• Interview with Bryan Lockard of JLL Value and Risk Advisory

    Ben Swett, Managing Editor of The SeniorCare Investor, sat down with Bryan Lockard of JLL Value and Risk Advisory to discuss JLL’s 2024 Seniors Housing and Care Investor Survey and Trends, which you can download here. Read More »
  • Wow…Sonida Senior Living

    The last company in our sector, Sonida Senior Living, finally reported fourth quarter and full-year 2023 earnings, and while pretty good, that was not even the story. The story started four weeks ago. In February, the company announced a series of capital transactions which reduced their debt, raised some equity, and provided liquidity to take... Read More »
  • Marcus & Millichap Arranges SNF Leases

    After purchasing four senior care campuses in a large portfolio deal, a seniors housing owner/operator turned to Marcus & Millichap to find new tenants for the skilled nursing portions of each newly acquired campus. Each building was losing close to $1 million annually and had struggled with occupancy and expenses.  While the portfolio... Read More »
  • LSS Absorbs Diakon

    Two large not-for-profits announced that they were combining to create the 12th largest not-for-profit senior living organization in the country. Lutheran Senior Services, based in St. Louis, Missouri, signed an agreement to bring Diakon Senior Living operations and four CCRCs under its umbrella. Both organizations were described by Adam Marles,... Read More »
  • SNF Under Receivership Is Acquired in Kansas

    Marcus & Millichap was brought on by a limited liability company in the sale of a skilled nursing facility in Topeka, Kansas, that was under receivership. The facility, Providence Living Center, comprises 78 beds across 24,000 square feet and focuses on senior residents with mental health needs. Rod Llanos and Colby Haugness handled the... Read More »
Occupancy Growth Slowing?

Occupancy Growth Slowing?

Historically, the third quarter is always the best quarter for census growth, and it has generally been a good quarter for most senior living providers. But September has seen a bit of a slowdown, which does not bode well for the fourth quarter. The summer jump in COVID cases may have something to do with it, but also adapting to an influx of new residents may not be easy with the labor shortages nationally. Capital Senior Living just announced that its September average occupancy increased by 20 basis points from the August average, reaching 81.4%. That is also a 610-basis point increase from the pandemic low of 75.3% in February. But it is a much smaller increase than the 80-basis point... Read More »
Brookdale Senior Living Issues Occupancy Update

Brookdale Senior Living Issues Occupancy Update

Brookdale Senior Living issued an occupancy update, and the results were positive, but a little muted. The good news is that the company saw occupancy grow 50 basis points from July to August after an 80-basis point increase from June to July. Brookdale does expect another sequential monthly occupancy gain in September 2021, but likely a more moderated rate. The company attributed this to potential residents and their families becoming more cautious or temporarily delaying their decision to move into seniors housing communities in certain areas, as a result of the Delta variant. That shouldn’t surprise many. As of September 22, 2021, approximately 97% of Brookdale’s communities... Read More »
Brookdale and Welltower See Occupancy Gains

Brookdale and Welltower See Occupancy Gains

Brookdale Senior Living and Welltower continue to show occupancy gains in their senior living portfolios. For both companies, the peak increase was from May to June, with Welltower’s SHOP portfolio posting a 120-basis point increase, while Brookdale was slightly lower at 100 basis points, based on month-end census numbers. Brookdale ended August at 73.7% while Welltower’s U.S. portfolio ended the month at 75.9%.  While Brookdale has posted six straight months of occupancy increases, the rate of growth has been slowing since its peak increase. From June to July, month-end occupancy grew by 70 basis points, but from July to August the increase was just 40 basis points. In... Read More »
Brookdale Continues To Make Progress

Brookdale Continues To Make Progress

The one thing that has been beneficial about COVID is the enhanced reporting by the public companies. By the time they release quarterly earnings results, they have already been issuing monthly updates, mostly on occupancy, so there is rarely much of a surprise. Such was the case with Brookdale Senior Living. On the occupancy front, average occupancy in the second quarter was 90 basis points higher than in the first quarter. While we would have liked to see a better gain, census was still declining in the first quarter and didn’t really flatten out until March/April on a weighted average basis. More impressively, month-end census has increased for five consecutive months starting in March.... Read More »
Brookdale Senior Living Census Jumps

Brookdale Senior Living Census Jumps

The census problems at Brookdale Senior Living definitely bottomed out late in the winter of this year. Weighted average occupancy in both February and March was 69.4%, a level at which it is tough to make money. But that has increased by 180 basis points in June to 71.2%, still a low number but moving in the right direction. And it has increased for three straight months at a time when historically the industry sees little occupancy gains.  Occupancy levels at the end of each month have done even better. These bottomed out in February at 70.1% and increased for four straight months, ended June at 72.6% for a 250-basis point increase in four months. Again, this is a time... Read More »