ProMedica Lays Off 100, Cuts 60 More Jobs One Month After ManorCare Acquisition

Less than a month after completing its acquisition of skilled nursing giant HCR ManorCare, ProMedica Health System this week laid off 100 employees and cut 60 unfilled positions. The Toledo Blade first reported the news. The majority of the layoffs consisted of employees “in leadership roles and corporate functions,” according to a statement provided to […]

ProMedica-ManorCare Deal Could Signal ‘Titanic Shift’ in Skilled Nursing

Welltower Inc. (NYSE: WELL) and ProMedica’s megadeal to acquire Quality Care Properties’ real estate has given the skilled nursing industry a boost, and could spur other similar deals in the future. As part of the $4.4 billion joint venture, non-profit hospital system ProMedica also picked up the struggling skilled nursing chain HCR ManorCare, QCP’s former primary […]

Welltower, ProMedica Close on $4.4B QCP-ManorCare Deal

Just one day after shareholders approved Welltower Inc.’s (NYSE: WELL) acquisition of Quality Care Properties (NYSE: QCP), the rest of the megadeal dominoes fell late Thursday. The Toledo, Ohio-based real estate investment trust (REIT) announced that it had closed on its joint-venture purchase of QCP’s real estate with non-profit hospital system ProMedica. In the same […]

QCP Sets Date for Welltower Vote, Sees Skilled Nursing Woes Through 2020

Quality Care Properties (NYSE: QCP) has set a date for shareholders to vote on its proposed acquisition by Welltower Inc. (NYSE: WELL) and the ProMedica hospital system — and despite rumblings about a potentially better offer, QCP continues to tell shareholders to approve the deal. The real estate investment trust (REIT) will convene a meeting […]

Welltower Updates Investors on Impending QCP, ManorCare Deal

Welltower, Inc. (NYSE: WELL) on Monday provided a brief update to shareholders on the company’s coming acquisition of Quality Care Properties (NYSE: QCP), the real estate investment trust (REIT) primarily associated with struggling skilled nursing provider HCR ManorCare. The update, submitted as a filing with the Securities and Exchange Commission, affirms Welltower’s commitment to ProMedica, […]

Welltower, ProMedica Look to ‘Reinvent’ Skilled Nursing with QCP Deal

After seeing major players like Humana and TPG Capital take billion-dollar bets on vertical health care integration, Welltower Inc. (NYSE: WELL) is getting in on the action as well. Shankh Mitra, the real estate investment trust’s (REIT) senior vice president of investments, specifically cited those companies — which recently teamed up to buy Kindred Healthcare’s […]

QCP Frames ManorCare, Welltower Deals as Best Options Amid Turmoil

When Welltower Inc. (NYSE: WELL) and ProMedica announced their deal to acquire Quality Care Properties (NYSE: QCP) — and, by extension, skilled nursing giant HCR ManorCare — the move was a strategic splash designed to shake up the long-term landscape. For QCP, however, it was simply the best way to play a less-than-ideal hand. On […]

Welltower Acquires QCP for $1.95B, Health System to Take Over ManorCare

The fates of skilled nursing giant HCR ManorCare and its former landlord, Quality Care Properties (NYSE: QCP), have been determined. Welltower Inc. (NYSE: WELL), one of the largest U.S. health care real estate investment trusts (REITs), has reached an agreement to acquire QCP in a $1.95 billion all-cash deal. Going forward, Welltower will own the […]

Welltower, ProMedica Reportedly Eyeing $2B Acquisition of QCP

A non-profit health system and a major real estate investment trust (REIT) are reportedly teaming up to buy Quality Care Properties (NYSE: QCP) for $2 billion. The ProMedica hospital system and Welltower, Inc. (NYSE: WELL) have already made that offer, according to sources that spoke to the Reuters news service — which would value QCP at about […]

Bankruptcy Court Approves QCP’s Takeover of ManorCare

A federal bankruptcy judge on Friday approved HCR ManorCare’s plan to emerge from bankruptcy under the ownership of its landlord, Quality Care Properties (NYSE: QCP). Judge Kevin Gross of the U.S. Bankruptcy Court for the District of Delaware gave the sign-off on the prepackaged Chapter 11 plan, which will see the Bethesda, Md.-based QCP lose […]

Despite Steep Debt, ManorCare to Pay $100 Million to Former CEO

Recently filed bankruptcy documents reveal that HCR ManorCare’s total missed rent to Quality Care Properties, Inc. (NYSE: QCP) topped $445 million — while its former CEO is set for a handsome payday. Paul Ormond, who left the embattled provider in September, could receive a settlement in excess of $100 million, according to a letter from ManorCare […]

Quality Care Properties to Take Over HCR ManorCare

Quality Care Properties (NYSE: QCP) has reached an agreement to take over full equity ownership of its tenant, skilled nursing provider HCR ManorCare. As a result of the transaction, QCP expects to lose its status as a real estate investment trust (REIT), the company announced this morning. The transaction follows a long period of financial […]

ManorCare Seeks Dismissal of QCP Receivership Case

After months of extensions, HCR ManorCare has finally responded to a receivership claim from its landlord — and the provider seeks to have the case dismissed. Quality Care Properties, Inc. (NYSE: QCP) announced early Tuesday that tenant ManorCare had filed a motion to dismiss “certain claims in the receivership complaint,” according to a filing with […]

New Year’s Catch-Up: ManorCare’s Rent Cut, Regulatory Rollbacks

In case you’ve been blissfully away from your e-mail since before Christmas, here’s a quick rundown of the skilled nursing headlines you missed. QCP Cuts ManorCare a Break Quality Care Properties, Inc. (NYSE: QCP) gave its troubled tenant HCR ManorCare a generous Boxing Day present, announcing a one-year rent cut in a December 26 filing […]

Top 10 Skilled Nursing Stories of 2017

The skilled nursing industry faces an existential crisis over its future, and 2017 was a year filled with threats — financial and regulatory woes at top providers, plummeting occupancy, and continued reimbursement pressures. But it was also a year that saw promising research illustrating the utility of SNF care and successes in new payment models, […]

QCP Extends ManorCare Receivership Deadline into 2018

Troubled nursing home operator HCR ManorCare got an early Christmas present from its primary landlord Monday morning: another month and a half to respond to a receivership claim. Quality Care Properties, Inc. (NYSE: QCP) pushed back ManorCare’s deadline to January 15, the fourth such extension since the real estate investment trust (REIT) initially filed a […]

Skilled Nursing Must-Reads: ManorCare’s Win, Genesis’s Reinvention

Earnings season has brought a flurry of news from publicly traded skilled nursing operators and landlords, so in case you missed them the first time around, here’s a quick glance at the biggest stories in the SNF world from the past week — including a major structural shakeup at a leading provider. After a judge […]