ProMedica’s Senior Care Division Sees $385M Patient Revenue Drop in ’20 Amid COVID Occupancy Declines

The post-acute and long-term care landscape has seen admissions dry up during the COVID-19 pandemic, and ProMedica was no exception. The Toledo, Ohio-based health system, which operates skilled nursing facilities and senior living properties under the ProMedica Senior Care brand, saw patient service revenue across its senior portfolio decline by $385.4 million in 2020 from […]

Welltower’s Mitra: ‘Controversial’ Genesis Investment Paid Off for REIT with Portfolio Sale, Equity Stake

Welltower Inc. (NYSE: WELL) CEO Shankh Mitra this week touted his company’s decision to largely break up with top nursing home tenant Genesis HealthCare (NYSE: GEN) — while also expressing confidence that the turnaround group brought in to stabilize the troubled operator will bring more value to the real estate investment trust (REIT). Mitra in […]

Walker & Dunlop’s $172M Skilled Nursing Financing; Aspen Skilled Healthcare Picks Up CCRCs

Walker & Dunlop this week announced the completion of $172 million in financing for a seven-building skilled nursing portfolio across the Northeast and the Midwest. Four of the properties were refinanced through the Department of Housing and Urban Development’s (HUD) 232/233 program, with the remaining three undergoing HUD 232 loan modification. The portfolio consisted of: […]

Welltower to Largely End Relationship with Genesis, Bolster ProMedica Joint Venture in $880M Deal

Welltower Inc. (NYSE: WELL) late Tuesday announced that it will largely end its relationship with troubled nursing home giant Genesis HealthCare (NYSE: GEN), with its joint venture health system partner ProMedica picking up some of the buildings — while also divesting 25 properties acquired through its 2018 ProMedica JV. The Genesis exodus spans 51 assets, […]

ProMedica ‘Ecstatic’ Over Vaccine Effectiveness, But Rollout Won’t Be Silver Bullet for Nursing Homes

Family members of nursing home residents can certainly be forgiven for imagining an instant return to normal after Pfizer’s COVID-19 vaccine received emergency approval from the federal government late Friday. The Centers for Disease Control and Prevention (CDC) has placed this population at the front of the line for the shots, and families have been […]

Welltower Takes $97 Million Write-Down on Genesis in Wake of ‘Going Concern’ Notice

Welltower Inc. (NYSE: WELL) took a $97 million write-down associated with properties operated by Genesis HealthCare (NYSE: GEN) amid concerns about the nursing home giant’s future, the real estate investment trust (REIT) announced Thursday. The move came as Welltower switched Genesis to cash-based reporting for its lease income, retroactive to July 1, though chief financial […]

$156M in CARES Act Funding Helps ManorCare, ProMedica Offset $136M Revenue Drop Amid COVID

The senior care division of non-profit hospital system ProMedica took a serious revenue hit amid the COVID-19 pandemic — like many other post-acute and long-term care providers — but significant federal relief helped the HCR ManorCare owner offset the strain. The Toledo, Ohio-based ProMedica’s senior care business line, which includes its HCR ManorCare skilled nursing […]

After ‘Most Challenging Period in the Company’s History,’ Welltower Sees Stability Ahead for Needs-Based Care

Welltower Inc. (NYSE: WELL) CEO Tom DeRosa didn’t mince words on Thursday when describing the impact of COVID-19 on the real estate investment trust’s (REIT) senior care tenants. “When we last spoke with you in early May, Welltower was in the midst of the most challenging period in the company’s history,” DeRosa said on REIT’s […]

Fitch Downgrades ProMedica, But Cites ManorCare Nursing Home Business as Bright Spot

Major hospital system ProMedica received another downgrade to its credit rating, but its HCR ManorCare nursing home arm remains a bright spot amid stresses elsewhere, according to Fitch Ratings. The ratings agency late Thursday announced a downgrade of the non-profit’s issuer default rating from BBB to BBB-, while also raising its outlook from negative to […]

ProMedica Reports ManorCare Income Gains, $158M in CARES Act Support

ProMedica saw improvement in its HCR ManorCare nursing home business line during the first quarter of 2020, though the ongoing impact of the COVID-19 pandemic remains a long-term unknown for the health system. The Toledo, Ohio-based ProMedica pulled in $17.1 million in income associated with its ManorCare business to start 2020, according to its most […]

Welltower: ProMedica, ManorCare in ‘Fine Shape’ Despite COVID-19 Strains on Nursing Homes

Welltower Inc. (NYSE: WELL) on Thursday provided little detail on the state of its joint venture with hospital system ProMedica, but executives insisted that the fundamentals of the business line — which includes the nursing home giant HCR ManorCare — remain strong despite COVID-19. “I will tell you that ProMedica is in fine shape,” Welltower […]

ManorCare Helps Bolster ProMedica’s Financial Fortunes Amid Insurance Struggles

ProMedica Health System’s struggles with its insurance arm hit the non-profit’s bottom line throughout 2019, but the addition of skilled nursing operator HCR ManorCare contributed to a significant increase in total operating revenue for the year. In its unaudited financial report for the 2019 calendar year, the health system reported that its operating performance for […]

Senior Housing Could Serve as Medicaid Nursing Home Alternative, Welltower CEO Argues

Welltower Inc. (NYSE: WELL) chairman and CEO Tom DeRosa touted the real estate investment trust’s new senior housing play as a possible alternative to Medicaid-reimbursed nursing homes in a Monday talk at the Chief Executives for Corporate Purpose CEO Investor Forum in Manhattan. On February 18, the Toledo, Ohio-based REIT announced welltowerLIVING, an initiative focused on […]

ManorCare Exceeds Expectations, in Talks to Strike Post-Acute Partnerships with Health Systems

Skilled nursing giant HCR ManorCare outperformed projections in its first full year as a tenant of Welltower Inc. (NYSE: WELL), the real estate investment trust (REIT) announced Thursday, and could soon expand its footprint to include partnerships with health systems outside of its current orbit. “[The] ManorCare portfolio did not hit our expectation; it exceeded […]

Welltower to Sell Three ManorCare Skilled Nursing Facilities for $67 Million

Welltower Inc. (NYSE: WELL) on Wednesday announced the pending sale of three skilled nursing facilities operated by HCR ManorCare and ProMedica for $67 million. “The sale of these HCR ManorCare-operated facilities was initiated following an unsolicited offer and is anticipated to close in the first half of 2020,” the Toledo, Ohio-based real estate investment trust […]

Welltower Continues Health System Push with Jefferson Health Joint Venture

Welltower Inc. (NYSE: WELL) on Monday continued its recent push to partner with major health systems, announcing a joint venture with the non-profit Jefferson Health. A hospital heavyweight in the Philadelphia metro area, Jefferson — affiliated with Thomas Jefferson University — will begin providing clinical care at Welltower’s senior housing, assisted living, and memory care […]