Sabra Cuts Genesis Rent by $19 Million in Exodus Plan

Sabra Health Care REIT (Nasdaq: SBRA) has released details of a previously announced restructuring of its Genesis HealthCare (NYSE: GEN) portfolio, with the goal of making the skilled nursing and post-acute properties more marketable to potential buyers. Kennett Square, Pennsylvania-based Genesis, the largest skilled nursing provider in the nation, has been beset by problems during […]

Genesis Plans Major Restructuring, Blames Historic SNF ‘Down Cycle’

Citing a declining census, rising nurse wages, and decreasing reimbursements, Genesis Healthcare (NYSE: GEN) this week announced a major restructuring of its leases with top landlords. The Kennett Square, Pennsylvania-based skilled nursing and post-acute care provider said it reached non-binding agreements with real estate investment trusts (REITs) Welltower, Inc. (NYSE: HCN) and Sabra Health Care […]

Sabra Touts $1 Billion Pipeline, ‘Flawless’ CCP Integration

It’s been a busy past few months for Sabra Health Care REIT (Nasdaq: SBRA), to say the least. In August, company shareholders approved its merger with Care Capital Properties (NYSE: CCP). Then, in early September, the Irvine, California-based real estate investment trust (REIT) announced it was purchasing the real estate associated with 24 skilled nursing facilities for […]

Why SNF Investment Risk Exists in the Eye of the Beholder

Among large swaths of the real estate investment community, reducing exposure to skilled nursing assets is considered a smart play at the moment. Given the uncertain regulatory landscape and shifting payment models, betting on SNFs may just not seem worth it. But several players in the SNF investment market believe that the asset class isn’t necessarily […]

Sabra CEO: Days are Numbered for Custodial Care in SNFs

If skilled nursing operators are planning to provide custodial long-term care for years to come, they might want to think again. “Custodial care has no place in skilled nursing, in my opinion,” Rick Matros, CEO of Sabra Health Care REIT (Nasdaq: SBRA), said Wednesday at the National Investment Center for Seniors Housing & Care (NIC) […]

Sabra to Buy 24 SNFs for $430M, Sell Whole Genesis Portfolio

Sabra Health Care REIT (Nasdaq: SBRA) on Monday announced a pair of major moves, revealing a plan to buy 24 skilled nursing and transitional care units on the West Coast — and taking concrete steps to sell off its remaining 43 properties operated by Genesis HealthCare (NYSE: GEN) by the end of next year. The […]

Despite Signature Troubles, Sabra Sees Bright Post-Merger Future

Fresh off the approval of its blockbuster merger with Care Capital Properties, Sabra Healthcare REIT, Inc. (Nasdaq: SBRA) on Friday trumpeted the better-than-estimated value of the deal — and predicted an orderly solution to one of its continuing problems. The company had been conservative in its pre-merger projections, CEO Rick Matros said on a conference […]

Sabra Takes Steps to Improve Underperforming CCP Properties

Sabra Health Care REIT (Nasdaq: SBRA) is pursuing a multi-pronged repositioning strategy to improve the performance of certain new additions to its portfolio, following the mega-merger with Care Capital Properties. The merger with real estate investment trust CCP added 359 properties, mostly skilled nursing, to Sabra’s existing portfolio of 205 skilled nursing, private-pay senior housing, […]

Skilled Nursing Must-Reads: SNFs in a Decade, Post-Acute Confusion

The last five days were dominated by a pair of major real estate investment trust (REIT) dramas — Sabra Healthcare REIT, Inc.’s (NASDAQ: SBRA) successful shareholder vote to acquire Care Capital Properties (NYSE: CCP), and Quality Care Properties’ (NYSE: QCP) decision to seek receivership for the struggling HCR ManorCare’s facilities. But much more happened in […]

Hudson Bay Doubles Down Against $7.4 Billion Sabra-CCP Merger

An activist shareholder is once again coming out strong against the proposed $7.4 billion merger of Care Capital Properties, Inc. (NYSE: CCP) and Sabra Health Care REIT, Inc. (Nasdaq: SBRA) — now describing the August 15 vote on the matter as essentially “a shareholder referendum on whether Sabra should continue with the prior strategy of steadily diversifying its […]

Can Activist Shareholders Scuttle Sabra-CCP Deal?

Sabra Health Care REIT, Inc.’s (NASDAQ: SBRA) impending merger with Care Capital Properties (NYSE: CCP) has been met with resistance from two shareholders, and while the aggrieved parties control only a small percentage of the Irvine, Calif.-based real estate investment trust (REIT), one commentator says they can still make closing the deal difficult. Shareholders Eminence and Hudson […]

Another Shareholder Will Vote Against Sabra-CCP Merger

Joining others that have expressed opposition, Sabra Health Care REIT, Inc. (NASDAQ: SBRA) shareholder Eminence Capital, LP on Monday announced its intention to vote against Sabra’s upcoming merger with Care Capital Properties, Inc. (NYSE: CCP). Eminence, a New York City-based hedge fund, owns 3.9% of Sabra’s common stock. With its announcement, Eminence follows fellow New […]

Nursing Care M&A Volume Trends Downward in Q2

The total dollar value of nursing care properties that changed hands in the second quarter of 2017 fell slightly from previous quarters, according to preliminary data from the National Investment Center for Seniors Housing & Care (NIC). In total, $1.4 billion worth of senior care mergers and acquisitions occurred in the second quarter — with senior […]

Prices for Long-Term Care Facilities Spike Nearly 300%

The dollar value of long-term care (LTC) facility transactions ballooned by nearly 300% in the second quarter of 2017, even as the absolute number declined. LTC facilities commanded a total of $9.7 billion in the second quarter of 2017, a 299% increase from the $2.4 billion that changed hands in the second quarter of 2016 […]

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 — […]

Friday Round-Up: Senate Prepares to Hack Away at Medicaid

Welcome to an eventful Friday in the world of skilled nursing, as both industry players and average Americans still struggle to untangle the implications of the Senate’s version of the American Health Care Act — and the Senate GOP leadership attempts to wrangle enough votes to pass the legislation by the time Congress takes off […]

Why Sabra Bet on Skilled Nursing While Other REITs Bailed

Several publicly traded real estate investment trusts (REITs) have backed off skilled nursing in recent months and years, but one major player recently made an eye-popping investment in the asset class. The largest health care REITs — Ventas (NYSE: VTR), Welltower (NYSE: HCN), and HCP (NYSE: HCP) — all have either spun off the majority […]