Ensign’s Q3:23 Earnings Are Released
The Ensign Group came out with its third quarter earnings on October 25, and the results were mostly positive. GAAP diluted earnings per share rose 12.1% over the previous third quarter to $1.11. However, that was off $0.01 compared with the second quarter. On an adjusted basis, EPS rose to $1.20 in Q3:23, up 15.4% from Q3:22 and up 3.4% from Q2:23. The company’s share price dropped by just 0.7% on a down day for the market. Adjusted EBITDAR also increased to $158.4 million for the third quarter, or $633.6 million on an annualized basis. Revenues soared from $770 million in Q3:22 to $940.8 million in Q3:23 on the back of higher reimbursement, new acquisitions and increased census.... Read More »
All Charges Against Silverado Dropped
In a case that never should have been charged, by an overzealous district attorney in California (of course), all charges against Silverado Memory Care, its employees and its CEO, Loren Shook, have been dismissed. The only thing we wonder is, what took them so long? Other than the fact that this never should have happened. Multiple felony counts of elder endangerment and of violations causing death, and this in the first few months of COVID, when even the CDC was clueless about the disease? This should have been dropped months ago, but we suppose it had to be played out. We hope that this will be a lesson to other, overzealous DAs who want to make a name for themselves, that they should... Read More »
Distinctive Living Enters Tennessee Market
With the capital markets still dissuading many buyers from getting into the M&A market, we have seen more growth through the addition of new management contracts among many operators in the senior care industry. One company, Distinctive Living, expanded its portfolio to Tennessee after assuming management of The Village at Bellevue, an assisted living/memory care community in Nashville. The community features 69 AL and 18 MC units and marks Distinctive’s entry into the state. Distinctive has existing and to-be-built locations in Alabama, Connecticut, Florida, Georgia, Indiana, Maryland, Michigan, New Jersey, Ohio, Pennsylvania and Wisconsin. There are studio, one-bedroom and... Read More »
Continuum Advisors Launches New Brokerage Business
There’s a new brokerage and advisory firm in the seniors housing world. Launched by Jay Jordan and Dave Kliewer, both formerly of Grandbridge, Continuum Advisors will focus exclusively on national seniors housing investment sales. Already, the team has approximately $500 million in current engagements, and fresh off of another NIC conference, that figure is sure to increase soon. Jordan and Kliewer bring more than 40 years of experience in sell-side seniors housing representation, with the pair having sold over 200 seniors housing communities in 35 states. Before their three years at Grandbridge, both previously worked at Cushman & Wakefield, as well. Read More »
60 Seconds with Swett: Skilled Nursing M&A in 2023 and Beyond
Skilled nursing investors, operators and dealmakers have been on quite the rollercoaster the last several years, with COVID initially threatening the life of the industry quickly shifting to an exuberant M&A market that saw buyers clamor for facilities of all qualities, and paying up for them too. Now, higher capital costs have tempered some of that excitement, and the industry faces a new threat: the minimum staffing mandate. It is safe to say, the party is over, but M&A volume has not fallen off a cliff either. Neither have values. So, how are dealmakers evaluating this new market we are in, and how will investment strategies, the lending environment or valuations change? Join us... Read More »Schedule a demo
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