CareTrust REIT (NYSE:CTRE) announced Wednesday the acquisition of three skilled nursing facilities for approximately $55.6 million across Texas and Missouri. The portfolio consists of 210 skilled nursing beds and 24 assisted living units, and will be added to CareTrust’s existing master lease with affiliates of PACS Group, which have been operating the facilities for a […]
Category: Finance
Bernie McGuinness has spent three decades in the nursing home industry, rising from a certified nurse aide (CNA) to reach the pinnacle as former CEO of Majestic Care. But the road for McGuinness has hardly ended there. Now, he is venturing into ownership with Journey Skilled Nursing. McGuinness, president and CEO of Journey, sat down […]
The latest research report from Marcus & Millichap for the first half of 2024 reveals promising trends for skilled nursing facilities, highlighting their resilience amidst a shrinking supply landscape. Compiled with help of NIC Map Data Service, the report from the commercial real estate brokerage firm released Tuesday underscores the positive net absorption in the […]
Despite ongoing investments from operators, the nursing home industry is struggling to rebuild its workforce and recover from the pandemic. Meanwhile, operators are concerned that the federal minimum staffing proposal, once finalized, will make operational challenges worse even as nursing homes limit admissions and are concerned about closures. Such findings were outlined in the American […]
Ensign Group (NASDAQ: ENSG) announced Monday its acquisition of three skilled nursing facilities spanning Kansas and Colorado. The transactions, including both real estate and operations, were finalized on March 1, 2024. Ensign affiliates acquired Park Post Acute in Parker, Colorado, which has 135 beds, and Oakwood Care and Rehabilitation in Lakewood, Colorado, with 170 beds. […]
Even as the Biden administration strives to crack down on confusing ownership structures in the nursing home industry, it appears there are gaps in federal data collection and limited visibility into ownership. Only one-third of private equity (PE) and fewer than one-fifth of real estate investment trust (REIT) investments in the nursing home space are […]
About a year ago, Illinois-based Heritage Operations Group significantly reduced its skilled nursing footprint, divesting almost half of its 44 skilled nursing facilities and an assisted living facility. At the time, the company cited added challenges posed by staffing shortages and increased staffing costs amid a challenging economic climate. But a year makes a difference. […]
The year ahead for Sabra Health Care REIT (Nasdaq: SBRA) presents a “terrific” opportunity for improved margins and potential dealmaking, with eyes on multiple asset classes, according to Sabra CEO Rick Matros. While the California-based real estate investment trust (REIT) has focused in the past couple years on diversifying its portfolio – namely adding behavioral […]
States are seeing in real time what a federal minimum staffing mandate may cost them, as a disagreement between Connecticut and its nursing homes has come to a head. The state owes its nursing homes $55 million for staffing requirements imposed between March 2023 and this past January when an enhanced version of the directive […]
Northwind Group, a real estate private equity firm and debt fund manager, announced multiple significant investments in the skilled nursing sector earlier this month in a move that underlines a favorable environment for deal making for large players. A portfolio of nursing homes owned by The Portopiccolo Group benefited from the provision of credit facilities […]
It’s becoming harder than ever to operate standalone skilled nursing facilities amid inadequate government funding, and innovative business models that deal with challenges, especially those related to staffing, have and will be borne from necessity. “Innovative models are going to present themselves in some way to stop this train,” said Dan Hermann, president and CEO […]
Following significant leadership changes recently at PACS Group, new initiatives are afoot at the nursing home giant as it continues to expand its footprint. To discuss these endeavors, Skilled Nursing News sat down with the new leadership at PACS, whose affiliates operate more than 200 facilities in nine states – 58 of these acquired in […]
Medicare fraudster Philip Esformes pleaded guilty on Thursday to health care fraud, laying to rest a longstanding effort to prosecute him after his 20-year sentence was commuted by former President Donald Trump. Esformes, previously convicted of one of the biggest Medicare frauds in 2019 for his involvement in a billion-dollar Medicare fraud scheme, pleaded guilty […]
National Health Investors Inc. (NYSE: NHI), much like other real estate investment trusts (REITs), is looking at deals across the continuum of skilled nursing and senior housing and looking into different ways to invest, including through joint ventures, executives said. “We’re hopeful that we’re seeing the tip of the iceberg,” said NHI Chief Investment Officer […]
Even as operating pressures and staffing shortages persisted at nursing homes, long-term care corporate executives with multi-facility organizations were paid 3.69% more in 2023 compared to the previous year. This represents an increase from the 3.17% salary jump reported in 2022. And, there’s a planned increase of 3.45% on average expected from 2023 to 2024 […]
Pricing for nursing home care continued to grow the fastest in the first month of 2024 compared to other major health care categories, jumping by 4.9% in January, as wages grew but job growth lagged. That’s according to Altarum’s Health Sector Economic Indicators (HSEI) Briefs published on Tuesday. Nursing home care was among service prices […]
Petersen Health Care, which runs around 100 nursing homes and assisted living facilities across the Midwest, is preparing to file for Chapter 11 bankruptcy in the coming weeks, according to Bloomberg News. “Talks are not final and plans could change,” the Bloomberg report stated, citing unnamed sources with knowledge of the matter who asked not […]
Market conditions are currently favoring REITs – and leaders with LTC Properties (NYSE: LTC) are feeling “very bullish” on their investment outlook for the year. LTC executives expressed optimism about the sector’s growth prospects, citing strong market fundamentals and increasing demand for senior housing. Specifically, they see a looming wall of debt maturities coming in […]
Ventas Inc. (NYSE:VTR) sold some of its skilled nursing assets at “favorable” prices in the last quarter of 2023, and is planning more, executives for the Chicago-based real estate investment trust (REIT) said Thursday. “We’ll continue to pick our spots and be opportunistic … on disposing off certain of the Santerre assets over time, including […]
Sanford Health announced plans Tuesday to break ground on a $200 million project for a continuing care retirement community (CCRC) in South Dakota through its subsidiary, the Evangelical Lutheran Good Samaritan Society. The Good Samaritan Society executives told Skilled Nursing News that the funding for the project is an outcome of a strategy to expand […]
Subscribe
Receive industry updates and breaking news from SNN.