• Regional Owner/Operator Purchases Seniors Housing Portfolio

    A portfolio of three Class-B seniors housing communities in tertiary markets in Northern California found a new owner. The communities all featured assisted living, memory care and independent living services, with 205 total units and 242 licensed beds. They were originally developed in 2001 and 2002, and occupancy stood at 71%, 89% and 84%,... Read More »
  • Minnesota Community Secures HUD Refinance

    Sam Butler of the Fort Worth office of Colliers Mortgage closed a $24 million HUD loan for the refinance of The Pillars of Mankato in Mankato, Minnesota. Built in 2019, the community features 118 units across 146,138 square feet on 3.9 acres. There are 98 independent and assisted living units plus 20 memory care units.  According to LevinPro LTC,... Read More »
  • Solinity’s New Development

    Solinity has partnered with the Scott County Economic Development Authority to develop a 100-acre multigenerational, mixed-use community in Scott County, Virginia, called Riverside. The development will feature a range of housing options, including age-restricted housing, such as active adult, independent living, assisted living and memory care... Read More »
  • EF Senior Care Expands its Footprint

    EF Senior Care, an owner/operator based in Plymouth, Massachusetts, grew its long-term care portfolio this month, having acquired the operations of a senior care campus in Lawrence, Massachusetts. Built in 1895, Berkeley Retirement Home comprises 44 skilled nursing and independent living beds. Berkeley Retirement Home represents EF Senior Care’s... Read More »
  • Solera Grows through Acquisition of SageLife

    Solera Senior Living expanded its portfolio through the acquisition of SageLife. SageLife’s portfolio includes five high performing seniors housing communities in Maryland, Massachusetts and Pennsylvania. This acquisition brings Solera’s growing portfolio to 14 properties spanning nine states, including a growing concentration in the... 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 »
Sonida Senior Living Making Progress

Occupancy On the Rebound 

In the top 31 markets in the U.S., seniors housing occupancy has posted its third consecutive quarterly increase, according to NIC MAP data. Combining assisted and independent living, the first quarter of 2022 posted a 20-basis point increase from the previous quarter to 80.6%, and up 250 basis points from the first quarter of 2021. While smaller than we would like to see, we will take it. The pandemic low was 78.0% in the second quarter of 2021, according to the data.  Assisted living posted the largest increase in census among the three major categories, increasing by 50 basis points from the fourth quarter to 77.9%. This is up 370 basis points from the pandemic low of 74.2% in Q2... Read More »