•  Northwestern Mutual Divests California Community

    Northwestern Mutual has divested its 150-unit assisted living community in Brentwood, California with the help of Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets. Named Cortona Park, the community was built in 2007 with studio, one-bedroom and two-bedroom unit options averaging 761 square feet. Pets are welcome at the... Read More »
  • SLIB Handles Port Orange, Florida Sale

    Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty helped facilitate a private REIT’s exit of an operational outlier from a previous portfolio with the sale of a memory care community in Port Orange, Florida (Daytona Beach MSA). Consisting of over 54 units on a three-acre parcel, the high-quality community was well... Read More »
  • Jacaranda Trace Sale Arranged by Ziegler

    We have learned that Dan Revie and Don Husi of Ziegler represented the seller of Jacaranda Trace, an independent and assisted living community in Venice, Florida. Sarasota, Florida-based not-for-profit Convivial Life acquired the property, which was built in phases from 1999 to 2015 to now include 295 units on 33 acres with a plethora of... Read More »
  • Executives on the Move

    Greystone, a real estate lending, investment and advisory company based out of New York City, has appointed a new CEO, Hafize Gaye Erkan. A former executive at publicly traded First Republic Bank, she takes over this position after 18 years of experience in the banking sector. She has a distinguished background, holding a Ph.D. in Financial... Read More »
  • 60 Seconds with Steve Monroe: The Road to Recovery

    We are now halfway through 2022, and 15 months into the post-pandemic recovery. But with interest rates and inflation rising, there could be new headwinds to a full recovery. Speaking of full recovery, most of the talk has been about getting back to pre-pandemic levels of occupancy, NOI and NOI margin. That is certainly a first step. But there is... Read More »
AlerisLife Starts Operations Review…Again

AlerisLife Starts Operations Review…Again

The shareholders of AlerisLife Inc., formerly known as Five Star Senior Living, just can’t catch a break. They completed a major review of their corporate structure and operations over the past few years, which resulted in cutting the company in half in terms of the number of properties operated and shifting from leases to management contracts. That seemed to work for a while, but the pandemic interrupted the progress. Now, just before the first quarter earnings results were released, the company announced that its CEO, Katie Potter, resigned effective April 30 (a Saturday, no less). Given the timing, we assume she was asked to resign. Jeff Leer, who has been EVP, CFO and Treasurer since... Read More »
LTC Properties Comes Out with Q1 Earnings

LTC Properties Comes Out with Q1 Earnings

LTC Properties’ first quarter earnings report was a mixed bag of news. The company is still dealing with some operator problems resulting in rent deferral and abatements, which affected its earnings. Rental income dropped year over year from $30.97 million in Q1:21 to $30.32 million in Q1:22, caused also by the transition of the Senior Care Centers and Abri Health Services portfolio. There was also the sale of a SNF in Washington and a lease incentive balance write-off related to a terminated lease that led to the drop in rental income.  However, offsetting the drop were new properties transitioned from Senior Lifestyle Corporation, rental income from completed development projects... Read More »
REITs: After Divesting Billions, They Are Back in Acquisition Mode

REITs: After Divesting Billions, They Are Back in Acquisition Mode

On April 28, 2022, Ben Swett, Editor of The SeniorCare Investor, spoke with three expert panelists on REITs, their strategies and their positive impact on the senior care market, post-pandemic. Those panelists included Mark Lamb, Chief Investment Officer of CareTrust REIT, Alex Florea, Head of Capital Markets at Blueprint Healthcare Real Estate Advisors and Kevin Pascoe, Chief Investment Officer of National Health Investors. They discussed a wide range of topics, including how to improve REITs’ relationships with their tenants, considerations for acquiring amid high valuations, and when to expect a return to “good” occupancy.  Mr. Swett kicked off the webinar by asking the panelists how... Read More »
Ensign Outperforms Yet Again 

Ensign Outperforms Yet Again 

We know we’ve said this before, but The Ensign Group continues to be the Energizer Bunny of the skilled nursing sector, consistently posting positive results in turbulent operating environments. Its Q1 earnings report, which factored in the Omicron surge and unprecedented staffing challenges, reported GAAP diluted earnings per share of $0.89 and adjusted EPS of $0.99 for the quarter ended March 31, 2022, representing increases of 3.5% and 13.8% over the prior year quarter, respectively.   Consolidated GAAP revenues rose to $713.4 million, an increase of over 13.5% compared with the prior year quarter, but GAAP net income also rose by 2.3% over the prior year quarter to $50.3 million.... Read More »
Sonida Senior Living Making Progress

Sonida Senior Living Making Progress

Better late than never. Sonida Senior Living (formerly Capital Senior Living) just released its fourth quarter and full year 2021 financial results, just when companies are starting to release first quarter 2022 results. The best news, however, is their progress in the first quarter of 2022, bucking the norm of a first quarter census drop, much like many companies are doing. Getting back to the recent results, as a result of their major recapitalization late last year, raising $154.8 million, there is no longer a “going concern” issue for the company, which was a major problem. Check that one off the list. Next up is census, which like everyone else hit bottom last Spring, but has been... Read More »
Brookdale Ends Quarter With A Census Boost

Brookdale Ends Quarter With A Census Boost

The entire seniors housing industry seems to be clawing back its occupancy losses, even during the perennial lackluster first quarter. Brookdale Senior Living ended the first quarter on a high note (it is all relative, we suppose), with its highest occupancy level since the bottom was hit a year ago, reaching 75.0% at the end of March 2022. This was also the highest month-end occupancy since September 2020. For comparison purposes, it was 82.2% at the end of March 2020. So, bucking the historical trend of first quarter gloom, month-end occupancy in the first quarter 2022 actually increased from December by 50 basis points, even though weighted average occupancy was flat from December to... Read More »