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 […]

Mainstreet Calls Off Post-Acute Projects, Lays Off 70 in Arizona

The distressed skilled nursing industry appears to need fresh approaches to operations and real estate, but bringing new types of properties to market is far from easy. Mainstreet, one of the largest developers of post-acute facilities in the nation, is the latest example, as the company is scaling back the rollout of its new Rapid […]

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 […]

QCP-ManorCare Deal Could Signal Skilled Nursing Upheaval

When Quality Care Properties, Inc. (NYSE: QCP) announced an agreement to take over its troubled tenant HCR ManorCare late last week, it capped a long struggle between the landlord and the skilled nursing provider. The Bethesda, Md.-based QCP is expected to lose its status as a real estate investment trust (REIT) as a result of the deal, […]

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 […]

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 […]

QCP Pushes ManorCare Deadline Back to December

Quality Care Properties, Inc. (NYSE: QCP) on Thursday granted yet another reprieve to its troubled tenant, HCR ManorCare. The Toledo, Ohio-based skilled nursing provider now has until December 1 to respond to a receivership claim that QCP originally filed in August. It’s the third such delay that the real estate investment trust (REIT) has granted […]

ManorCare CEO Exits Amid Restructuring

HCR ManorCare President and CEO Paul Ormond has left his position as the skilled nursing provider continues to work through a potential restructuring with its landlord, real estate investment trust Quality Care Properties, Inc. (NYSE: QCP). The Bethesda, Md.-based REIT first announced Ormond’s departure from HCR ManorCare on Monday; he has already been replaced by […]

Amid Turmoil, Does Skilled Nursing Have a Future in REITs?

Conflicts between major real estate investment trusts (REITs) and their skilled nursing tenants have dominated industry headlines in recent weeks. Quality Care Properties (NYSE: QCP) continues to seek relief amid its primary tenant HCR ManorCare’s failure to pay rent, while shareholders of Sabra Healthcare REIT, Inc. (NASDAQ: SBRA) attempted to derail its acquisition of the SNF-heavy […]

[UPDATED] As Receivership Looms, ManorCare DOJ Case Moves Forward

As Quality Care Properties (NYSE: QCP) seeks receivership for HCR ManorCare properties, a date has been set for the False Claims Act case against ManorCare for allegedly providing unnecessary therapy services to residents and billing to Medicare. The trial date has been set for January 22, 2018 and is likely to result in a settlement, […]

Must-Reads: Fortis in Receivership, SNFs’ Cloudy CCRC Future

Each week, we round up the most-read stories on Skilled Nursing News in one place — perfect for catching up on the top headlines you may have missed amid the health care reform collapse and other news out of Washington. Fortis Management Group, an operator of 60 skilled nursing facilities in the Midwest and Pacific […]

Highest Paid Chief Executives in Skilled Nursing

Though many of the chief executives behind some of the biggest public skilled nursing companies in the U.S. made millions of dollars last year, some earned more than others. Company leaders at Quality Care Properties (NYSE: QCP), Kindred Healthcare (NYSE: KND), and Omega Healthcare Investors (NYSE: OHI) made the most in total compensation in 2016 — […]