National Healthcare Corporation Holding Its Own

With all the media attention on financial problems within the skilled nursing sector (and we are guilty of this as well), there are some companies which are doing okay in this environment. One is National HealthCare Corporation, a publicly traded company that keeps very quiet but, with a market cap of $989 million, is one […]

Legacy Tenant Capital Structures Create REIT Turmoil

It all started when HCP, Inc. completed a series of rent negotiations with HCR ManorCare, but to no avail. It just wasn’t enough for a long-term solution, and they ended up spinning the HCRMC portfolio into a new entity (Quality Care Properties) that was supposed to be a REIT but may end up not being […]

Senior Care Stocks Remain in Doldrums

Seniors housing and care stocks remain in the dumps. There has been no Trump bump for them, as the rest of the market is up 16% since the beginning of this year. We should be only half as lucky. One would think that the skilled nursing dominated companies would have been the hardest hit, given […]

Genesis Healthcare Pulls Guidance

A lot of people have been nervous about the skilled nursing sector recently, given the deteriorating finances at HCR ManorCare and other companies. However, that has not seemed to impact acquisition prices in the market, at least for the better facilities and facilities in general in attractive markets. Genesis Healthcare is another company that has […]

Rehabilitation & Physical Therapy: M&A in the Changing Post-Acute Landscape

The rehabilitation and physical therapy M&A market has so far flown under the radar, even though the apparent need will only grow. Publicly traded companies are buying up inpatient rehab facilities, and private equity firms are building physical therapy platforms in major metro areas. But, the market is still very fragmented, which offers opportunities to […]

What Do The REITs Know?

When the Big Three healthcare REITs (Ventas, HCP and Welltower) largely divested their skilled nursing portfolios in the past few years, it prompted questions about the industry’s health. The exodus was kicked off in August 2015 by Ventas, which spun out most its skilled nursing/post-acute care portfolio into a separate REIT, Care Capital Properties (which […]

60 Seconds with Steve
60 Seconds with Steve

Investors, and Congress, Ignore MedPAC

Since November’s crash, skilled nursing prices continue to rise. We sometimes wonder if the members of the Medicare Payment Advisory Commission, or MedPAC, ever get frustrated that their recommendations often go unheeded by Congress. This is certainly the case with recommendations for skilled nursing Medicare reimbursement. Last week, MedPAC recommended a Medicare rate freeze for […]

60 Seconds with Steve
60 Seconds with Steve

Genesis HealthCare, Kindred and Brookdale Working With REITs

It was not easy, but Genesis HealthCare, Kindred Healthcare and Brookdale Senior Living have worked with their REITs to strengthen all concerned. In reviewing the events of the year, I think perhaps the most important ones involve Genesis HealthCare, Kindred Healthcare and Brookdale Senior Living. And, of course, the REITs with close ties to them. […]