Toledo, OH-based ProMedica Health System reported Friday that occupancy rates at its HCR ManorCare facilities fell to 78% in the second quarter, down from 86% a year ago. At its assisted living communities, the firm saw occupancy rates fall to 76%, from 80% in the same quarter of 2019.
Welltower and ProMedica acquired HCR ManorCare and Arden Courts real estate assets from Quality Care Properties through a joint venture in 2018.
The firm acknowledged in its quarterly earnings release that the ongoing pandemic “adversely impacted the system’s revenue and operating results,” adding that ill effects on operations are likely to linger. ProMedica said its potential losses were more than offset, however, by the $240 million it received through the federal Coronavirus Aid, Relief, and Economic Security Act, which included $156 million for eldercare services.
This article appeared in the McKnight’s Business Daily, a joint effort of McKnight’s Senior Living and McKnight’s Long-Term Care News.