took a not-too-subtle shot at some of its competitors. The Mission Viejo, Calif.-based post-acute provider saw a 40.2% increase in revenues related to transitional and skilled nursing care from the fourth quarter of 2016, along with gains in occupancy […]