Two More Not-For-Profit Affiliations Announced
There were a couple of affiliations between not-for-profits made public this month, so far. First, Garden Spot Communities and Frederick Living, both located in southeastern Pennsylvania, announced that they will be affiliating. Legal proceedings have been initiated, with the affiliation expected to be finalized at the start of 2024, subject to government approval. Upon completion of the affiliation, Frederick Living will become a Garden Spot community. Garden Spot was founded in 1990 and includes Garden Spot Village, a CCRC with 626 independent living units, 65 assisted living units, 40 memory care units and 73 skilled nursing beds. Garden Spot also includes Maple Farm, a 46-bed skilled... Read More »
60 Seconds with Swett: Criticism Mounts for Minimum Staffing Mandate
It has been nearly two weeks since CMS released its proposed rule on Minimum Staffing Standards for SNFs, and the chorus of opposition to it continues from SNF stakeholders and also politicians. The Chairman of the House Ways & Means Committee, Republican Congressman Jason Smith, said “this one-size-fits-all deal would ripple through local communities, siphoning staff away from other facilities in desperate need of personnel such as hospitals and hospice facilities, worsening already chronic staff shortages.” Across the aisle, Democrat Senator Jon Tester also commented that “This is just the latest example of Washington bureaucrats displaying how little they understand about the... Read More »
Ventas: Time For A Change?
Ventas has been an incredible success story, both in terms of the company itself and its stock. But most of the “incredible” for the stock occurred many years ago. Ten years ago, its share price was about $70, and currently it is about $40. It has averaged close to $65 a share for much of the past 10 years. But if you bought it in March of 2020, when the senior care world was under attack, at its low of $13.35 per share, you would be considered a genius and would have pocketed a hefty return. But that would have taken brass ones. CEO Debbie Cafaro was recruited (against her better judgment at the time) nearly 25 years ago when the REIT’s only tenant, Vencor (later renamed Kindred... Read More »
Brookdale’s Occupancy Gets August Bump
Brookdale Senior Living just announced its August occupancy levels, and it has been a good summer so far. But the third quarter has always been the best quarter of the year for census increases for the entire sector, so we expected some good news. If not, that would have spelled trouble. Weighted average occupancy in August increased sequentially by 50 basis points to 77.6%, while census at the end of August increased sequentially by a larger 80 basis points to 79.3%. This is the first time that month-end occupancy has topped 79% since the recovery began. A year ago, weighted average occupancy was 76.4%, so Brookdale has not seen a big jump since then, just 120 basis points. It has... Read More »
Two Florida Not-for-Profits Affiliate
Florida Presbyterian Homes has agreed to affiliate with Westminster Communities of Florida, the largest not-for-profit senior care provider in the Sunshine State. The arrangement adds the 11th CCRC to Westminster’s portfolio while improving the financial stability of the standalone CCRC Florida Presbyterian Homes (FPH). State approval is still needed for the affiliation. Once the affiliation is complete, Westminster Communities of Florida will operate the FPH community in Lakeland and will be responsible for governance of the organization, its assets and liabilities going forward. FPH has nearly 700 residents across independent living, assisted living and skilled nursing units. Its... Read More »Schedule a demo
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