LTC’s $33M Acquisition Play; KeyBank’s $21M Purchase Loan for Kentucky SNF

LTC Properties (NYSE: LTC) this week announced a $33 million portfolio acquisition that included a $13.5 million skilled nursing facility in Texas. The Westlake Village, Calif.-based real estate investment trust (REIT) purchased a 140-bed skilled nursing center in Longview, Texas, operated by HMG Healthcare of The Woodlands, Texas. HMG has a 10-year, triple-net lease on […]

Sabra Installs Ignite as Operator of Three Oklahoma Skilled Nursing Facilities

Ignite Medical Resorts, an Illinois-based operator of post-acute care facilities, continued its expansion push this week in a new partnership with Sabra Health Care REIT (Nasdaq: SBRA). Ignite formally took over management of three Sabra-owned properties in Oklahoma City, Bartlesville, and Norman, Okla. on New Year’s Day, the provider announced Thursday. The previous operator, Vision […]

Judge Confirms Senior Care Centers’ Plan of Post-Bankruptcy Reorganization

A bankruptcy court judge formally signed off on Senior Care Centers’ plan of reorganization, enabling the beleaguered skilled nursing operator to continue operations with a fraction of the facilities it held at the time it entered Chapter 11 bankruptcy in December of last year. U.S. Bankruptcy Judge Stacey G.C. Jernigan officially confirmed the plan on […]

How LTC Properties Worked Through Tenant Bankruptcies to See Skilled Nursing Opportunity Ahead

For the past few public earnings calls, analysts have peppered executives at LTC Properties (NYSE: LTC) with questions about the ongoing bankruptcies of skilled nursing tenants Senior Care Centers and Preferred Care, which have proven to be long-running issues for the real estate investment trust (REIT). But with a plan in place to sell off […]

LTC Looks to Offload Preferred Care Assets, Senior Care Centers Prevails in Long Lease Fight

LTC Properties, Inc. (NYSE: LTC) is still navigating the aftermath of bankruptcies with two of its skilled nursing operators — with plans to offload the assets operated by Preferred Care, and a potential end to the protracted Senior Care Centers fight on the horizon. The latter company, which declared bankruptcy in December of last year, […]

How Avenue Development Built Two High-End Skilled Nursing Facilities — From Research to a $38M Deal

When LTC Properties (NYSE: LTC) announced a $38 million deal to buy a pair of high-end transitional rehab facilities in Missouri, it marked the end of a multi-year planning process that saw a skilled nursing developer try to plug holes in the area’s health care system. The transaction covered a completed skilled nursing facility in […]

LTC Properties Inks $38M Deal for Two Ignite Transitional Skilled Nursing Facilities

LTC Properties (NYSE: LTC) on Friday announced a $38 million pair of transactions that will see the real estate investment trust (REIT) strike up a new relationship with transitional-care operator Ignite Medical Resorts. The two separate agreements consist of a $19.5 million deal to purchase a recently constructed 90-bed skilled nursing facility in the Kansas […]

LTC’s Simpson: Senior Care Centers Bankruptcy Has Dragged, but REITs Aren’t to Blame for Distress

When the Dallas-based skilled nursing operator Senior Care Centers filed for Chapter 11 bankruptcy protection last December, management placed the blame firmly on its leases with its real estate investment trust (REIT) and other landlords, specifically calling them “expensive.” But Wendy Simpson, president and CEO of SCC landlord LTC Properties, Inc. (NYSE: LTC), says the […]

Rethink Podcast #12: LTC Properties, Inc. President and CEO Wendy Simpson

The 12th episode of our podcast, Rethink, is now available! Publicly traded health care REITs have been blamed for some of the skilled nursing industry’s woes in recent years — after all, how can a provider keep up with annual escalators as it navigates an uncertain reimbursement landscape and ever-rising staffing costs?But Wendy Simpson, president […]

LTC to Sell Majority of 23 Buildings Operated by Preferred Care

LTC Properties (NYSE: LTC) late last week announced a plan to sell off the majority of the 23 buildings in its portfolio operated by Preferred Care, Inc., citing the bankrupt provider’s desire to minimize its relationship with the real estate investment trust (REIT). “We continue to work cooperatively with them to accommodate Preferred Care’s interest […]

REIT Resurgence Could Boost Skilled Nursing M&A Despite Near-Term Stress

The recent bullish performance of publicly traded real estate investment trusts (REITs) could have a virtuous cycle effect in the space, potentially boosting mergers-and-acquisitions activity in the skilled nursing and broader health care industries. That’s the thesis of Alex Pettee and Hoya Capital Real Estate, a Connecticut-based investment advisory firm that on Monday published a […]

Bankruptcy Court OKs Settlement Deal Between Sabra, Senior Care Centers

A federal bankruptcy court this week approved a settlement agreement between Sabra Health Care REIT (Nasdaq: SBRA) and embattled tenant Senior Care Centers, the real estate investment trust (REIT) announced Friday. Under the terms of the deal, the Irvine, Calif.-based Sabra will receive $9.5 million from the bankrupt operator. Of that amount, Senior Care Centers […]

LTC Properties: Senior Care Centers Won’t Survive Bankruptcy, Transfer Ongoing

Executives at LTC Properties, Inc. (NYSE: LTC) don’t have high hopes that troubled tenant Senior Care Centers will survive its current bankruptcy proceedings, and the real estate investment trust (REIT) is actively negotiating its exit from the facilities. “As you know, Senior Care declared bankruptcy in December, and we don’t believe they have the ability […]

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 […]

Sabra Sues for Control of Senior Care Centers Properties Amid $385M Sale

Sabra Health Care REIT (Nasdaq: SBRA) this week filed a lawsuit seeking control over 38 properties operated by Senior Care Centers, which entered Chapter 11 bankruptcy protection earlier this month. In a filing submitted to the U.S. Bankruptcy Court for the Northern District of Texas, lawyers for the real estate investment trust (REIT) accused Senior […]

LTC Hints at Shopping Senior Care Centers SNFs in Texas

LTC Properties (NYSE: LTC) is closely monitoring Senior Care Centers after fellow real estate investment trust (REIT) Sabra Health Care REIT announced the termination of its leases with the troubled provider — but it hasn’t yet seen comparable problems. “They’re not in default in anything relative to our lease,” LTC chairman, CEO, and president Wendy Simpson […]