Citing Tenant Needs, LTC Properties Cuts Rent Escalators in Half for 2021

Skilled nursing and senior living landlord LTC Properties (NYSE: LTC) will reduce rent escalators for its tenants by 50% in 2021, the real estate investment trust (REIT) announced Thursday. The move will bring a $560,000 revenue hit to the Westlake Village, Calif.-based LTC for the first quarter of the new year, along with a $1.4 […]

SNF Finance CEOs on the Future: Recovery Unclear, But Hands-On Approach More Important Than Ever

If there’s been one constant in 2020, it’s been uncertainty — and the post-acute and long-term care landscape has seen more than its fair share. For operators and the residents they serve, that murkiness has taken the form of shifting mandates, questions about reopening their properties to vital visits from family and friends, and the […]

Parkinson: Even with Successful Vaccine, Census Recovery Will Take ‘A Couple Years’

While many sectors of the U.S. need a successful vaccine to truly recover from the effects of the COVID-19 pandemic, it is especially paramount for skilled nursing facilities, Mark Parkinson, president and CEO of the American Health Care Association (AHCA), said on Friday. Parkinson made that point during a guest appearance on the third-quarter earnings […]

To Build the Next Generation of Nursing Homes, Players May Need to Live with Lower Profits

The COVID-19 crisis exposed countless vulnerabilities in the nation’s long-term care infrastructure, but the design of the buildings themselves might loom the largest: With multiple-person rooms the norm in aging physical plants across the country, today’s nursing homes simply weren’t built with infection control in mind. And as the industry and the government look ahead […]

LTC Properties’ Skilled Nursing Occupancy Slips to 71%, But Rent Deferrals Minimal

Occupancy at LTC Properties’ (NYSE: LTC) skilled nursing facilities slid from 80% at the end of March to 71% by mid-July, but the impact on operators’ ability to pay rent without deferrals has so far been minimal, leaders at the real estate investment trust (REIT) disclosed Friday. Those occupancy figures represent voluntarily submitted data covering […]

$32.4M HUD Loan for Chicago’s Legacy Healthcare; Kansas SNF Portfolio Lands $15.5M in Financing

Harborview Capital Partners arranged a $32.4 million Department of Housing and Urban Development (HUD) Section 232/223(f) loan for the refinancing of a 210-bed skilled nursing facility for the Chicago-based operator Legacy Healthcare. The loan features a 35-year term and “amortization at an extremely aggressive rate,” according to a statement announcing the deal. Ephraim Kutner, Jonathan […]

LTC’s Simpson: COVID-19 Could Drive Private Equity Investors Away from Skilled Nursing

Private equity dollars have driven the conversation in skilled nursing over the last few years, as the publicly traded real estate investment trusts (REITs) looked to cut their dependence on government-reimbursed tenants. But the COVID-19 pandemic could shake that up, at least according to LTC Properties (NYSE: LTC) CEO Wendy Simpson. “We are thinking that […]

LTC Properties Completes Sale of Preferred Care Portfolio for $77.9M

LTC Properties Inc. (NYSE: LTC) finalized a deal to fully divest its portfolio of 22 skilled nursing facilities operated by Preferred Care ahead of schedule, announcing the completion of the $77.9 million transaction on Thursday. The Westlake Village, Calif.-based real estate investment trust (REIT) had been in the process of selling the group of 22 […]

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 […]