LTC Properties (NYSE: LTC), the first major senior care real estate investment trust (REIT) to report its first-quarter earnings, had to cut rent for its tenants by 7% amid the fallout of the COVID-19 pandemic — and in the meantime filed a lawsuit against a troubled tenant over ownership changes. LTC collected the majority of […]
Preferred Care
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 […]
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 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, […]
Capital Funding Group last week announced the $13.8 million closing of a bridge loan backing Preferred Care’s acquisition of a 126-bed skilled nursing facility in New Jersey. The Baltimore-based Capital Funding and Preferred Care plan to refinance the debt through the Department of Housing and Urban Development’s 223(f) refinance program, which offers financing with longer […]
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 […]
When a skilled nursing provider enters receivership or bankruptcy, the safety and wellbeing of the residents is the top priority for all parties involved. The financial struggles raise questions about the continued provision of necessary care, and the safe transfer of operations becomes paramount. But in many recent SNF bankruptcies, or cases where a SNF […]
The skilled nursing world has seen its share of bankruptcies over the last few years, and this past week a vendor with a heavy concentration in the space blamed the industry’s woes for its own filing. Joerns, a private-equity owned company that makes medical equipment, began Chapter 11 bankruptcy proceedings late last month, citing post-acute […]
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 […]
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 […]
Preferred Care, a nursing home operator that filed for Chapter 11 bankruptcy protection last year, is seeking another extension for the exclusive period in which it can file and confirm a plan of reorganization. The motion, filed Monday, is the fourth such request entered this year, and would extend the exclusivity period by 91 days if […]
Preferred Care Selling Two Santa Fe Nursing Homes Preferred Care, which declared bankruptcy in November of last year, is selling two nursing homes in the Santa Fe, N.M. area, the Santa Fe New Mexican reported. Genesis HealthCare (NYSE: GEN), based in Kennett Square, Pa., is acquiring the Casa Real nursing home; the major nationwide provider […]
Out-of-town investors have snapped up a third of the 47 nursing homes in the Western New York towns of Erie and Niagara since 2007, and a Sunday report from The Buffalo News questions whether care in the region has suffered as a result. Eight out of the 10 local nursing homes in Erie and Niagara rated “much […]
Preferred Care Inc., which filed for bankruptcy in November of last year, has transferred its 21 skilled nursing facilities in Kentucky to Sapphire Care Group, The Wall Street Journal reported Monday. Thirty-three of the Plano, Texas-based Preferred Care’s facilities filed for Chapter 11 bankruptcy protection last year in the face of 163 personal injury lawsuits. […]
Embattled skilled nursing provider Preferred Care has asked a federal bankruptcy judge to approve a settlement regarding allegedly falsified Medicare and Medicaid claims. Settling the pair of federal whistleblower lawsuits, filed in 2016 and 2017, would help accelerate Preferred Care’s Chapter 11 bankruptcy process, the provider argued in a filing submitted last week. Westlaw Practitioner […]
Nursing home operator Preferred Care, which filed for Chapter 11 bankruptcy protection in November of last year for 33 of its SNFs, is seeking a court order to extend the deadline for filing a restructuring plan to Sept. 10. The current deadline is June 11. It is the debtors’ second request for an extension of the exclusivity periods […]
Welcome to Skilled Nursing News’s regular look at the biggest headlines from the week that was, your all-in-one place for the top stories you need to jumpstart your day and discover the things you may have missed. SNN brought you a peek into PointClickCare’s annual customer summit in Orlando, where executives declared that skilled nursing […]
Facing a slew of lawsuits, 33 skilled nursing facilities affiliated with one of the largest SNF operating companies in the nation have filed for Chapter 11 bankruptcy protection. Twelve of the SNFs are located in New Mexico and 21 are in Kentucky. They are all affiliated with Plano, Texas-based Preferred Care Partners Management Group, which […]
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