Sonida Senior Living Delivers
As one of the last companies in our sector to report second quarter earnings results, the wait was worth it. Sonida Senior Living continues to deliver results that top its peers and puts them in an increasingly better position to grow. Where do we start? Perhaps the most impressive stat was the sequential increase in same-community NOI margin. The second quarter’s margin jumped by 360 basis points in one quarter, to 28.2%, and this was on just a 30-basis point increase in occupancy to 86.2%. It jumped by 440 basis points year over year. That occupancy level is above the national average, and way above what Brookdale Senior Living has reported, and above the SHOP census of both Welltower... Read More »
Brookdale Senior Living Disappoints Investors
In a quarter where most providers and REITs are delivering some very good numbers in their seniors housing portfolios, Brookdale Senior Living disappointed investors with a lackluster second quarter. Yes, metrics continue to be on an upswing, but not as up as they should be, and not as up as their peer group. Consolidated weighted average occupancy increased 160 basis points to 78.1% in the quarter, but increased just 20 basis points sequentially. Same-community operating margin increased by 160 basis points year over year, based on a revenue increase of 6.0% and a much smaller 3.6% increase in expenses. All good news. Second quarter adjusted EBITDA increased by 20.2% year over year, but... Read More »
Welltower Sets Stage for Further Growth
Welltower has already been the most prolific acquirer in the seniors housing M&A market in the last couple of years, but the REIT shows no signs of slowing, according to its latest earnings report and business update. In the second quarter, Welltower completed $1.7 billion of pro rata gross investments, including $1.4 billion in acquisitions and loan funding and $251 million in development funding. Contrary to most investors these days, that included the opening of 13 development projects, including partial conversions and expansions, for an aggregate pro rata investment amount of $214 million. On the sales side, Welltower also completed around $578 million of property dispositions and... Read More »
Ensign Continues To Rock
When quarterly earnings season hits, we have always been nervous about some company reporting unexpected bad news and maybe sending shock waves through the industry. The one exception is The Ensign Group, which rarely, if ever, has had a negative surprise. They did not disappoint us with their second quarter results. We have been waiting for Harvard Business School to do a case study on how to run, and grow, a primarily nursing home company at a time when so many providers seem to struggle. We are four and a half years past the beginning of the pandemic, which should not be used as an excuse anymore, but Ensign does not need any excuses. Everything was up in the second quarter, except for... Read More »
2nd Quarter Investor Call Recording
On Wednesday, July 24, The SeniorCare Investor hosted its Second Quarterly Investor Call, discussing the latest seniors housing and care M&A data, relevant case studies on recent transactions, and audience questions. Ben Swett, Managing Editor of The SeniorCare Investor, moderated the conversation with panelists Ross Sanders, Managing Director, Investment Sales Seniors Housing & Healthcare of Berkadia, Rick Swartz, Senior Managing Director, Seniors Housing Group Leader of JLL, and Hank Fuller, Director of Evans Senior Investments. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
