Welltower’s DeRosa: Health Care Real Estate is the New Retail

While remaining relatively mum on the status of his company’s major skilled nursing play, Welltower Inc. (NYSE: WELL) CEO Tom DeRosa this week presented a vision of the future in which health care assets replace retail as the cornerstone of real estate development. “For generations, we thought of anchors as retail — it’s retail that […]

Washington Post Blames Private Equity for ManorCare Woes

Skilled nursing chain HCR ManorCare’s struggles were the direct result of its former private equity ownership, a Sunday report in The Washington Post alleged. The paper analyzed inspection records as part of the wide-ranging story, finding that the number of health code violations found at ManorCare rose from 1,584 in 2013 to nearly 2,000 in 2017 […]

Tryko Adds ManorCare Building in New Jersey; Sale-Leaseback in Chicago

Interra Brokers $6M Sale-Leaseback of SNF in Chicago’s West Loop Interra Realty brokered the sale-leaseback of Chicago skilled nursing facility Monroe Pavilion, located in the city’s West Loop, for $6 million, REBusinessOnline reported. The buyer, JK Equities, was represented by David Goss and Lucas Fryman of Interra. The seller, Symphony Post Acute Network, was represented by Jon […]

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 […]

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 Clears Up Investor Objections, Welltower Deal Vote Remains on Track

Quality Care Properties (NYSE: QCP) last week announced steps to clear up a pair of lawsuits surrounding its impending acquisition by fellow real estate investment trust (REIT) Welltower Inc. (NYSE: WELL). The two class-action lawsuits — Sanderson v. Quality Care Properties and Kent v. Quality Care Properties — alleged that the REIT violated the Exchange […]

Alternate Buyer in Welltower-QCP Deal Drops Out

A buyer that could have thrown a wrench into the deal between Quality Care Properties (NYSE: QCP) and Welltower, Inc. (NYSE: WELL) is no longer in the running, according to a July 2 filing with the U.S. Securities and Exchange Commission (SEC). The Bethesda, Md.-based real estate investment trust (REIT) reported on June 12 that a proposal emerged […]

QCP Hints at Better Offer in Welltower-ProMedica Deal Wrinkle

Quality Care Properties (NYSE: QCP) may have found a more attractive suitor than its current potential buyers. The Bethesda, Md.-based real estate investment trust (REIT) on Tuesday announced that it had received a potentially better takeover offer than the one currently on the table from fellow REIT Welltower Inc. (NYSE: WELL) and non-profit hospital system […]

DeRosa: Welltower and ProMedica ‘Rescued’ Struggling HCR ManorCare

Welltower Inc. (NYSE: WELL) CEO Tom DeRosa on Wednesday offered a spirited defense of his company’s recent skilled nursing mega-deal, saying the transaction will help save HCR ManorCare from its former private equity owners. “These are very good assets — great real estate that’s been run by a very effective management team with one hand […]

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, […]

ProMedica-ManorCare Deal May Affirm Skilled Nursing’s Future in Senior Living

The splashiest skilled nursing deal of the year portends better things to come for the industry as a whole, according to the leader of one prominent senior living real estate investment trust (REIT). National Healthcare Investors (NYSE: NHI) CEO Eric Mendelsohn touted the recent $1.95 billion acquisition agreement between Welltower Inc. (NYSE: WELL) and Quality Care Properties (NYSE: QCP) […]

ManorCare Mega-Deal Blurs Care Lines, But Will Doctors Buy In?

When assessing the deal struck by Welltower (NYSE: WELL) to acquire Quality Care Properties (NYSE: QCP) and by ProMedica to acquire HCR ManorCare, outsiders should look at whether the players can pull off a genuine team-based approach to care. That’s according to Bob Kramer, founder of the National Investment Center for Seniors Housing & Care (NIC). The […]

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 […]

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 […]

Why ManorCare’s Former CEO is Owed Millions After Bankruptcy

Unfunded pension obligations are behind a multi-million-dollar payout due to HCR ManorCare’s former president and CEO — even though the company has filed for Chapter 11 bankruptcy. Paul Ormond, who left ManorCare in September 2017, is owed $116.7 million under the prepackaged bankruptcy plan by which Quality Care Properties, Inc. (NYSE: QCP) will take over […]