As federal stimulus payments slow at this point in the pandemic, ProMedica reported a $101.4 million operating loss for the first nine months of the year — with a $23.5 million loss for the third financial quarter alone. During the first nine months of 2020, the Toledo, Ohio-based operator said it had $168 million in […]
Welltower
One week after a $750 million unitranche loan program was announced between KeyBank Real Estate Capital and Welltower, the targeted fund for owners of independent living, assisted living and skilled nursing facilities is open for business and ready to compete with debt funds for clients. “This is a program that will allow us to do […]
Despite “mediocre” bottom line results, Welltower (NYSE: WELL) CEO Shankh Mitra said he “could not be happier” with the real estate investment trust’s (REIT) third quarter overall. Mitra was also thankful the impact of the COVID-19 delta variant had a minimal impact on the REIT’s operators. “In our experience, COVID surges drive revenue down and […]
KeyBank Real Estate Capital has established a $750 million unitranche loan program in partnership with Welltower Inc. (NYSE: WELL). The health care real estate fund will provide first mortgage financing on skilled nursing and seniors housing projects, according to a press release announcing the program. A unitranche loan blends senior and junior debt pricing and […]
Commercial real estate volume has been booming this year, particularly in the most recent quarter as it surpassed $450 billion year-to-date, according to Zach Bowyer, JLL managing director. The combination of a pent up market and low cap rates continue to push pricing in the skilled nursing space. Commercial real estate volume hasn’t reached such […]
Genesis HealthCare Inc. is yet again on the hunt for a new leader less than eight months after current CEO Harry Wilson was named to head the organization as the post-acute care company continues its restructure during the COVID-19 pandemic. Wilson and his consulting firm, the MAEVA Group, were brought on in March to develop […]
As Medicare Advantage enrollment continues to climb and operators look for a seat at the table, ProMedica Senior Care President Angela Brandt believes now is the time to recognize the role long-term care facilities can play in value-based payment. “We all have to get comfortable with where we add value for the health care continuum […]
Chicago-based Huron Consulting, which traditionally has ties to the health care world via hospital systems, has cultivated a small team to zero in on attracting clients from the skilled nursing and long-term care industry. Hand-picked talent and a concerted effort to dismantle the silos in health care set the group apart from other firms that […]
Angela Brandt is taking the helm as president of ProMedica Senior Care, the Toledo, Ohio-based not-for-profit organization announced Monday. She is tasked as president with making strategic senior care investments, working with other ProMedica divisions, seeking out new partnerships and ventures, “driving senior care excellence,” and advancing the organization’s holistic care model. Brandt, who has […]
The private sector has become more interested in investing in skilled nursing assets this past year into 2021, thanks to less competition from the public sector and (in some cases) distressed sales due to the pandemic. Public skilled nursing facility (SNF) owners like LTC Properties, Welltower Inc. and Omega Healthcare, meanwhile, are less inclined to […]
Welltower Inc. (NYSE: WELL) on Thursday again touted the benefits of a blockbuster move to largely end its relationship with troubled nursing home giant Genesis HealthCare, hinting at an even greater return for the real estate investment trust (REIT) than previously disclosed. Welltower CEO Shankh Mitra pointed to the $144,000-per-bed price tag on the transaction, […]
A international group of 95 investment firms with holdings in post-acute and long-term care companies on Thursday called on the industry to bolster care and raise wages for frontline caregivers in the wake of the COVID-19 pandemic. “As the sector recovers, and we reflect upon the damage to our societies and the loss of human […]
Fitch Ratings announced Tuesday that it “has affirmed and withdrawn all ratings of Welltower, Inc. (NYSE: WELL), including the Long-Term Issuer Default Ratings (IDRs) at ‘BBB+’.” The credit ratings provider also said that the rating outlook for the Toledo, Ohio-based real estate investment trust (REIT) is “Negative,” a reflection of its “elevated leverage profile above […]
Over the last several years, regionalization has dominated the mergers-and-acquisitions narrative in nursing homes, with operators and investors increasingly questioning the utility of massive scale in a landscape that depends so heavily on local market factors such as Medicaid rates and hospital referral flows. But as former giants such as Kindred Healthcare exited the industry […]
Sen. Elizabeth Warren this week wrote another letter to executives at Genesis HealthCare (NYSE: GEN), raising concerns about the nursing home giant’s recent deal to significantly restructure its operations in part through a $50 million private equity investment. Warren, a Massachusetts Democrat, made headlines in late January when she publicly questioned the operator’s decision to […]
The ink on ProMedica’s deal to acquire the operations of nursing home giant HCR ManorCare was barely dry, but the health system’s David Parker already had his eyes on further expansion. The Toledo, Ohio-based ProMedica made a huge splash in the post-acute and long-term care world in 2018 when it teamed with real estate investment […]
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 […]
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, […]
Welltower Inc. (NYSE: WELL) this week announced another major write-down related to troubled nursing home tenant Genesis HealthCare (NYSE: GEN) as the provider’s future — along with the outlook for the rest of the sector — remains unclear. During the fourth quarter of 2020, the Toledo, Ohio-based real estate investment trust (REIT) wrote down $83 […]
The COVID-19 vaccines being distributed in skilled nursing and long-term care facilities constitute a light at the end of the tunnel, at least in terms of the clinical ravages inflicted in SNFs and other institutional settings. But it’s far from clear what effect that will have on the number of patients and residents in those […]
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