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
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 »
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
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 »Wow…Sonida Senior Living
The last company in our sector, Sonida Senior Living, finally reported fourth quarter and full-year 2023 earnings, and while pretty good, that was not even the story. The story started four weeks ago. In February, the company announced a series of capital transactions which reduced their debt, raised some equity, and provided liquidity to take the company on to the next stage. It must have taken a few weeks to sink in, or at least to get investors thinking about the future of the company instead of thinking about survivability. And a year ago, there was a question as to how long the company would stay afloat. In January, the share price averaged between $8 and $9, increasing to a range of... Read More »Schedule a demo
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