Welltower Inc. (NYSE: WELL) and ProMedica’s megadeal to acquire Quality Care Properties’ real estate has given the skilled nursing industry a boost, and could spur other similar deals in the future. As part of the $4.4 billion joint venture, non-profit hospital system ProMedica also picked up the struggling skilled nursing chain HCR ManorCare, QCP’s former primary […]
Standard & Poor’s last week warned that ProMedica Health System’s acquisition of struggling skilled nursing chain HCR ManorCare may lead to a credit downgrade by the end of the summer. While asserting that the non-profit chain still has an A+ rating for its long-term debt, S&P expressed concerns about the way ProMedica funded the transaction, […]
The ink isn’t quite dry on Welltower Inc.’s (NYSE: WELL) major skilled nursing play, but the real estate investment trust (REIT) is already attracting interest from hospital systems that want to join in its new post-acute care plans. That’s at least according to CEO Tom DeRosa, who hinted on his company’s Friday morning quarterly earnings […]
Just one day after shareholders approved Welltower Inc.’s (NYSE: WELL) acquisition of Quality Care Properties (NYSE: QCP), the rest of the megadeal dominoes fell late Thursday. The Toledo, Ohio-based real estate investment trust (REIT) announced that it had closed on its joint-venture purchase of QCP’s real estate with non-profit hospital system ProMedica. In the same […]
Shareholders of Quality Care Properties (NYSE: QCP) on Wednesday voted to approve the company’s acquisition by fellow real estate investment trust Welltower Inc. (NYSE: WELL), marking the latest milestone in a mega-deal that will shake up the skilled nursing industry. The Bethesda, Md.-based QCP’s investors will receive $20.75 per share as part of the deal. […]
Welltower Obtains New $3B Revolving Credit Facility Welltower Inc. (NYSE: WELL) entered into a new credit agreement consisting of a $3 billion unsecured revolving credit facility, a $500 million unsecured term credit facility, and a C$250 million unsecured term credit facility, according to a filing with the Securities and Exchange Commission Tuesday. The Toledo, Ohio-based real estate investment […]
Quality Care Properties (NYSE: QCP) last week announced steps to clear up a pair of lawsuits surrounding its impending acquisition by fellow real estate investment trust (REIT) Welltower Inc. (NYSE: WELL). The two class-action lawsuits — Sanderson v. Quality Care Properties and Kent v. Quality Care Properties — alleged that the REIT violated the Exchange […]
KeyBank Real Estate Capital provided $67.2 million in financing for a three-property skilled nursing portfolio in West Virginia, through the Federal Housing Administration’s 232/223(f) loan program. The facilities are include Marmet Center in Marmet, Cedar Ridge Center in Sissonville and Willows Center in Parkersburg. All of them are operated by Genesis Healthcare (NYSE: GEN). They have a […]
Recent deals by nonprofit health systems ProMedica and Sanford Health to acquire skilled nursing facility operations have put the sector on notice — and one CEO can understand why. Eric Mendelsohn, the President and CEO of National Health Investors (NYSE: NHI), said he hasn’t seen health systems coming to the table for senior living and care […]
A buyer that could have thrown a wrench into the deal between Quality Care Properties (NYSE: QCP) and Welltower, Inc. (NYSE: WELL) is no longer in the running, according to a July 2 filing with the U.S. Securities and Exchange Commission (SEC). The Bethesda, Md.-based real estate investment trust (REIT) reported on June 12 that a proposal emerged […]
Quality Care Properties (NYSE: QCP) has set a date for shareholders to vote on its proposed acquisition by Welltower Inc. (NYSE: WELL) and the ProMedica hospital system — and despite rumblings about a potentially better offer, QCP continues to tell shareholders to approve the deal. The real estate investment trust (REIT) will convene a meeting […]
Quality Care Properties (NYSE: QCP) may have found a more attractive suitor than its current potential buyers. The Bethesda, Md.-based real estate investment trust (REIT) on Tuesday announced that it had received a potentially better takeover offer than the one currently on the table from fellow REIT Welltower Inc. (NYSE: WELL) and non-profit hospital system […]
Welltower Inc. (NYSE: WELL) CEO Tom DeRosa on Wednesday offered a spirited defense of his company’s recent skilled nursing mega-deal, saying the transaction will help save HCR ManorCare from its former private equity owners. “These are very good assets — great real estate that’s been run by a very effective management team with one hand […]
Welltower, Inc. (NYSE: WELL) on Monday provided a brief update to shareholders on the company’s coming acquisition of Quality Care Properties (NYSE: QCP), the real estate investment trust (REIT) primarily associated with struggling skilled nursing provider HCR ManorCare. The update, submitted as a filing with the Securities and Exchange Commission, affirms Welltower’s commitment to ProMedica, […]
When assessing the deal struck by Welltower (NYSE: WELL) to acquire Quality Care Properties (NYSE: QCP) and by ProMedica to acquire HCR ManorCare, outsiders should look at whether the players can pull off a genuine team-based approach to care. That’s according to Bob Kramer, founder of the National Investment Center for Seniors Housing & Care (NIC). The […]
Welltower (NYSE: WELL) and ProMedica’s blockbuster deal for skilled nursing chain HCR ManorCare and its landlord cements the setting’s place in the future of long-term care, at least according to one prominent ratings firm. “[The deal] supports Fitch Ratings’ view that skilled nursing will have a place on the continuum of care, despite the subsection’s […]
The refrain from the top leaders in the skilled nursing space has been that the industry is a regional game: Control a limited number of high-quality facilities in a confined area, the thinking goes, and an operator can win by successfully embedding itself in the local reimbursement and regulatory landscape. Late Wednesday night, two of […]
After seeing major players like Humana and TPG Capital take billion-dollar bets on vertical health care integration, Welltower Inc. (NYSE: WELL) is getting in on the action as well. Shankh Mitra, the real estate investment trust’s (REIT) senior vice president of investments, specifically cited those companies — which recently teamed up to buy Kindred Healthcare’s […]
When Welltower Inc. (NYSE: WELL) and ProMedica announced their deal to acquire Quality Care Properties (NYSE: QCP) — and, by extension, skilled nursing giant HCR ManorCare — the move was a strategic splash designed to shake up the long-term landscape. For QCP, however, it was simply the best way to play a less-than-ideal hand. On […]
The fates of skilled nursing giant HCR ManorCare and its former landlord, Quality Care Properties (NYSE: QCP), have been determined. Welltower Inc. (NYSE: WELL), one of the largest U.S. health care real estate investment trusts (REITs), has reached an agreement to acquire QCP in a $1.95 billion all-cash deal. Going forward, Welltower will own the […]
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