Omega: Long-Term Care Occupancy Improving with Vaccines – But Maybe Not Fast Enough

Omega Healthcare Investors (NYSE: OHI) was able to collect “virtually all” of its contractual rent for the first quarter, CEO Taylor Pickett said on the real estate investment trust’s first-quarter earnings call. However, he added that without more government aid, many long-term care operators are likely to feel the effects of the costs stemming from […]

CareTrust Picks Up Southern California Nursing Facility for $15.9M; Eastern Union’s $57M Bridge Financing

CareTrust REIT (Nasdaq: CTRE) acquired the Buena Vista Care Center, a 150-bed skilled nursing facility in Santa Barbara, Calif., for about $15.9 million, including transaction costs, the real estate investment trust announced March 9. The facility will continue to be operated by Covenant Care under a long-term lease assumed by the San Clemente, Calif.-based CareTrust […]

Diversicare Sees $1M Boost from Reliant Therapy Shift, Reports $25.9M in Unspent Stimulus

Diversicare Healthcare Services (OTC: DVCR) this week reported a financial boost from its decision to outsource therapy services, along with a significant cache of stimulus funds waiting for deployment. The Brentwood, Tenn.-based nursing home operator in November announced a shift from its wholly-owned Diversicare Therapy Services to Reliant Rehabilitation, a move that Jay McKnight predicted […]

Omega: Bed Buy-Backs Unlikely to Become Trend, Demographics to Offset Home Health Diversions

A major skilled nursing and senior living landlord on Friday pushed back on a pair of recent industry storylines hinting at future declines in demand for institutional care, pointing to positive demographic shifts on the horizon. Executives at Omega Healthcare Investors (NYSE: OHI) acknowledged the trend toward sending post-acute patients straight into home health during […]

Slow Vaccine Rollout Prompts Skilled Nursing REIT Downgrades, But Stimulus Optimism Remains

Two investment firms provided opposite takes on the stocks of publicly traded real estate investment trusts (REITs) with skilled nursing portfolios, with Mizuho Securities USA downgrading two of the REITs and Jefferies upgrading the same two firms. The two REITs involved were Omega Healthcare Investors (NYSE: OHI) and Sabra Health Care REIT (Nasdaq: SBRA). “We […]

As COVID Reveals Fatal Flaws in Nursing Home Design, Industry Vet Levin Sees Opportunity in Renovations

Of all the systemic flaws that led to the still-unfolding disaster in American nursing homes, the design of the buildings themselves stands among the most plainly visible. Shared rooms where residents live up to four abreast, with double occupancy still the norm in most facilities. Communal bathrooms where, in addition to suffering the indignity of […]

Eagle Arc’s 20-SNF Purchase; KeyBank’s $40M Financing in New York City

Eagle Arc Partners, formerly known as BM Eagle Holdings, has acquired 20 skilled nursing facilities — the majority of which are located in Florida, along with properties in Georgia and Mississippi. The price of the sale was not disclosed; two operators who were also not disclosed partnered with Eagle Arc on the sale. The process […]

Omega Collects ‘Virtually All of Our Contractual Rents’ in Q3, But Stresses Importance of Government Support

Omega Healthcare Investors (NYSE: OHI) collected 99% of its contractual rents for the third quarter of 2020, but stressed the ongoing importance of government support for the long-term care sector as critical to operators’ ability to treat and care for residents during the COVID-19 pandemic. “We reiterate that the timely and significant government support provided […]

COVID Could Accelerate Skilled Nursing Consolidation as Smaller Operators Head for the Exits

In the months leading up to the implementation of a new Medicare payment model for skilled nursing facilities, various voices predicted an exodus of smaller, mom-and-pop operators who’d rather call it a career than adapt to a completely new reimbursement system. But only a few months after the Patient-Driven Payment Model (PDPM) took effect last […]

Fitch: 30% Rent Cuts for Skilled Nursing Facilities May Be Necessary, But Not for All Operators

Major skilled nursing landlords are likely to institute rent reductions over the course of 2021 in order to help keep them afloat, according to Fitch Ratings — but the effect won’t be equally felt across all operators. In affirming twin BBB- ratings for Omega Healthcare Investors (NYSE: OHI) and National Health Investors (NYSE: NHI), Fitch […]

Genesis, Signature Raise ‘Going Concern’ Doubts with Omega, Prompting $140M Write-Down

Omega Healthcare Investors (NYSE: OHI) on Thursday announced that it will begin recording revenues associated with tenants Genesis HealthCare (NYSE: GEN) and Agemo Holdings LLC — the legal name for its portfolio of buildings operated by Signature HealthCARE — on a cash basis, citing concerns about the nursing home operators’ future. As a result, the […]

As Tenants Receive $250M in Federal Relief, Omega Collects 99% of Rent and Mortgage Payments for July

Omega Healthcare Investors (NYSE: OHI) reported that it collected 99% of contractual rent and mortgage payments for the month of July, with the exception of one skilled nursing operator that had been struggling well before the COVID-19 pandemic hit — a testament to the various financial aids provided by state and local governments. But Omega […]

Omega: Skilled Nursing Will Come Back, But ‘No Overnight Fix’ to COVID-19 Crisis

Executives at Omega Healthcare Investors (NYSE: OHI) on Tuesday struck an upbeat tone about the long-term prospects of the skilled nursing marketplace, but with COVID-19 raging through more than a quarter of the company’s buildings, the real estate investment trust (REIT) emphasized that any kind of normalcy remains somewhere in the future. “The nursing home […]

Fitch: Skilled Nursing REITs Can Withstand COVID-19 Crisis — To a Point

Most of the real estate investment trusts (REITs) with holdings in skilled nursing and senior housing facilities can weather the financial strains caused by COVID-19, a major credit rating agency affirmed this week — but only if current trends hold. Various REITs have responded to the pressures of the coronavirus pandemic by taking steps to […]

REIT Stocks Fall Again After Reports of New Nursing Home Coronavirus Case

Another skilled nursing facility in the state of Washington has reported an outbreak of COVID-19, the disease caused by the novel coronavirus that is sweeping the globe — resulting in major declines in the stock prices of several real estate investment trusts (REITs) with holdings in the skilled nursing and senior housing sectors. That facility, […]

Omega to Divest Struggling Daybreak Skilled Nursing Portfolio, Cautiously Upbeat on Medicaid Crackdown

After multiple quarters of struggles with operator Daybreak Venture, Omega Healthcare Investors (NYSE: OHI) on Thursday announced a plan to largely purge the provider’s buildings from its portfolio. “During the course of the next several quarters, Omega anticipates transitioning, either through re-leases or sales, the vast majority of Daybreak’s existing Omega facilities,” chief operating officer […]