60 Seconds with Swett: The Great Debates of Senior Care
Next week for our Second Quarter Investor Call, sponsored by Ziegler, we’ll be trying something different that is sure to be both entertaining and useful for our audience of operators, investors, brokers, lenders and everyone else. We’ll be tackling The Great Debates of Senior Care, covering some of the most important issues facing the industry. Like will we see a shortage of seniors housing units by 2030, or will consumer preferences and affordability limit future demand? Are cap rates currently too low and aren’t covering operating risk appropriately? Should you build or buy right now? What has been the most transformational new technology in seniors housing operations? And others. There... Read More »
60 Seconds with Swett: M&A Activity Tops 350 Deals in H1:25
In the second quarter of 2025, there were 176 publicly announced transactions, a preliminary number that is almost certain to increase in the weeks ahead. That brings our total for the first half of the year to 355 deals, or 710 on an annualized basis. Considering we finished 2024 with 716 total deals, which was a record by far, we are in a good place for deal activity. After a slow May with 47 deals, we wondered if we would even have a chance of breaking 700 transactions for the year. But June bounced back with 64 deals, including some large portfolio deals. Looking at the second quarter, however, trouble may be brewing. Breaking out U.S. M&A activity, 2024 finished with 593 deals in... Read More »
60 Seconds with Swett: The Fight between Brookdale and Ortelius
It has been a bit amusing to see both Brookdale Senior Living and Ortelius Advisors claim victory with Institutional Shareholder Services’ report on the upcoming July 11th stockholders vote on the new slate of directors for the Board. For Ortelius, ISS recommended voting for Steven Vick and Lori Wittman, two of the six nominees that Ortelius put forth in March, while also acknowledging the benefit of Ortelius’s efforts on initiating needed change at Brookdale. Meanwhile, Brookdale rejoiced at ISS effectively recommending that shareholders’ not hand control of the Board to Ortelius by only supporting two of the six nominees and pointing out Ortelius’s lack of details in the turnaround plan... Read More »
60 Seconds with Swett: HUD’s Express Lane and M&A
We’re not used to sensible reforms coming out of Washington, D.C., but HUD has just come out with a new “Express Lane” for the Section 232 Residential Care Facilities program. Obviously, we don’t want any facilities or borrowers that shouldn’t receive a loan to slip through the cracks, not that you can always predict a future disaster. But so many HUD loan processes sought by repeat-borrowers are a foregone conclusion, and we think with the guardrails in place, this is a great idea. Those guardrails apply to the loan terms, the facility quality and the borrower itself. Also, all of the criteria have to be met to qualify. Some of the highlights include a maximum 70% loan-to-value, minimum... Read More »
60 Seconds with Swett: May M&A Activity Slumps
Earlier this year, M&A activity was continuing at a record pace after 2024 finished with 714 deals for the year, an annual record by far. February, March and April all exceeded 60 transactions each, peaking in March with 69 deals and average 780 annualized deals across that three-month period. But we were a little surprised when dealmaking plummeted in May to 46 transactions, the lowest monthly total since February 2024. Looking at only U.S. deals, the decline has been steadier, going from 57 deals in March to 46 in April to 35 in May, the lowest domestic monthly total since September 2023. Dealmaking is always cyclical, with waves of listings and closings ebbing and flowing. And we’ve... Read More »Schedule a demo
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