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’ 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
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
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
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 »Schedule a demo
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