• Sabra’s Q4 Deals Push 2025 New Investments to $450 Million

    Sabra Health Care REIT released its fourth quarter results. On a year-over-year basis, same-store cash NOI increased 12.6% for the fourth quarter of 2025, while the 2025 quarterly year-over-year average increase was 15.0%, inclusive of the stabilized facilities formerly operated by Holiday Retirement.  Its Q4 acquisitions brought the... Read More »
  • CareTrust Closes 2025 with 169 New Property Investments

    CareTrust REIT came out with its fourth quarter and full-year 2025 earnings and is continuing on its growth trajectory. In Q4, the REIT added 19 properties to its portfolio, comprising 14 triple-net leased skilled nursing facilities, two triple-net leased seniors housing communities and three SHOP communities, all totaling $561.5 million in... Read More »
  • Separate Sellers Divest in Florida

    Berkadia announced two seniors housing closings, both involving communities in the Sunshine State. First, Berkadia represented a Maryland-based private equity investment firm in its divestment of a 130-unit independent living, assisted living and memory care community in the Jacksonville, Florida MSA. The asset was built in 2015. Ross Sanders,... Read More »
  • Idaho IL/AL Community Receives HUD Financing

    Berkadia secured $27.5 million in financing for a seniors housing community in Idaho. The asset comprises 191 independent living and assisted living units, and was 97% occupied at the time of closing. Bianca Andujo and Steve Muth closed the financing through HUD’s 232/223(f) program for a first-time Berkadia client based in Tennessee. The loan... Read More »
  • Welltower Releases Strong Results, Again

    Welltower announced its fourth quarter and full-year 2025 results, which reflected a strong year, as anticipated. Investors seemed to agree, with shares rising to an intraday high of 5.9% above the prior close the day following the release, before finishing up 3.5%.  In the fourth quarter, the REIT saw 400 basis points of average occupancy... Read More »
Brookdale and HCR ManorCare May Deal

Brookdale and HCR ManorCare May Deal

Brookdale Senior Living is rumored to be in exclusive talks with a Chinese investor, and Carlyle Group may finally get out of its HCR ManorCare position. A new rumor was out yesterday that China-based Zhonghong Zhuoye Group was in exclusive negotiations with Brookdale Senior Living after making an offer to buy the company for $3.0 billion, apparently higher than other offers. The problem is that the current market cap is just $2.8 billion, so not much of a premium being offered. Apparently, Brookdale wants to be convinced that the U.S. Committee on Foreign Investment in the U.S. would approve the deal as non-threatening to national security. Really? State secrets on maintaining census and... Read More »
The Future of Medicaid Block Grants

The Future of Medicaid Block Grants

Our editor Steve Monroe moderated a webinar on June 8 called “Skilled Nursing Reimbursement Under Trump Care” with panelists Joshua Jandris of IPA Seniors Housing and Marc Zimmet of Zimmet Healthcare Services Group, where they discussed Medicare reimbursement changes, the future of Medicaid managed care plans and the next shoe to drop on the reimbursement front under a Trump administration. If you are interested in hearing the 90-minute discussion, you can purchase the webinar here. During the webinar, Mr. Monroe brought in the audience to voice their opinion too, and here are the results: Do you think Medicare SNF payments should basically fund the shortfall of Medicaid payments, such as... Read More »
Brookdale and HCR ManorCare May Deal

Skilled Nursing Reimbursement Under Trump Care

Record prices per bed for skilled nursing facilities don’t seem to make sense given the reimbursement changes looming. The skilled nursing acquisition market has been booming for the past few years, with back-to-back-to back record average prices per bed. But with all the uncertainty surrounding the future of Medicare reimbursement, not to mention Medicaid and the potential for block grants, it does seem odd that there is still so much interest in the skilled nursing market. Reimbursement, however, isn’t the only story, and there are many providers, despite the reimbursement uncertainty, who can take over a facility and still increase revenues, increase reimbursement rates and... Read More »
Brookdale and HCR ManorCare May Deal

New Senior Living Investment Fund

A new investment fund called Senior Living Fund is in the market and funding new developments with enticing promotional returns to investors. There is a new investment fund on the street, called Senior Living Fund, which is mostly investing in to-be-built private pay senior living communities. In their Senior Living Fund IV – USA, investments can range from as small as $50,000 with a preferred monthly cash return of 7.5%, to more than $1.0 million with a cash return of 10.75%. Or, investors can pay a discounted per-unit price and receive more of the return on the back end with the ultimate sale of the property. That is for investors less concerned about receiving a steady monthly check.... Read More »
Our Listeners Speak: Real Estate vs. Business Value

Our Listeners Speak: Real Estate vs. Business Value

We recently hosted a webinar on a topic that has been on the minds of many as the healthcare real estate market hit record-high prices (in seniors housing and care) and deals with changing acuity and reimbursement environments. “Real Estate vs. Business Value For Healthcare Properties” featured moderator Steve Monroe of The SeniorCare Investor and speakers James Tellatin of Tellatin, Short & Hansen, and Chuck Herman of Charles Herman Consulting (formerly CIO of Welltower), and a 90-minute discussion on the valuation practices for skilled nursing facilities, assisted living communities, LTACs, behavioral healthcare and acute care hospitals. We also brought in our listeners to the... Read More »
Brookdale and HCR ManorCare May Deal

Real Estate vs. Business Value For Healthcare Properties

Acuity level can impact what is driving business value and real estate value in healthcare properties, something all lenders and investors should understand. The separating out of business value from real estate value in healthcare properties has always been a controversial issue. When lenders lend against the value of an LTAC or a skilled nursing facility, their security interest is really in the real estate, and not the business. But the real estate without that business, without that CON or license, can see its value drop quite suddenly. Should anyone care where the values lie if they are really looking at the full enterprise value? Absolutely. What happens if a facility is old, has... Read More »