• SVN Senior Living Advisors Hires Mark Myers

    SVN Senior Living Advisors kicked off its 2025 with a new hire and is primed for a busy year. Industry veteran Mark Myers made the move from Walker & Dunlop to join SVN SLA’s existing team of Tony Yousif, Torey Riso, Don Husi, John Klement, Joshua Salzman, Aaron Thompson, Jacob Bennema, Fabio Riso, Shelly Bird and Michael Watson. Myers will... Read More »
  • Brookdale’s December 2024 Occupancy Drops

    As we are now in full swing of the flu (and COVID) season, it is normal to expect that occupancy levels nationwide would decline slightly even though the seniors housing industry continues on its operational upswing. This is exactly what happened at Brookdale Senior Living. Consolidated weighted average occupancy in December declined sequentially... Read More »
  • Ten Seniors Housing Communities Change Hands in Michigan

    Meiser Commercial Real Estate was engaged by DeShano Companies, a development company that specializes in apartments and entered the assisted living industry in 2016, in its divestment of ten seniors housing communities that it built in Michigan. Madison Meiser and Bill Meiser handled each of the ten, separate transactions. This was a roughly... Read More »
  • Joint Venture Secures Refinancing

    CBRE arranged a refinancing of a six-property seniors housing portfolio on behalf of a joint venture between Monarch Alternative Capital LP and REDICO. American House Senior Living Communities, an affiliate of REDICO, will continue to manage the portfolio. Aron Will and Adam Mincberg originated a $154.5 million loan, marking CBRE’s second... Read More »
  • Washington D.C. Area Community Secures Construction Financing

    BWE arranged financing for The Reserve at Falls Church, a 215-unit senior living community in the West Falls mixed-use neighborhood. Ryan Stoll and Taylor Mokris facilitated the construction financing for this project, which is being financed by a syndication of commercial banks including Live Oak Bank and Huntington Bank. The loan features a... Read More »
Ventas Continues To Improve

Ventas Continues To Improve

We are rounding out the first quarter earnings announcements, and like most everyone else, Ventas posted improved results, especially in its SHOP portfolio. And like everyone else, we are sure management would have liked to see a faster pace with the improvements.  We can probably be criticized for focusing so much on census improvement over the now-25 months since the bottom of the market, but census is a good indicator for the health of the industry, as well as the demand for seniors housing units in an environment when supply is at its slowest growth point in years. With new supply constrained because of construction costs and a financing market contraction, combined with the beginning... Read More »
60 Seconds with Steve Monroe: Out of Touch With SNF Reality

60 Seconds with Steve Monroe: Out of Touch With SNF Reality

Is the Biden Administration so out of touch with reality that they would actually shove a mandate down the throats of providers to require additional staffing in our nation’s nursing homes? Don’t answer that.     Although we have heard that they are “talking” with the industry about how and what to do, let’s hope it is more frequently than they have talked with Republicans about the debt ceiling problem. Some sort of pronouncement on the staffing mandate is now expected in June, but it would be better to wait and have a workable way to move forward than to set the industry up for failure. Unfortunately, there are too many people who would like to see the entire industry go out of... Read More »
Is Brookdale Senior Living On The Move?

Is Brookdale Senior Living On The Move?

Brookdale Senior Living has had its share of ups and downs since coming out of the pandemic bottom in March of 2021. Other than sequential occupancy, the first quarter was its best financial performance in a while.    Same-community revenue was up year over year by 13.1% and sequentially by 8.4%, labor expense was down 1.2% year over year and down sequentially by 0.6%, and while sequential occupancy was down by 80 basis points in the notoriously bad first quarter for providers, it was up 310 basis points year over year. It could have been a lot worse.   More importantly, same-community adjusted operating income was up 50.3% year over year and up 35.4% sequentially. And operating... Read More »
Sabra Health Care REIT’s First Quarter

Sabra Health Care REIT’s First Quarter

The big news in Sabra Health Care REIT’s first quarter report was that effective May 1, they are completely out of the 49% joint venture with the Enlivant portfolio that encompasses 154 assisted living communities. The J/V had been in default on the portfolio’s debt, and since there was no recourse to Sabra, it was time to cut the cord.    Sabra’s investment had been written down to zero a while ago, so there was no financial impact with the decision. The J/V agreement contained a provision that allowed either partner to walk after a certain period of time. While we understood the original rationale to make this investment to diversify from its skilled nursing portfolio, the price... Read More »
Ventas Continues To Improve

Welltower’s Seniors Housing Portfolio Improves

Welltower’s seniors housing operating portfolio (SHOP) continued on its road to recovery in the first quarter of 2023, a quarter that historically has always had a difficult time. Same-community SHOP net operating income surged an impressive 23.4% year over year, as well as by 6% sequentially. This was helped by COVID going into remission and a mild flu season. Same-community SHOP occupancy (746 communities) increased by 240 basis points year over year, and by 10 basis points sequentially, to 79.4%. The year-over-year increase was less than what we expected, and we have to believe that Welltower management is still concerned about the overall level of occupancy at this point in the... Read More »
The Volatile Insurance Market

The Volatile Insurance Market

As the M&A market declined in activity from the heights of early-2022, we kept hearing that every deal was much harder to close and experienced more delays than in recent memory. The capital markets had a major impact on that, understandably, but another wrench thrown in many buyers’ M&A plans was the volatile (and pricey) insurance market for both the property’s real estate and operating business.  There are plenty of reasons to explain the increase in insurance costs in the last year. First, rates had been dropping for about 15 years until around 2018/19 due to providers wanting to build scale, even if it meant taking losses to get there. Then, as Chip Stuart of HUB... Read More »