• Solera Grows through Acquisition of SageLife

    Solera Senior Living expanded its portfolio through the acquisition of SageLife. SageLife’s portfolio includes five high performing seniors housing communities in Maryland, Massachusetts and Pennsylvania. This acquisition brings Solera’s growing portfolio to 14 properties spanning nine states, including a growing concentration in the... Read More »
  • Joint Venture Acquires Class-A Seniors Housing Asset in Texas

    CBRE National Senior Housing acted as the exclusive advisor on the sale of a Class-A seniors housing community in the Houston, Texas MSA. Built in 2012, the community comprises 207 units offering independent living, assisted living and memory care services. CBRE National Senior Housing also arranged acquisition financing for the community on... Read More »
  • Owner/Operator Acquires in Illinois

    Evans Senior Investments arranged the sale of a supportive living community in the south suburbs of Chicago, Illinois. Waterford Estates totals 247 units with 170 independent living, 61 assisted living and 16 memory care units. The seller was a New York-based institutional owner seeking to recycle capital. Due to the scarcity of supportive living... Read More »
  • AEC Living Secures Financing

    Helios Healthcare Advisors structured the recapitalization of a 300-bed assisted living and skilled nursing portfolio in the San Francisco MSA. Facing a pending maturity with its existing lender, the borrower (AEC Living) engaged Helios to structure a refinance across two owned/operated assisted living communities and one skilled nursing property... Read More »
  • Massachusetts SNF Secures New Future in Behavioral Health

    Blueprint’s Behavioral Healthcare Team sold a vacant skilled nursing facility on behalf of a nationally recognized institutional REIT to a buyer that will convert the building into a behavioral health facility. The existing asset is in Agawam, Massachusetts, and was identified as a potential candidate for a behavioral healthcare provider due to... Read More »
Sonida Senior Living On The Move

Sonida Senior Living On The Move

It has taken a while, and a lot had to be done to strengthen the balance sheet over the past two years, but Sonida Senior Living is now on a path of growth, and recent announcements have shown it.  On May 9, the company closed on its first acquisition of the year with the purchase of a 100-unit assisted living and memory care community in Macedonia, Ohio. Built in 2015, the community has still not recovered from the challenges of the pandemic and changes in operators. The purchase price was $10.7 million, or $107,000 per unit, which seems quite cheap relative to what it would cost to replace, not to mention the original construction cost. They also bought it at a 43% discount to the... Read More »
Brookdale Making Progress, but Is It Enough?

Brookdale Making Progress, but Is It Enough?

Brookdale Senior Living reported its best EBITDA performance in several years, nearly topping $100 million, RevPOR continues to grow (5.8% sequentially), and second quarter guidance for adjusted EBITDA is now between $93 million and $98 million. On the labor front, they had a solid 70% retention rate for Executive Directors for the trailing 12-month period. But…the company continues to struggle on the occupancy front.  Second quarter weighted average occupancy was just 77.9%, down 50 basis points from the fourth quarter but up 160 basis points year over year. On a consolidated basis, weighted average occupancy in April, 77.9%, was a hair higher than in August of last year, and... Read More »
60 Seconds with Steve Monroe: REITs and PE Will Be Attacked Again

60 Seconds with Steve Monroe: REITs and PE Will Be Attacked Again

The Chapter 11 filing by Steward Health Care was not a surprise to anyone in the healthcare world. Its former PE owner, Cerberus Capital, will be attacked because they made a significant profit when they finally exited their 2010 investment 10 years later. No one wants to remember that they bought six failing hospitals in Massachusetts and rejuvenated them. Without that purchase, there was a good chance they would have been shuttered. Medical Properties Trust will be attacked because its leases ended up being too expensive, even though it helped Steward grow, took an equity interest in the company and provided new capital.  Everything seemed to be going swimmingly, and then COVID hit, and... Read More »
Here We Go Again With The Post

Here We Go Again With The Post

The Washington Post is on the attack again, publishing a story last Friday on the overuse of 911 calls when a resident falls in assisted living or independent living, and how some towns are starting to charge seniors housing communities a fee for each 911 visit of this sort. Apparently, in some towns these 911 “fall” calls have been rising. If we were living in a non-litigious world, perhaps the seniors housing communities would not feel as if they had to call. In some states, it is required if the resident can’t get up on their own. I used to live next door to a small independent living community that we called an unlicensed assisted living building because it had small units, mostly... Read More »
Brookdale Making Progress, but Is It Enough?

More Shareholder Activism

Fresh from its success in getting two people voted onto the Ventas Board of Directors, Land & Buildings is at it again, this time with National Health Investors. Like all the REITs, NHI’s managers and tenants had their share of problems during the pandemic. Who didn’t? Most of these issues are behind it, but the REIT could be in even stronger financial shape with just a few changes, which is what L&B wants to do. National Health Investors went public in 1991 and has had a long-term relationship with publicly traded National HealthCare Corporation (NHC), which leases several of its nursing homes from NHI. These 35 nursing facilities provide a solid foundation for NHI, and NHC has... Read More »
Quarterly Investor Call #1

Quarterly Investor Call #1

Skip the in-person conference, and get the latest senior care M&A and valuations data, market analysis and case studies on notable deals by watching The SeniorCare Investor’s first ever Quarterly Investor Call. Read More »