• Berkadia Secures Large Portfolio Refinance

    Berkadia closed $627.2 million in agency financing for Project Raven. Project Raven is a 35-asset seniors housing portfolio with 4,395 independent living, assisted living and memory care units. The portfolio spans 15 states. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld handled the financing on behalf of an institutional borrower.... 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... 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... Read More »
  • BMO and TCG Refinance Florida CCRC

    BMO’s Healthcare Real Estate Finance group acted as sole lender on a real estate term loan refinancing for La Posada, a Class-A, 333-unit CCRC in Palm Beach Gardens, Florida. Originally opened in 2014 and with a major renovation and addition completed in 2018, the campus offers independent living (245 units), assisted living (30 units), memory... Read More »
  • The Lenders Roundtable: A Capital Markets Update

    On Thursday, June 26th, Managing Editor of The SeniorCare Investor Ben Swett sat down with a group of expert panelists to dive into the evolving financing process of M&A deals. Panelists included Dave Boitano, EVP & CIO of LTC Properties, Cary Tremper, President & CEO of Tremper Capital Group, and Patrick Gilbreath, Sr. Relationship... Read More »
Brookdale Occupancy Hits 81%

Brookdale Occupancy Hits 81%

Brookdale Senior Living reported its first quarter earnings results, and it appears to be building on the momentum started at the end of 2024. In addition, month-end occupancy in April topped 81.0%, marking the ninth straight month with ending occupancy above 80.0%. While it is great the company is making progress, there is still a lot more work to do.  After declining in the second half of 2024, the seniors housing operating margin increased to 28.4% in the first quarter. This represents a 130-basis point increase from the year-ago quarter, but a whopping 290-basis point increase sequentially. Meanwhile, RevPOR increased by 3.0% year over year and 4.6% sequentially, contributing to... Read More »
NHI Raises Guidance in Q1 Earnings Report

NHI Raises Guidance in Q1 Earnings Report

National Health Investors came out with its first quarter earnings and reported modest improvements in several financial metrics from the year-ago quarter. The REIT also increased its 2025 annual guidance range, which investors must have liked, pushing up the share price by nearly 3% in the trading hours following the announcement and earnings call to hit year-to-date highs. Net income attributable to common stockholders per diluted common share for the Q1:25 was $0.74 compared to $0.71 during the same period in the prior year. It also included approximately $300,000 in proxy contest and related expenses for a proxy campaign launched by activist investor Jonathan Litt’s Land &... Read More »
NHI Raises Guidance in Q1 Earnings Report

Ventas Posts Decent Q1 Earnings

Ventas came out with its first quarter earnings at the end of April, and although the results were decent, it may not have been the best timing to follow the strong quarter posted by Welltower earlier this week, as Ventas’s stock price tumbled 6.4% seemingly because the REIT affirmed its full-year guidance rather than increased it. By contrast, Welltower raised guidance and its stock price jumped 3.5% on the news. Ventas provided commentary on guidance for 2025 normalized FFO per share, outlining that it benefited from NOI growth in the SHOP segment and from accretive seniors housing investment activity in 2024 and expected in 2025. But it was partially offset by the impact of higher net... Read More »
60 Seconds with Swett: Welltower Is on a Roll

60 Seconds with Swett: Welltower Is on a Roll

Welltower came out with its first quarter earnings on Tuesday, and surprise, surprise, it was yet another great quarter, and its share price jumped 3.5% immediately upon the news. It was the tenth consecutive quarter in which same store SHOP NOI growth exceeded 20%, at 21.7% in the first quarter. Guidance for same store NOI growth also rose by 100 basis points to a midpoint of 19.0% for FY2025. On Tuesday’s call, Welltower did mention that SHOP margins remain below pre-pandemic levels, but they may not be for long. Also, that issue currently plagues thousands of communities in this country and was prevalent in the years before COVID too. Perhaps that is why most of what we hear from... Read More »
60 Seconds with Swett: April Already Passes 50 Transactions

60 Seconds with Swett: April Already Passes 50 Transactions

Tariff turmoil? Volatile and still-high interest rates? Uncertainty surrounding Medicaid spending, labor costs and HUD’s queue length? Seniors housing and care dealmakers have looked past a lot of this noise to announce 50 transactions in the first three weeks of the second quarter, putting the market on track for the busiest M&A period ever. We know we sound like a broken record, but the start of April did feel like we reached a new level of activity, and given the conversations we’ve been having in the last few weeks, the second and third quarters may only accelerate in deal volume. For some sellers, seeing through the January 2025 rate increases was enough to enter the transaction... Read More »