60 Seconds with Swett: Overturning Chevron and the Effects on M&A
There has been a lot of news to analyze from Washington, D.C. in the last couple of weeks, and the result of the 2024 election will certainly impact the operational and investment landscape in senior care. But we are still wrapping our heads around perhaps the most consequential news of late for the industry, which was the Supreme Court’s overruling of the Chevron doctrine, the 40-year judicial standard that had given a lot of leeway for administrative bodies to interpret statutes and implement regulations across the country. The case overturning Chevron is known as Loper. Now, it is up to the courts to determine those administrations’ regulatory powers, and ultimately Congress will... Read More »
60 Seconds with Swett: 2024 On Track for Record M&A Year
We have been saying for the past few months that we are currently on a record pace of M&A activity for seniors housing and care properties, and our preliminary results for the first half of the year show 334 publicly announced transactions. That is not only a record for any six-month period, but it is about 100 deals higher than the 236 recorded in the first half of 2023 and surpasses the 299 deals reported in the first half of 2022. Annualized, that puts 2024 deal volume at 670 transactions, which would also clearly be a record and more than 100 transactions higher than the previous annual record of 559 deals in 2022. And looking at Q2 alone, we recorded 183 transactions, which puts... Read More »
60 Seconds with Steve Monroe: Mad as Hell
We are halfway through the year, and I am already angry. Angry at what, you may ask? All the interference from government, both elected officials and the bureaucrats. From people who think they understand how seniors housing should work. From the unions. From the anti-PE firm groups. I always say, do a few 12-hour shifts, or move in for a few days, and then tell me what you think. It is not easy, and most people are doing the best they can. Regardless, I am mad as Hell and getting tired of it all. Except, and not to sound hypocritical, but I had to smile when I read about the investigations into A Place for Mom, a service that I always had my suspicions about. A service that many... Read More »
60 Seconds with Swett: CCRCs Lead the Occupancy Recovery
The CCRC market continues to lead all other sectors in its occupancy recovery, post-pandemic. Yes, we are talking about a smaller market, and many of these communities tend to be higher-end, luxury properties mostly in primary markets that have generally demonstrated better resilience in recent years. But the sector has not always been the bright spot in seniors housing, especially after the Great Financial Crisis, so this is new territory. Ziegler and NIC MAP partnered on a report detailing the occupancy gains in each CCRC segment for more than 1,160 CCRCs, including not-for-profit and for-profit, plus entrance-fee and rentals in 140 MSAs. Independent living was the highest, averaging... Read More »
60 Seconds with Swett: WSJ’s Private Equity Analysis in Health Care
Last week, The Wall Street Journal published an article examining private equity activity in the healthcare M&A market, specifically that its activity was down compared with 2023 because of increased regulatory scrutiny and higher interest rates. The article cited Pitchbook transaction data, and some of the numbers left our editors at our sister platform LevinPro HC, which exclusively covers the healthcare M&A market, scratching their heads. According to Pitchbook, as cited in the article, there were 180 PE add-on deals, or when a PE firm buys a company through a portfolio company, through May 28. Our numbers are higher, as LevinPro HC recorded 193 deals from a PE-backed company,... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
