Ventas just announced that it was changing out the management of 26 independent living communities that had been managed by “Holiday by Atria.” Sodalis Senior Living will be taking over 13 communities in Texas, Priority Life Care eight in Florida, and Discovery Senior Living five in California. All three companies are already successfully managing properties on behalf of Ventas.
The new managers will take over on or around September 1 for the majority of the communities, with the balance early in the fourth quarter. What we know is that Priority Life Care took over a portfolio of the former Eclipse managed properties and performed better than expected, or at least what Ventas may have expected. Sometimes, new blood in a community can do wonders for census, culture and cash flow. We are sure this is what Ventas is expecting. We are just as sure these providers will deliver. But what we really want to know is why Atria was underperforming.
