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 »
60 Seconds with Monroe: Is Joe Biden That Tone Deaf?
We already reported on the new proposed staffing requirements for nursing homes, coming at a time when most everyone in senior living is still struggling with finding enough staff, and paying for them. Coincident with the release of the proposed rules, USA Today published an opinion piece by President Biden. Now, if anyone thinks he actually wrote it, I have a bridge to sell you. My guess is that he did not even read it. This was a staff piece. Perhaps from Joe’s basement? I will say one thing, he has been consistent in his criticism of private equity in the nursing home business, but he still gets his facts and names wrong. Not many “private equity” firms have been buying up nursing homes... Read More »
Ziegler Closes $118.33 Million Financing
Investment banking firm Ziegler just closed a $118.33 million bond financing for Emerald Heights, a not-for-profit CCRC in Redmond, Washington, with 333 independent living units (including apartments and cottages), 40 assisted living beds, 16 memory care units and 61 skilled nursing beds set on 38 acres. Emerald Heights was established in 1979. The proceeds will be used to finance the construction and equipping of 54 new assisted living units and a sky bridge connecting these units to the main IL building, as well as to fund the construction of 42 new IL units. The remainder of the proceeds will go toward paying off existing debt and certain costs of the bond issuance. The tax-exempt... Read More »
Vote On Diversified Healthcare Trust Merger Postponed
While we are not surprised, the vote on the merger of Diversified Healthcare Trust and Office Properties Income Trust, scheduled for this past August 30, has been postponed until September 6, even though “the polls remain open.” With the three major proxy firms weighing in against the merger, as well as a holder of 9.8% of DHC stock, we assume the managements of the two merging firms realized they did not have the votes. We stated last week that we thought something fishy was going on, and we didn’t like the smell. There are just too many conflicts of interest, but we do not know what could happen between August 30 and this coming September 6, two days after the Labor Day holiday, to... Read More »
60 Seconds with Swett: SNF Values Begin to Drop
The surge in capital costs has finally eaten into the price per bed for skilled nursing facilities, at least according to our latest averages. Using data from our proprietary M&A database which includes dozens of confidential prices and property financials, the average price per bed for skilled nursing facilities in the four quarters ended June 2023 dropped 6.5% to $106,800 from its record-high of $114,200 per bed from calendar year 2022. Anecdotally, we had heard that buyers were not paying the prices they were in 2022 but that investor interest (and prices as a result) was still higher than it was before and during the pandemic. That checks out with our numbers, since the latest... Read More »Schedule a demo
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