The structure and finances of private equity investors in the skilled nursing space have come under the federal microscope, with two U.S. senators and a U.S. representative demanding answers from four major firms about their investment in nursing homes. Presidential hopeful Sen. Elizabeth Warren, along with Sen. Sherrod Brown and Rep. Mark Pocan, sent strongly-worded […]
The influx of cash into the nursing home world from outside investors such as private equity firms came under fire during testimony in a hearing of the House Ways and Means Committee on Thursday. The hearing focused on the costs — both financial and social — of caring for elderly Americans, with testimony from caregivers, […]
Multiple suitors have come knocking at Welltower Inc.’s (NYSE: WELL) door to ask about its recently acquired skilled nursing assets, a top executive said Tuesday, with potential offers that could significantly exceed their most recent sale price. The real estate investment trust (REIT) has no interest in selling off a large chunk of its HCR […]
Moody’s this week downgraded its rating for non-profit health system ProMedica, citing concerns over the ongoing integration of the HCR ManorCare assets into its umbrella and weakening Medicare census at its nursing facilities. The New York City-based rating agency dropped ProMedica from Baa1 to Baa3, with a negative outlook, the second such slip since the […]
Genesis HealthCare (NYSE: GEN) on Wednesday announced the acquisition of an ownership stake in 18 skilled nursing facilities in conjunction with a private investment firm, while also shedding eight more properties in a separate deal worth a total of $89 million. The Kennett Square, Pa.-based post-acute giant has a 30% share of the new entity […]
More than a year after Welltower’s (NYSE: WELL) mega-deal to snap up skilled nursing giant HCR ManorCare, the real estate investment trust’s CEO says the partnership is on the right financial footing. “They’re on track,” Tom DeRosa said of the early financial results in a recent interview with the National Investment Center for Seniors Housing […]
Regional Health Properties (NYSE: RHE) successfully completed the sale of four skilled nursing facilities in Alabama, Georgia, and Oklahoma for $28.5 million, Blueprint Health Care Real Estate Advisors announced last week. The deal, originally announced last month, initially consisted of three properties for $26.1 million; closing on the fourth property had been extended to late […]
Welltower Inc. (NYSE: WELL) on Wednesday announced the promotion of Tim McHugh to the position of chief financial officer — as well as the departure of former CFO John Goodey. McHugh had previously held the title of senior vice president, corporate finance at the Toledo, Ohio-based real estate investment trust (REIT), and will continue to […]
The skilled nursing world has seen its share of bankruptcies over the last few years, and this past week a vendor with a heavy concentration in the space blamed the industry’s woes for its own filing. Joerns, a private-equity owned company that makes medical equipment, began Chapter 11 bankruptcy proceedings late last month, citing post-acute […]
Welltower (NYSE: WELL) CEO Tom DeRosa touted a big-picture view of his company’s skilled nursing investments this week, describing post-acute services as part of a larger health care ecosystem — one that is vertically integrated and thinks holistically about care. And because of that, he’s adamant that there’s more to the real estate investment trust’s […]
After blaming its acquisition of HCR ManorCare for a significant annual loss in 2018, non-profit health system ProMedica credited its new skilled nursing assets for helping to offset a rough first quarter for its insurance business. The Toledo, Ohio-based acute- and post-acute giant logged a net loss of $9.8 million in the first quarter of […]
ProMedica on Thursday announced a pair of promotions that will bring a new leadership team at the health system and its skilled nursing subsidiary, HCR ManorCare. The Toledo, Ohio-based health system promoted Steve Cavanaugh, president of the ManorCare division, to chief financial officer of the entire ProMedica network. Replacing Cavanaugh at the helm of ManorCare […]
Major landlords have taken steps in recent years to reduce their exposure to Genesis HealthCare (NYSE: GEN) and skilled nursing properties more broadly — and now a leading national provider is looking to return the favor. The Kennett Square, Pa.-based Genesis is actively searching out more real estate acquisition opportunities after pulling off a 15-building, […]
Less than a year has passed since the ink dried on health system ProMedica’s acquisition of skilled nursing operator HCR ManorCare, but the deal has already brought $70 million into its capital-starved post-acute operations this year — with more cash influxes where that came from. That level of reinvestment, which ManorCare plans to repeat each […]
Executives from Welltower Inc. (NYSE: WELL) have been largely mum about the company’s ongoing integration of HCR ManorCare’s skilled nursing facilities into its overall portfolio, but when pressed Tuesday, leaders hinted that the metrics are moving in the right direction. Occupancy at ManorCare SNFs has increased by more than 100 basis points, Welltower chief investment […]
Non-profit hospital system ProMedica last week announced the layoffs of 100 more administrative and corporate employees, marking the second round of staffing reductions since it took over the operations of nursing home chain HCR ManorCare. The Daily Reporter of Coldwater, Mich. — where ProMedica operates the Coldwater Regional Hospital — initially reported the news, citing […]
Genesis HealthCare (NYSE: GEN) struggled overall in 2018, but managed to cut its net loss in half from the year before — and executives described the previous 12 months as a “pivotal year” for the beleaguered skilled nursing provider. For the fourth quarter of 2018, Genesis reported a net loss of $68.95 million, or 67 […]
Non-profit hospital operator ProMedica announced its first set of annual financial data after acquiring skilled nursing giant HCR ManorCare last year, and the early results weren’t positive. The Toledo, Ohio-based firm reported $70 million in losses for fiscal 2018, according to an unaudited financial report for bondholders, despite a major revenue gain from absorbing approximately […]
Non-profit health systems in the United States have about $600 billion worth of real estate sitting on their balance sheets — and as they look to shake up their operations, the marketplace is ripe for disruption, according to Tom DeRosa, CEO of Welltower Inc. (NYSE: WELL). But investors shouldn’t expect skilled nursing to be part […]
Executives at Welltower Inc. (NYSE: WELL) are becoming more confident in the post-acute business, noting that skilled nursing acquisition prices have increased. In fact, in the past 12 months, the company has gone from being “an opportunistic buyer to opportunistic seller,” at least when it comes to skilled nursing, Welltower chief investment officer Shankh Mitra […]
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