LTC Properties Buys into SHOP Growth
LTC Properties released its 2025 fourth quarter results and 2026 guidance, and in it reiterated its shift toward its newly established SHOP segment. During the second quarter of the year, the company established the segment, marking its shift in focus from the skilled nursing sector. Later in Q2, it terminated its Anthem Memory Care triple-net master lease, converting the 12 communities covered under it into its SHOP segment. In the fourth quarter, the REIT terminated a master lease and converted the two assisted living communities with 186 units into its SHOP segment. Those two assets now operate and account for one. Also in 2025, the company acquired 11 communities for $353 million,... Read More »
Portland IL/AL Community Finds New Purpose in Multi-Family
Calaroga Terrace has traded hands, from a national owner/operator to a regional developer. The community sits north of the Oregon Convention Center, in downtown Portland, Oregon. Built in 1968 and renovated in 2016, the 15-story high rise is situated on just under one acre and features 181 independent living and 84 assisted living units. The community never fully recovered from the pandemic, and with it potentially requiring significant capex in the near future, the owner decided to divest, engaging Senior Living Investment Brokerage to handle the process. Jeff Binder and Jason Punzel of Senior Living Investment Brokerage handled the sale, as well as a multi-family brokerage firm that... Read More »
New England SNFs Struggling to Breakeven Sell
Blueprint represented a private equity investor in its divestment of a 302-bed skilled nursing portfolio in New England. The three facilities had challenged occupancies, however, they generated approximately $27 million in revenue. Inflated operating costs took its toll on EBITDAR, with the asset struggling to breakeven. Dubbed Project Red Coats, the buildings are located in the Boston, Massachusetts MSA, a strong market. Steve Thomes, Ryan Kelly, Kory Buzin and Connor Doherty emphasized the opportunity for a new owner to focus on rate and occupancy optimization, while managing expenses and maintaining the facilities’ in-place referral network. The result was several written letters of... Read More »
Diversified Healthcare Trust’s SHOP Delivers Strong Results
Diversified Healthcare Trust (DHC) announced fourth-quarter earnings and full-year 2025 results, and its SHOP segment delivered. Same-property SHOP NOI in the fourth quarter jumped 27.6% year over year to $38 million, and full-year SHOP NOI climbed 31.3% to $129.3 million. Same property SHOP occupancy reached 82.4% in Q4, up 90 basis points from the prior year. Momentum should continue into 2026, particularly following DHC’s transition of 116 SHOP properties previously managed by AlerisLife to a roster of seven new operators. Sinceri Senior Living and Discovery Senior Living assumed the largest shares, 38 communities with 7,299 units and 44 communities with 5,338 units,... Read More »
Lease Option Closes for High-Performing CT SNFs
A long-time regional owner/operator looking to secure capital for future redeployment into the skilled nursing sector approached Blueprint to market two skilled nursing facilities. The high-performing assets sit 40 miles apart in southern and western Connecticut with 301 total beds. The non-union facilities were generating $4.4 million of EBITDAR on $36 million of revenues, with a combined 86% occupancy. The physical plants present well. The offering was initially brought to market as a sale, however, the optimal offer was a lease with a purchase option. Steve Thomes, Michael Segal, Kory Buzin and Daniel Waldhorn handled the deal, which allows for assumption of the existing HUD loan if... Read More »Schedule a demo
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