Chartwell Retirement Residences: One Big Step Forward
Trying to increase occupancy for many providers has been a game of two steps forward and then one step backwards. This is usually because of the flu season in the winter months. The hope is always that the recovery will exceed the decline, year after year. The pandemic obviously through a wrench in that one. For Canada-based Chartwell Retirement Residences, the largest operator in Canada with nearly 200 communities in four provinces, the step forward after the winter months will be quite a big one, according to their forecasts. The good news is that their step backwards was much smaller this year than in 2022. Back in 2022, the company lost 130 basis points of census from December 2021 to... Read More »
Is Remote Work Really Impacting Occupancy?
There was an interesting article in the Wall Street Journal last week that claimed there is a relationship between soft occupancies in seniors housing and more people working from home. The gist of it was that with more people working remotely full time, or even part time, they are better able to check on mom or dad who might otherwise be thinking about moving into seniors housing, and postponing the move because the kids are more involved. The first problem is that this assumes that the kids live nearby, and the reality is that many of their parents have already moved to warmer climates. The second problem is that it is much more than the need to “check” in on them. If they really need a... Read More »
Brookdale’s Occupancy Continues to Lag Industry
Brookdale Senior Living reported its June occupancy levels this week, and while there were increases, those increases lag the increases for the overall industry, and absolute levels of occupancy also continue to lag behind the industry. Weighted average June occupancy was 76.8%, 20 basis points above May but 10 basis points below the occupancy rate last September. That is not progress, even acknowledging that the first half of the year is usually bad for census. Management observed that this was a 160-basis point increase over June 2022. While looking back a year is nice, let’s hope when they do it again in October that they are not showing a small 50-basis point increase year over year.... Read More »
60 Seconds with Monroe: SNF Industry Needs To Police Itself
As many of you would suspect, I am no fan of New York’s Attorney General, Letitia James. She politicizes too many things and definitely has a partisan agenda, and one which I do not favor. But after reading through the 300-page court filing against Centers Health Care and related companies, as well as its owners, well, I found myself agreeing with her. The cases involve the poor “care” of residents in a few New York nursing homes, as well as the alleged misuse of $83 million of Medicaid and Medicare funds for other purposes, including, allegedly, the purchase of a large stake in the Israeli airline, EL AL. Money is fungible, and one cannot distinguish between cash from private... Read More »
Sunrise, Hines and Welltower Open Another Manhattan High-Rise
Sunrise Senior Living, Hines and Welltower announced the opening of The Apsley in Manhattan’s Upper West Side. The Apsley is the joint venture’s second luxury senior living community in New York City. The first luxury senior living community by the partners was Sunrise at East 56th on the Upper East Side. It opened in December 2021 with 151 assisted living and memory care units, which was just months after Omega Healthcare Investors and Maplewood Senior Living opened Inspīr Carnegie Hill on the Upper East Side. That community is a 23-story, 215-unit assisted living/memory care building with an open-air skypark on the 17th floor separating different levels of care. Construction costs were... Read More »Schedule a demo
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