2nd Quarter Investor Call: The Great Debates of Senior Care
On Thursday, July 17, Managing Editor of The SeniorCare Investor Ben Swett hosted SCI’s latest webinar, dubbed The Great Debates of Senior Care, with panelists Dan Revie of Ziegler, Scott Hougham of Sage, and Michael Feinstein of Focus Healthcare Partners. Issues such as the chances of having a unit shortfall, whether cap rates are too low, the decision of building versus buying, labor-related challenges, and more were discussed. The expert panelists also provided some advice to new entrants, and responded to questions from the audience. LevinPro LTC subscribers can watch the recording of the webinar here. Read More »
Genesis HealthCare’s Legacy Liabilities Lead to Bankruptcy Filing
Genesis HealthCare has filed for Chapter 11 bankruptcy protection, listing its 298 affiliated holding companies, ancillary businesses and insurance vehicles in its submission to the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division. It is one of the largest skilled nursing operators in the country and operates 218 facilities in 19 states. In the bankruptcy filing, there is a proposed transaction that would result in a current company investor, ReGen Healthcare, LLC, acquiring the operations. Terms of that deal will be disclosed soon, but any deal would be subject to higher bidding and approval. Genesis also revealed that it has secured a commitment of $30 million in... Read More »
Thank You Ortelius?
Brookdale Senior Living just reported June occupancy, and the increases were much better than we expected for a second quarter, which historically has been a mixed bag for the industry. Let’s just say, we were impressed. June’s same-community weighted average occupancy was 81.1%, up 220 basis points year over year and up 50 basis points sequentially. Month-end same community occupancy increased sequentially by 70 basis points to 82.8%. Occupancy levels have been steadily increasing since January, which is great for the company and shareholders. This is all happening before the third quarter, which historically has always been the best period for census gains. While shareholders should be... Read More »
What Does Brookdale’s Proxy Fight Cost?
It seems that hardly a day goes by without yet another SEC filing by Brookdale Senior Living detailing why its slate of Board candidates is far better for shareholders than the slate submitted by activist investor Ortelius Advisors. But how much are they spending on this? It would be nice to know, and we are sure shareholders would rather have the money spent on operations or debt repayment. It has now come down to two Board seats, and Brookdale’s management has been touting both Lee Wielansky and Victoria Freed’s qualifications. Here’s the problem we have. Wielansky has been on the Brookdale Board since 2015, where shareholders witnessed one of the largest losses in shareholder value ever... Read More »
Do We Hear $30 Per Hour as the New Minimum Wage?
We know we have the People’s Republic of California, and after New York’s Democratic Party primary, we may have the People’s Republic of New York City by November. The surprise winner of the primary was 33-year-old Zohran Mamdani. He is a self-professed Socialist, and more. In addition to free bussing, freezes on apartment rents, higher taxes on the wealthy (already one of the highest taxed regions in the country) and government run grocery stores, he wants to implement a $30 an hour minimum wage for New York City. We suspect he has no idea what the impact would be on employers. We suspect he does not care. But it could be different in the seniors housing industry. You may remember our... Read More »Schedule a demo
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