Standard & Poor’s is contemplating a downgrade of ProMedica Health Systems’ credit rating, in light of the nonprofit’s acquisition of struggling skilled nursing giant HCR ManorCare. That transaction—a joint venture with real estate investment trust Welltower (NYSE: WELL)—closed last week. While asserting that the non-profit health system still has an A+ rating for its long-term […]
Quality Care Properties
Welltower Inc.’s (NYSE: WELL) proposed $1.95 billion acquisition of Quality Care Properties (NYSE: QCP) may have hit a bump in the road. QCP on Tuesday announced that it has received an acquisition proposal from a third party, and that the real estate investment trust’s (REIT’s) board of directors believes the proposal could reasonably be expected to […]
Welltower Inc.’s (NYSE: WELL) senior housing occupancy declined as expected in the first quarter of 2018, according to an earnings report published late on Wednesday. The Toledo, Ohio-based health care real estate investment trust (REIT) also announced it has reached an agreement to acquire Quality Care Properties (NYSE: QCP) in a $1.95 billion, all-cash transaction. In […]
HCR ManorCare Chairman, President and CEO Paul Ormond has stepped down, Quality Care Properties, Inc. (NYSE: QCP) announced on Monday. The news comes as HCR ManorCare remains in default under its master lease and securities agreement with QCP. To learn more, head to Skilled Nursing News. Written by Mary Kate Nelson
Happy Monday, Senior Housing News readers! Hopefully your weekend was a great one. The Thrive Innovation Center, a “thematic experience center” where consumers can try out innovative technology for aging seniors, is set to officially open in Louisville, Kentucky, on October 19. The Thrive Center was created through a public-private partnership between the Commonwealth of Kentucky […]
After a busy week of headlines and speculation, Quality Care Properties, Inc. (NYSE: QCP) is reportedly inching closer to a complete equity takeover of HCR ManorCare, its troubled skilled nursing tenant, according to a Sunday report from the New York Post. Less than a year ago, QCP spun off from Irvine, California-based real estate investment […]
Happy Monday, Senior Housing News readers! Here are some must-read stories to start your week, with some feel-good ones thrown in for good measure: Brookdale Senior Living (NYSE: BKD) is progressing toward having a more market-specific pricing method for its communities. HCR ManorCare and Quality Care Properties (NYSE: QCP) faced a one-two punch of bad […]
Skilled nursing provider HCR ManorCare and its primary landlord, real estate investment trust Quality Care Properties (NYSE: QCP), faced a one-two punch of bad news Monday, with the provider failing to make rent and rumors swirling about its CEO’s demands for a generous compensation package. QCP announced in an 8-K filing that HCR ManorCare came […]
Already embattled, publicly traded skilled nursing providers and real estate investment trusts (REITs) had an especially tough day on Friday. Shares were down across the sector on the heels of the Centers for Medicare & Medicaid Services (CMS) revealing details of a possible overhaul to the payment system for skilled nursing facilities (SNFs). The current […]
It has been far from smooth sailing for Quality Care Properties (NYSE: QCP) since its spin-off from HCP Inc. (NYSE: HCP) last year. It was no secret that QCP was formed to take a troubled tenant, skilled nursing provider HCR ManorCare, out of HCP’s portfolio. But on Friday, QCP released bleak new financial information about Toledo, […]
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