• National Health Investors in the Mood to SHOP

    National Health Investors posted another good quarter and, like many other companies, increased their earnings guidance for the rest of the year based on current performance as well as expected new investments. The REIT’s small SHOP portfolio posted a 29.4% year-over-year increase in NOI and will be transitioning six communities to the portfolio... Read More »
  • KIRCO Refinances Class-A Community

    Berkadia announced the refinancing of Monark Grove Madison, a Class-A, 132-unit, independent living and memory care community developed and owned by Michigan-based KIRCO. Steven Muth, Austin Sacco, Garrett Sacco and Alec Rosenfeld of Berkadia Seniors Housing & Healthcare secured a loan through a national bank. The deal closed on July 15 after... Read More »
  • BMO Closes Facility for MCAP Acquisition

    BMO’s Healthcare Real Estate Finance group closed a large facility to facilitate the acquisition and renovation of nine seniors housing communities in Virginia. Totaling more than 780 beds, the portfolio will continue to be managed by Commonwealth Senior Living on behalf of the new owner, Municipal Capital Appreciation Partners (MCAP).  This was... Read More »
  • Stellar Turns to Acquisitions with New JV

    Stellar Senior Living announced the close of its first joint venture with $20 million in capital commitments. Stellar’s partner is a large private equity firm, and the joint venture will provide funding to acquire 10 to 15 seniors housing communities over its term. The first acquisition under this new venture is The Grand at Broomfield Assisted... Read More »
  • Florida Not-For-Profit Secures Financing

    Ziegler announced the closing of Oak Hammock at the University of Florida’s $93.5 million Series 2025 bonds issued through the Alachua County Health Facilities Authority. This is the third transaction Ziegler has completed for Oak Hammock, a Florida not-for-profit corporation that owns and operates a CCRC in Gainesville, Florida.  The... Read More »
60 Seconds with Swett: Welltower Is on a Roll

60 Seconds with Swett: Welltower Is on a Roll

Welltower came out with its first quarter earnings on Tuesday, and surprise, surprise, it was yet another great quarter, and its share price jumped 3.5% immediately upon the news. It was the tenth consecutive quarter in which same store SHOP NOI growth exceeded 20%, at 21.7% in the first quarter. Guidance for same store NOI growth also rose by 100 basis points to a midpoint of 19.0% for FY2025. On Tuesday’s call, Welltower did mention that SHOP margins remain below pre-pandemic levels, but they may not be for long. Also, that issue currently plagues thousands of communities in this country and was prevalent in the years before COVID too. Perhaps that is why most of what we hear from... Read More »
60 Seconds with Swett: April Already Passes 50 Transactions

60 Seconds with Swett: April Already Passes 50 Transactions

Tariff turmoil? Volatile and still-high interest rates? Uncertainty surrounding Medicaid spending, labor costs and HUD’s queue length? Seniors housing and care dealmakers have looked past a lot of this noise to announce 50 transactions in the first three weeks of the second quarter, putting the market on track for the busiest M&A period ever. We know we sound like a broken record, but the start of April did feel like we reached a new level of activity, and given the conversations we’ve been having in the last few weeks, the second and third quarters may only accelerate in deal volume. For some sellers, seeing through the January 2025 rate increases was enough to enter the transaction... Read More »
60 Seconds with Swett: Welltower Is on a Roll

60 Seconds with Swett: Adapting to the 2025 M&A Market

The M&A market is slowly shifting, with increased liquidity, further stabilizing operations and some larger and higher quality deals hitting the market. Perhaps things are not moving as quickly as some want, and cap rates are not compressing enough to attract certain sellers to the market. But interest rates have been the major drag on dealmaking, values and lending, and the recent chaos around tariffs did not help. So how are dealmakers taking advantage of the current market dynamics? When does it make sense to sell a Class-A stabilized asset these days if cap rates are not where they were several years ago? And what is going on in the debt markets that potential buyers need to be... Read More »
60 Seconds with Swett: Welltower Is on a Roll

60 Seconds with Swett: Medicare Advantage Sees A Pay Bump

As the healthcare industry braces for whatever impacts tariffs may have on operations, an impossible task to predict accurately given the flux on that matter, providers also are welcoming a new head of CMS, Dr. Mehmet Oz, who was confirmed by the Senate last week. There is some uncertainty on how the Trump Administration will treat healthcare providers overall, specifically in the senior care industry, with some positives coming from the end of the minimum staffing mandate and an overall friendlier business climate, versus the threat of increased scrutiny on Medicare and Medicaid spending with respect to fraud and abuse potentially contributing to falling revenues. When reading the tea... Read More »
60 Seconds with Steve Monroe: Here We Go Again

60 Seconds with Steve Monroe: Here We Go Again

Investigate, investigate, investigate. Regulate, regulate, regulate. Why not assist? Why not help? Why not try to understand? Liz, Ron and Kirsten, of U.S. Senate fame, have asked the GAO to investigate the assisted living industry and to see if federal oversight is needed. Really? Are we going down this road again? How did that work out for the nursing home industry? As we know, the assisted living sector is predominantly private pay, unlike nursing homes, but the senators are using information from state Medicaid agencies to back up their claims. I suppose I could see them investigating any assisted living community that is receiving Medicaid funds to make sure the money is wisely spent,... Read More »
60 Seconds with Swett: April Already Passes 50 Transactions

60 Seconds with Swett: Loneliness, Health and the Active Adult Opportunity

We came across a recent survey by U.S. News & World Report that interviewed seniors who moved into either independent living, assisted living or memory care in the last two years, trying to gather how seniors experience social connection within their communities and also how they gauged their loneliness and health trajectories leading up to their move. To no one’s surprise, the percent of seniors who felt lonely a majority of the time dropped from 69% before the move to seniors housing to 42% afterwards, still a large share, unfortunately. A smaller percentage reported taking part in more activities, more physical activity or finding meaning or purpose in daily life more often after... Read More »