With a combination of strong federal relief and a seemingly safe place in the wider health care continuum, skilled nursing facilities have repeatedly emerged as bright spots in an otherwise hazy financial outlook for players in the senior housing and care sector. Fitch Ratings on Tuesday added to that trend in awarding a BBB- rating […]
Welltower
BMO Capital Markets this week downgraded its outlook for several publicly traded landlords of senior housing and skilled nursing facilities, but post-acute care emerged as a rare bright spot in the analysis — with the prediction that the sector will recover faster than its senior living counterparts. The financial services provider issued downgrades to Welltower […]
As the calendar turned to 2021, the skilled nursing mergers-and-acquisitions market showed signs of heating up with multiple big-dollar portfolio deals announced. First up, MONTICELLOAM on Monday trumpeted its involvement in a $507 million skilled nursing portfolio transaction in the Southeast. The New York City-based health care lender and asset manager originated $368 million in […]
When Welltower Inc. (NYSE: WELL) and health system ProMedica teamed up to take over nursing home giant HCR ManorCare in 2018, the players positioned the move as a way to vertically integrate a continuum that could follow a patient from the hospital, to a skilled nursing facility, to home health. The real estate investment trust […]
Welltower Inc. (NYSE: WELL) took a $97 million write-down associated with properties operated by Genesis HealthCare (NYSE: GEN) amid concerns about the nursing home giant’s future, the real estate investment trust (REIT) announced Thursday. The move came as Welltower switched Genesis to cash-based reporting for its lease income, retroactive to July 1, though chief financial […]
The senior care division of non-profit hospital system ProMedica took a serious revenue hit amid the COVID-19 pandemic — like many other post-acute and long-term care providers — but significant federal relief helped the HCR ManorCare owner offset the strain. The Toledo, Ohio-based ProMedica’s senior care business line, which includes its HCR ManorCare skilled nursing […]
Welltower Inc. (NYSE: WELL) CEO Tom DeRosa didn’t mince words on Thursday when describing the impact of COVID-19 on the real estate investment trust’s (REIT) senior care tenants. “When we last spoke with you in early May, Welltower was in the midst of the most challenging period in the company’s history,” DeRosa said on REIT’s […]
ProMedica saw improvement in its HCR ManorCare nursing home business line during the first quarter of 2020, though the ongoing impact of the COVID-19 pandemic remains a long-term unknown for the health system. The Toledo, Ohio-based ProMedica pulled in $17.1 million in income associated with its ManorCare business to start 2020, according to its most […]
Welltower Inc. (NYSE: WELL) on Thursday provided little detail on the state of its joint venture with hospital system ProMedica, but executives insisted that the fundamentals of the business line — which includes the nursing home giant HCR ManorCare — remain strong despite COVID-19. “I will tell you that ProMedica is in fine shape,” Welltower […]
Most of the real estate investment trusts (REITs) with holdings in skilled nursing and senior housing facilities can weather the financial strains caused by COVID-19, a major credit rating agency affirmed this week — but only if current trends hold. Various REITs have responded to the pressures of the coronavirus pandemic by taking steps to […]
Another skilled nursing facility in the state of Washington has reported an outbreak of COVID-19, the disease caused by the novel coronavirus that is sweeping the globe — resulting in major declines in the stock prices of several real estate investment trusts (REITs) with holdings in the skilled nursing and senior housing sectors. That facility, […]
The stock market was rocked on Monday by a combination of factors, including concerns about the novel coronavirus, with a sharp downturn Monday morning triggering a temporary halt on trading — and the Dow Jones Industrial Average, the S&P 500, and the Nasdaq all ending the day down more than 7%. But even though the […]
Fears over the spread of the novel coronavirus have brought short-term pain to the public markets and serious concerns over the potential effects on vulnerable elderly Americans — particularly in the wake of the first confirmed cases at a nursing home, reported this past weekend. But the leader of a major real estate investment trust […]
Welltower Inc. (NYSE: WELL) chairman and CEO Tom DeRosa touted the real estate investment trust’s new senior housing play as a possible alternative to Medicaid-reimbursed nursing homes in a Monday talk at the Chief Executives for Corporate Purpose CEO Investor Forum in Manhattan. On February 18, the Toledo, Ohio-based REIT announced welltowerLIVING, an initiative focused on […]
Skilled nursing giant HCR ManorCare outperformed projections in its first full year as a tenant of Welltower Inc. (NYSE: WELL), the real estate investment trust (REIT) announced Thursday, and could soon expand its footprint to include partnerships with health systems outside of its current orbit. “[The] ManorCare portfolio did not hit our expectation; it exceeded […]
Welltower Inc. (NYSE: WELL) on Wednesday announced the pending sale of three skilled nursing facilities operated by HCR ManorCare and ProMedica for $67 million. “The sale of these HCR ManorCare-operated facilities was initiated following an unsolicited offer and is anticipated to close in the first half of 2020,” the Toledo, Ohio-based real estate investment trust […]
Welltower Inc. (NYSE: WELL) on Monday continued its recent push to partner with major health systems, announcing a joint venture with the non-profit Jefferson Health. A hospital heavyweight in the Philadelphia metro area, Jefferson — affiliated with Thomas Jefferson University — will begin providing clinical care at Welltower’s senior housing, assisted living, and memory care […]
Paramount Health Care, the managed Medicaid arm of major health system and skilled nursing operator ProMedica, this week announced a move to substantially scale back its footprint in the wake of serious financial losses for the plan. The Toledo, Ohio-based Paramount will exit the central and southeast regions of Ohio, cutting its overall enrollment by […]
Standard and Poor’s lowered its outlook for non-profit health system ProMedica, but analysts see sunnier days ahead for its HCR ManorCare skilled nursing assets. S&P Global Ratings on Christmas Eve affirmed its BBB long-term rating for ProMedica’s debt obligations, while also lowering its outlook on the Toledo, Ohio-based health giant from “stable” to “negative.” Following […]
After the non-profit ProMedica Health System took over the operations of HCR ManorCare in a blockbuster deal last year, the skilled nursing entity continues to help improve the system’s shaky financial results. The Toledo, Ohio-based ProMedica reported an operating loss of $102.8 million for its ProMedica Insurance Corporation arm for the nine-month period ending September […]
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