• Elevation Financial Group Grows Senior Living Portfolio 

    Elevation Financial Group, a private equity real estate investment firm focused on seniors housing and affordable senior apartments, continues to add to its portfolio with an acquisition in the Boston, Massachusetts MSA. Connemara Senior Living (the target) is an 86-unit community with independent living, assisted living and memory care services.... Read More »
  • CFG Closes Another Acquisition Loan 

    Capital Funding Group (CFG) announced the closing of a $11.26 million bridge-to-HUD loan for the acquisition of a skilled nursing facility in Sacramento, California. Featuring 121 beds, the facility was acquired by an undisclosed company looking to grow its portfolio. Capital Funding Group Managing Director, Long-Term Care Tim Eberhardt and... Read More »
  • Greystone Refinances Washington Oakes 

    Greystone has arranged a refinance for Washington Oakes, a 152-unit seniors housing property in Everett, Washington, a northern suburb of Seattle. A life insurance company provided the $15 million nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing... Read More »
  • Colliers Mortgage Arranges HUD Refinance 

    Colliers Mortgage provided a $25.2 million HUD loan to The Winslow in West St. Paul, Minnesota. Opened in 2020 with the help of a construction loan provided by Colliers in 2018, the 172-unit affordable seniors housing community rises four stories. Units are restricted to persons age 62 and above and who earn up to 60 percent of the area median... Read More »
  • 60 Seconds with Steve Monroe: Labor Headwinds Everywhere

    In case you did not notice, practically every equity analyst report we read on healthcare companies in the past four weeks had “labor headwinds” either in the title or the first paragraph. And I am not talking about senior care companies. These were home health, managed care, PMGs, you name it. Providers just can’t find the staff they need, and... Read More »
Welltower Posts Good Quarter

Welltower Posts Good Quarter

Everyone tries to put a good face on their performance, whether it has been average or well above average. But Shankh Mitra, CEO of Welltower, was practically exuberant on the REIT’s recent performance and its future growth and prospects. It certainly helped that same-community NOI in its SHOP portfolio grew by 18.4% year over year. Half of that growth came in the second quarter 2021, but the other half (9.7%) came in the first quarter this year. Increasing census and the ability to now charge higher rates really drove the increases.   Welltower’s seniors housing operated portfolio (SHOP) census beat the first quarter blues as many others have, with the U.S. portfolio posting a... Read More »
Ventas SHOP Poised for Growth

Ventas SHOP Poised for Growth

Ventas is one of the largest owners of seniors housing communities, so it is a REIT always worthwhile to watch. It owns 544 communities with 61,794 units in its SHOP portfolio, plus another 267 communities with 20,149 units that it owns and leases to operators.   We usually focus on the larger SHOP portfolio, mostly because there is much more detailed information on it. And this portfolio includes both the 463 U.S. communities and the 81 in Canada. This is important because the Canadian portfolio has a much higher average occupancy rate, 93.2% compared with 77.6% in the U.S., even though the U.S. is seeing more significant improvements. But how do you really improve on 93.2%? The... Read More »
Brookdale Improves, But More Is Needed

Brookdale Improves, But More Is Needed

As you know, we never expect much in the first quarter for seniors housing operators, because historically it is always the toughest quarter from a census perspective. And Brookdale Senior Living is like an aircraft carrier: it is so big that it can take forever to change direction, and mishaps can take even longer to correct across their industry-leading 678 communities. Their first quarter results showed some progress, but also showed that they have a long road ahead to increase census and control labor costs. Digging out from weighted average occupancy of 69.4% in the first two months of 2021 is no easy task. And Brookdale should have a target of at least 85% across the portfolio, at a... Read More »
AlerisLife Starts Operations Review…Again

AlerisLife Starts Operations Review…Again

The shareholders of AlerisLife Inc., formerly known as Five Star Senior Living, just can’t catch a break. They completed a major review of their corporate structure and operations over the past few years, which resulted in cutting the company in half in terms of the number of properties operated and shifting from leases to management contracts. That seemed to work for a while, but the pandemic interrupted the progress. Now, just before the first quarter earnings results were released, the company announced that its CEO, Katie Potter, resigned effective April 30 (a Saturday, no less). Given the timing, we assume she was asked to resign. Jeff Leer, who has been EVP, CFO and Treasurer since... Read More »
LTC Properties Comes Out with Q1 Earnings

LTC Properties Comes Out with Q1 Earnings

LTC Properties’ first quarter earnings report was a mixed bag of news. The company is still dealing with some operator problems resulting in rent deferral and abatements, which affected its earnings. Rental income dropped year over year from $30.97 million in Q1:21 to $30.32 million in Q1:22, caused also by the transition of the Senior Care Centers and Abri Health Services portfolio. There was also the sale of a SNF in Washington and a lease incentive balance write-off related to a terminated lease that led to the drop in rental income.  However, offsetting the drop were new properties transitioned from Senior Lifestyle Corporation, rental income from completed development projects... Read More »
REITs: After Divesting Billions, They Are Back in Acquisition Mode

REITs: After Divesting Billions, They Are Back in Acquisition Mode

On April 28, 2022, Ben Swett, Editor of The SeniorCare Investor, spoke with three expert panelists on REITs, their strategies and their positive impact on the senior care market, post-pandemic. Those panelists included Mark Lamb, Chief Investment Officer of CareTrust REIT, Alex Florea, Head of Capital Markets at Blueprint Healthcare Real Estate Advisors and Kevin Pascoe, Chief Investment Officer of National Health Investors. They discussed a wide range of topics, including how to improve REITs’ relationships with their tenants, considerations for acquiring amid high valuations, and when to expect a return to “good” occupancy.  Mr. Swett kicked off the webinar by asking the panelists how... Read More »