• LCS and Vi To Merge

    LCS and Vi announced a strategic merger, adding Vi’s 10 communities and 4,000 residents to the LCS portfolio of more than 130 communities. Vi has entrance-fee CCRCs in Florida (3), Arizona (2), California (2), Colorado, Illinois and South Carolina. Depending on regulatory approvals, the merger is expected to close in mid-2026, with both companies... Read More »
  • Kiser’s Myers Announces Closings

    Mark Myers has had an active year since leaving Walker & Dunlop in January 2025 to go to SVN before exiting that shop in May to co-create a seniors housing brokerage platform with Kiser Group. But a few deals that he worked on with his previous teams have also recently closed. The largest was the sale of Sarah Neuman, a 301-bed skilled... Read More »
  • Blueprint Handles Five-SNF Portfolio Deal

    Giancarlo Riso and Amy Sitzman of Blueprint advised a client on a sale and HUD 232 process of five skilled nursing facilities located in central and west Texas. The facilities totaled 424 beds and featured positive cash flow. They had attractive, fixed-rate HUD debt of 2.8% and long remaining terms with maturity dates starting in 2035 through... Read More »
  • SLIB Sells Two Pennsylvania CCRCs

    Two faith-based, not-for-profit CCRCs in central Pennsylvania were acquired by a private East Coast-based investor. Located an hour’s drive from each other, Church of God Home has 50 independent living units and 109 skilled nursing beds in Carlisle, while Towne Centre in Myerstown has 152 skilled nursing beds, plus some “borrowed” IL units from... Read More »
  • Mississippi Turnaround SNF Changes Hands

    3G Healthcare Real Estate, which mainly focuses on skilled nursing transactions and has a side focus of debt and equity placement, facilitated the sale of a skilled nursing facility in Mississippi on behalf of a small, local skilled nursing owner. Built in the 1970s, the asset faced occupancy and operational challenges, including staffing... Read More »
Ventas Reports

Ventas Reports

After Welltower’s solid fourth quarter performance, all eyes were on Ventas, which has not pursued the aggressive growth path that Welltower has. Operating metrics were up in its SHOP portfolio of seniors housing communities, but not up as much as investors would have hoped. But that is not the fault of Ventas; rather, it is the fault of the operators that are underperforming. Same-community occupancy increased 170 basis points in the fourth quarter, year over year, to 84.9%. Revenue was up year over year by 7.0% while expenses were up just 4.2%. This drove a 15.0% increase in cash NOI and a 180-basis point increase in the NOI margin to 25.4%, and this is after management fees. Not bad,... Read More »
Ventas Reports

Sonida Senior Living Readies for Next Phase

Don’t you love it when a plan finally comes together? Sonida Senior Living has been working diligently to streamline its capital structure, not to mention improving its census and margins. Yesterday they announced two major developments which should set the stage for future growth. First, they purchased $77.4 million of outstanding debt held by Protective Life for $40.2 million, or a 52% discount, across seven communities. We are not sure we have seen that large of a discount in the market, and perhaps news of this will light a fire under some other creditors. Part of the purchase price was funded by a $24.8 million expansion of Sonida’s existing term loan with Ally Bank. An additional $44... Read More »
Ventas Reports

Some Providers Still Stuck In Pandemic Swamp

Diversified Healthcare Trust reported on the December performance of its seniors housing operators, and let’s just say it seems that little progress has been made.  In the seniors housing operating portfolio (SHOP) operated by Aleris/Five Star, with 117 communities and 16,951 units, in 2023 census increased by only 240 basis points to 80.4% in December. But that is not the major problem. The average monthly rate has held fairly stable, ending the year at $4,429 compared with $4,278 in January last year. The problem has been expenses, which increased by 11% over the year, jumping by 5% from November to December alone. That resulted in a plunge in NOI in December to $4.0 million,... Read More »
300 Seconds with Steve Monroe: Here We Go Again

300 Seconds with Steve Monroe: Here We Go Again

Whenever there are headlines about anything in senior care, we can always count on Senate hearings, with a lot of unfounded accusations and unrealistic recommendations. This usually leads to a new commission being formed, the results of which are delivered a year later in 300 pages that no one reads, except perhaps Richard Mollot of the Long Term Care Community Coalition. But that is his job. It is doubtful Liz Warren will read it. Let me start with Richard Mollot, who apparently claimed at the January 25th Senate hearing that there is a crisis in assisted living, and compared assisted living today with nursing homes in the 1970s and 1980s. Really? Did he ever go into a nursing home back... Read More »
2023 U.S. Deal Activity Nears 450 Transactions

2023 U.S. Deal Activity Nears 450 Transactions

The preliminary numbers are in, and the 2023 senior care M&A market ended up healthier than most would have predicted at the start of the year. U.S. transaction volume, based on deals that have been publicly announced but not necessarily closed (although most deals are completed by the time they are disclosed to us), reached 441 deals in 2023. That is 15% down from 2022’s domestic volume of 517 transactions, but it surpasses 2021’s deal volume of 427 transactions by 3%.  Given the pullback in liquidity, the rapidly changing capital costs, economic uncertainty and collapse in cash flow at communities across the industry, a more precipitous drop in M&A volume could have been... Read More »
An Investor’s Guide to 2024: Buy, Sell, Finance & Thrive in Senior Care

An Investor’s Guide to 2024: Buy, Sell, Finance & Thrive in Senior Care

An Investor’s Guide to 2024: Buy, Sell, Finance & Thrive in Senior Care is a deep dive into the 2024 investment landscape in the seniors housing and skilled nursing sectors. Gain valuable insights, market analysis and strategic guidance to seize opportunities and navigate potential challenges in the long-term care market. The panelists included: Ben Swett, Managing Editor, The SeniorCare Investor (moderator) Bryan J. Lockard, MRICS, Executive Managing Director, U.S Healthcare & Alternative Real Estate Lead, JLL Value and Risk Advisory Jason Punzel, Managing Director, SLIB Chris Hollister, Co-Founder, CEO and Chair, Pegasus Senior Living Austin Sacco, Managing... Read More »