Tryko Partners Picks Up HCR ManorCare Facility
Quality Care Properties divested one of its HCR ManorCare-operated skilled nursing facilities in New Jersey, with Tryko Partners stepping in as the buyer. Built in 1974, the 106-bed facility is located in New Providence (Newark MSA), which will complement Tryko’s existing strong presence in central and northern New Jersey. The facility is located close to six area hospitals, but currently just two providers refer about 90% of admitted patients. With services that include post-acute, short-term rehab and long-term residential care, it also maintains a five-star rating from CMS. Even with the already-high rating, Tryko will still immediately launch into a multi-million-dollar upgrade of the... Read More »
Sale of Quality Care Properties Approved
By a margin of 26-1, shareholders approved the sale of Quality Care Properties to Welltower for $20.75 per share in cash, with Welltower teaming up with ProMedica Health System, which will own the HCR ManorCare operating business, lease the facilities from Welltower, and also own the home health and hospice business. Shareholders also approved the compensation packages for QCP’s executives but at a much smaller margin of 1.14-1.0. Although we have not seen a closing date, we expect all the transactions to close in the next few weeks. We are sure Welltower would like to have it all wrapped up in time for the August 3 second quarter earnings calls. It will be interesting to see how the HCR... Read More »
A Fearsome Threesome: Welltower, Quality Care Properties and ProMedica Health Deal
We would be lying if we said we were not surprised by the announcement that Welltower will be buying Quality Care Properties for about $2 billion plus assumed debt, that ProMedica Health Systems would be buying the operating assets of HCR ManorCare, and that Welltower and ProMedica would be joint venturing. Strange bedfellows, for sure. While we are sure there was some time pressure to get the news out, we are also sure there were some unhappy analysts who were asleep at 11.58 pm on April 25 when Welltower announced to deaf ears that it moved up its second quarter earnings call to……8 hours later at the bright and early time of 8:00 am the following morning. Looks like management pulled a... Read More »
Brookdale, HCR ManorCare and NIC
Two major companies make decisions, one with a path forward and the other still unclear, and they will be the talk of Dallas at the NIC conference. As the senior care investing world descends on Dallas today for the Spring NIC conference, the giddy tone of the newcomers may be sobered by the recent events at Brookdale Senior Living and HCR ManorCare. Brookdale was the worse story, with its share price now down 80% from three years ago. The announcement last week that HCR ManorCare will submit a pre-packaged bankruptcy filing and become a wholly-owned subsidiary of landlord Quality Care Properties was not a surprise, but just confirmed that the skilled nursing sector has a long struggle... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
