Benedictine Health System President and CEO Dale M. Thompson will retire in December. Thompson is a former president of the American Health Care Association.
Advocat Inc., which operates 48 skilled nursing centers, changed its name to Diversicare Healthcare Services as of March 15. Its facilities already operated under the Diversicare name, and President and CEO Kelly J. Gill said the name change is to unify branding.
Aviv REIT Inc. netted nearly $279 million in an initial public offering of common stock. The Chicago-based company first tried to go public in 2008 but was stopped by the economic crisis, and a 2009 attempt was met with investor resistance.
» Emeritus Senior Living recently said it wants to hire 1,000 veterans by 2018. The assisted living and skilled nursing provider says this is the first such veteran recruiting program in senior care. Emeritus has identified a wide range of positions veterans may be qualified for, including resident care director and driver.
Brookdale Senior Living is launching a rebranding initiative under new CEO Andy Smith. The company serves about 66,700 residents in skilled nursing centers and senior living communities.
Kindred Healthcare will continue to offload its nursing facility operations leased from Ventas, according to President and CEO Paul J. Diaz.
Gulf Coast Healthcare, LLC will acquire 25 skilled nursing facilities in Alabama, Mississippi and Florida, using a $168.8 million five-year term loan. After this acquisition, Gulf Coast will operate a total of 69 SNFs, all in those three states. Capital One Bank led the financing by providing a $63.8 million secured loan.
Ventas Inc. anticipates $386 million in 2012 net operating income after management fees from its private-pay senior housing communities managed by Atria Senior Living Inc. and Sunrise Senior Living Inc.
In a first for Native Nations in Arizona, the Tohono O'odham Nursing Care Authority (TONCA) has expanded the campus of an existing eldercare facility by opening a $1.2 million assisted living facility on the grounds.
National HealthCare Corp is buying six nursing homes from landlord National Health Investors for $21 million, the company announced.
Golden Living announced in January it reached a settlement totaling more than $613,000 with the Office of the Inspector General of the Department of Health and Human Services, the Department of Justice and the state of Georgia.
Even with Medicare and Medicaid payment pressures, Kindred Healthcare's RehabCare contract therapy division is holding steady, the company announced at the end of October.
Genesis HealthCare is partnering with Johns Hopkins Hospital's Bayview campus in a $20 million project that may force many analysts to revamp skilled care bed valuations — and the nature of hospital-SNF alliances.
Seniors housing continues a comeback, but operators need to be prepared for the expanding role of managed care, experts said during the National Investment Center for the Seniors Housing & Care Industry annual conference in Chicago in mid-September.
Health Care REIT Inc. will acquire Sunrise Senior Living for $844.6 million in cash, creating a mammoth senior living company that will send ripples through the sector.
The Evangelical Lutheran Good Samaritan Society led the list of largest non-for-profit senior living operators in 2011, according to the annual Leading Age/Ziegler 100 report.
Halfway through 2012, senior living providers are having a better time securing credit in order to expand and are seeing better credit rankings.
Ventas Inc. posted a huge gain in the second quarter, with revenues up by almost 70% compared to a year go. The total revenue in the quarter was $616.4 million. A year ago, the revenue was $359.5 million.
Genesis HealthCare agreed in June to purchase rival Sun Healthcare Group in a transaction that should close the second half of 2012.
Capital One Bank closed a five-year $29 million loan for Ciena Healthcare in July.
The former head of the American Health Care Association, Charles "Chip" Roadman II, M.D., will serve as interim president and CEO of Assisted Living Concepts.
Citing the state's lack of tort reform, a major nursing home chain has announced that it is leaving Kentucky.
Company Briefs for June 2012
Moody's Investors Service upgraded Sabra Health Care REIT in mid-April after the long-term care landlord posting its second-best performance in the first quarter, with a total return of 38.8%.
Kindred Healthcare announced it will not be renewing another lease agreement with Ventas for six nursing and rehabilitation centers and two long-term care facilities.
Senior living operators should be cautiously optimistic due to the rebounding economy and increased consumer confidence, a lead economist said in March.
BGC Partners will buy the assets of Grubb & Ellis Co., which filed for bankruptcy in February.
As it recovers from a tough fourth quarter, Kindred Healthcare said it would not renew seven lease bundles containing 64 facilities in 2013.
Griffin-American Health Care REIT II has acquired 10 skilled nursing facilities and a medical office building for $174.3 million.
One of Hollywood's most famous nursing homes has started readmitting residents, and may stay afloat due to a possible agreement with Kindred Healthcare.
Kindred Healthcare Inc. announced in December that Pat Henry has replaced Chris Bird as president of the RehabCare division.
The agreement means holders of shares of Cogdell common stock will receive $4.25 per share. This represents a premium of 8% to Cogdell's closing price on Dec. 23, 2011, and 13% to the average closing price of Cogdell common stock over the previous 30 days, according to Ventas.
The board of real estate investment trust Grubb & Ellis Healthcare Trust voted in November to replace Grubb & Ellis with American Healthcare Investors and Griffin Capital as co-sponsors. It will now be called Griffin-American Healthcare Trust Inc.
Six nursing home companies were removed from Standard & Poor's Rating Service downgrade watch last month. The firm ranked Kindred Healthcare at B+ , and Skilled Healthcare and Sun Healthcare Group both at B. The ratings giant also notably affirmed its junk-level ratings for Drumm Investors LLC, Genoa Healthcare LLC and HCR Healthcare LLC.
The war between Ventas and HCP appears to be over.
Despite the slow creep back toward traditional bank financing, real estate investment trusts (REITS) continued their buying sprees this fall.
The Robert Wood Johnson Foundation and NCB Capital Impact have begun a $10 million, 10-year low-interest credit facility to finance the building of more Green House homes.
Although major nursing home operators have lowered their 2011 outlooks for investors after factoring in reimbursement cuts, experts say some providers may survive better than others in the long term.
After years of legal wrangling, HCP Inc. has agreed to pay the $102 million the courts have said it owes Ventas Inc.
A partnership between Genesis HealthCare and insurance giant Aetna is expected to drive down hospital readmission rates, provide better patient care and save both companies money.
The Ensign Group purchased several long-term care facilities over the summer. It bought nine skilled nursing and assisted living facilities from Careage Management, along with home health agency Careage Home Care, in July.
Faced with a shaky economy and a slash in Medicare reimbursement for 2012, skilled nursing facility operators spent August reassessing their financial strategies.
Ventas Inc. completed its $7.6 billion acquisition of Nationwide Health Properties on July 1, creating the largest healthcare REIT in the U.S.
Brookdale Senior Living will acquire Horizon Bay Realty, adding 90 communities with over 16,000 units to its portfolio. The deal is expected to close in August.
Ventas has once again won a legal victory, with a federal appeals court upholding a $101.6 million damages award in its favor against HCP Inc.
Following its recent move to Louisville, Signature HealthCARE announced it would sink $7 million, up from a projected $5.3 million, into Kentucky.
A long-term care pharmacy company recently announced it had secured $6 million in venture capital, and its CEO says it is ready to take on the major players.
Kindred Healthcare's subsidiaries have acquired four CareSouth home healthcare agency locations in Southern California and the San Jose area.
Sunrise Senior Living and Horizon Bay Retirement Communities operate the first senior care facilities to earn the U.S. Environmental Protection Agency's Energy Star certification.
Golden Living announced that its executive team would be moving its long-time headquarters from Fort Smith, AR, to the Dallas area.
Two deals that collectively totaled more than $10 billion were announced on the same day recently, further showcasing the new found buying power of real estate investment trusts in long-term care.
Two skilled nursing companies maintained strong earnings outlooks for 2011, citing the new Medicare payment system and overall business growth.
HCP Inc., a real estate investment trust, has signed an agreement to purchase the assets of HCR ManorCare Inc. for $6.1 billion from The Carlyle Group, a private investment firm.