• Spotlight on Senior Care M&A, Seventh Edition

    The SeniorCare Investor is releasing a mid-year update of its key valuation statistics for the assisted living, independent living and skilled nursing sectors in its latest report: Spotlight on Senior Care M&A. Check out the average prices and cap rates, as well as analysis of industry headwinds and tailwinds. Read More »
  • PACS Gets Trading Period Extension

    PACS Group is trying to right the ship as it works to restate its prior financial statements amid an investigation into its Medicare billing practices, and return to providing regular quarterly earnings statements. The New York Stock Exchange Listing Operations Committee did agree to provide PACS with an additional trading period through November... Read More »
  • Outcome Healthcare Acquires Pennsylvania SNF

    Evans Senior Investments facilitated the sale of Mahoning Valley Nursing & Rehabilitation Center, a 142-bed skilled nursing facility in Lehighton, Pennsylvania. The seller, an independent owner, faced increasing financial and operational pressures in today’s skilled nursing environment. The selected buyer was a regional operator with a... Read More »
  • Full Continuum Community Obtains Refinancing

    CBRE National Senior Housing refinanced The Pointe at Meridian, a 100-unit seniors housing community in Meridian, Idaho. Built in 2022, The Pointe at Meridian was built in 2022 and consists of 60 independent living units, including 14 townhome units, 30 assisted living units and 10 memory care units. Grace Management took over management of the... Read More »
  • Arizona Seniors Housing Development Secures Construction Financing

    Fifty Stones Capital Group closed a $39.3 million construction loan for a seniors housing community in Chandler, Arizona. The proposed development comprises 147 units with 150 beds. The opportunity came to Fifty Stones Capital Group through a local broker.  The sponsor, an experienced local developer with a focus on multifamily and senior... Read More »
NHI Reports Drop in December Occupancy

NHI Reports Drop in December Occupancy

National Health Investors released another business update, and the news was not great. The REIT’s occupancy growth had started to slow in the fall of 2021, but its latest December averages showed declines across its three major operators when compared with November’s average. Senior Living Communities dropped by 10 basis points across the nine properties it operates for NHI from 81.9% in November to 81.8% in December. Bickford Senior Living’s 42 properties, the largest of the portfolios, saw a 90-basis point decline from 81.8% to 80.9%. Then, the 17 properties operated by Holiday Retirement fell by 190 basis points from 79.1% to 77.2% month over month, the lowest monthly average since... Read More »
Welltower Updates Census Progress

Welltower Updates Census Progress

Welltower has the largest owned portfolio of seniors housing communities among the healthcare REITs (SHOP) and census has been steadily rising since the bottom early last year. But the rate of growth, like many others, has been slowing. Average U.S. occupancy growth was 30 basis points in October, 50 basis points in November and zero in December. Spot occupancy for the U.S. portfolio ended December at 77.8%, or 90 basis points above September 30. That’s not too bad for a fourth quarter, but December was disappointing and most likely reflected the holiday season as well as the spreading Omicron variant. Up until December they had had nine consecutive months of increased occupancy. The good... Read More »

Ventas Provides Census Update

Ventas has the second largest SHOP portfolio among the healthcare REITs, so it is always a decent barometer for what is actually happening in the seniors housing market. The REIT’s portfolio has performed exceptionally well since the bottom of the market in mid-March 2021, as have most of the providers across the country. The easing of restrictions as well as the vaccine combined for a robust turnaround that we all knew would come at some point. However, we all knew (well, some of us) that the unprecedented net gains in the second and third quarters last year were not sustainable, as much as we would have liked them to be. Call it the pent-up demand or anything else, with portfolios... Read More »
NHI Reports Drop in December Occupancy

SCOTUS and POTUS

We have to assume that during the remaining three years of President Biden’s term, there will be more battles between POTUS and SCOTUS. But it is getting increasingly difficult to determine who is winning. Take the recent SCOTUS decision upholding the vaccine mandate for healthcare workers in facilities that receive Medicare and Medicaid payments. We all want healthcare workers to be safe, as well as the patients that they serve. But the timeline given for these healthcare workers to be 80%, then 90%, then 100% vaccinated, or else they lose their jobs, well, is it really going to do anyone any good if the staff at hospitals and nursing homes gets reduced further? The simple answer is, no.... Read More »
Brookdale: Time for a Reverse Split?

Brookdale: Time for a Reverse Split?

Perhaps it is because of the new Omicron variant spreading like wildfire, perhaps occupancy growth has stalled, or perhaps investors are just losing patience for a recovery that would boost the share price. Whatever the reasons, Brookdale Senior Living’s share price has dropped by 30% since mid-November, and it is now below $5.00 per share for the first time since last February. And, the 52-week high was $8.95 per share. Many investors do not like stocks that are below $10 per share, with some funds even prohibited from owning them. A $4 stock, or lower, implies current weakness or poor future performance expectations. To remedy this perception, some companies complete a reverse stock... Read More »
Sonida Senior Living Census Gains Stalled

Sonida Senior Living Census Gains Stalled

After the March to September outsized occupancy gains (but to July for some companies), it does seem that census growth is stalling before the Holiday season and the dreaded first quarter.  Sonida Senior Living, the rebranded name for the former Capital Senior Living, just announced its most recent monthly occupancy statistics, and while “average” occupancy held “steady” in November at 81.2%, one would hope for a bit more growth as we enter the winter months. In addition, it appears to be at the lowest occupancy level since July, a four-month time period where average occupancy has not really moved.    End-of-month occupancy slipped by 60 basis points in November to 81.7%, which is also... Read More »