Skyline Healthcare Back In The News
All we can say is, it is about time. The former owner of Skyline Healthcare (or Skyline Management), Joseph Schwartz, is finally going to trial on his “alleged” fraud scheme, although he did plead guilty. He and his “team” walked away from leases on more than 100 nursing homes across the country with no food in the fridge and empty med carts. They basically handed the keys over to the states. It was not only shameful, but it was also criminal. Each state had to scramble, and the nursing home industry suffered its biggest black eye. Actually, two black eyes. Skyline basically sucked as much cash out of the leased facilities as they could until it all collapsed. Not even a... Read More »
Priority Life Care Is The Place To Be
Priority Life Care (PLC), based in Fort Wayne, Indiana, was just recognized as one of Fortune’s Best Workplaces in Aging Services for 2024. This comes after recognition as a Great Place to Work certification for the May 2023 to May 2024 cycle, the second year in a row it has received this certification. More than 90% of employees participated in the third-party survey with 80% affirming it as a Great Place to Work. The recognition by Fortune is just one more acknowledgement as to the management style and focus on its employees. PLC is one of the largest senior living providers in the country which has a woman at the helm. CEO and Founder Sevy Petras has made it her mission to listen to... Read More »
Ventas Restructures More Leases
In this post-COVID world, Ventas continues to modify existing leases with major tenants with an eye to the future. First was Brookdale Senior Living several years ago, and now it is with its original tenant going back more than 25 years, Kindred. Ventas owns 23 long-term acute care hospitals that are leased to Kindred for annual cash rent of $109 million. Starting in May 2025, the annual cash rent will be reduced by 27% to $80 million, with annual escalators of 2.75%. The lease maturity date was extended from April 2025 to April 30, 2030. In addition, as part of the transaction, Ventas has received warrants for 9.9% of the common equity of Kindred’s parent, ScionHealth, exercisable... Read More »
Retirement Unlimited President Gone
Last week, Retirement Unlimited Inc. (RUI), announced that its President, Doris-Ellie Sullivan, had stepped down “to pursue other opportunities.” That is usually a signal that the person did not leave without getting pushed out. Given what we heard about the poor performance of the company since its acquisition of Brandywine Living, we have to believe that it finally caught up to her. In late 2023, RUI purchased the Brandywine Living management company, which nearly doubled the number of communities operated by RUI to more than 70. Welltower (NYSE: WELL) owned the real estate of the Brandywine portfolio. Brandywine operated very high-end assisted living communities in top markets in New... Read More »
Brookdale Reports Highest Occupancy Since March 2021
While we would hope that seniors housing companies are reporting their highest occupancy levels since the bottom of the COVID market in March 2021, Brookdale Senior Living did it in pretty good fashion. Brookdale finally topped 80% in month-end occupancy for August, reaching 80.4%, or a 50 basis-point increase over July. It also represented a 110-basis point increase from a year ago. Weighted average occupancy reached 78.9% in August, a 30-basis point sequential increase and a 130-basis point increase year over year. We would expect solid census increases in the traditionally strong third quarter, so this was not a surprise. But they will have to maintain these improvements through the... Read More »Schedule a demo
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