Genesis HealthCare Makes Changes
Just after announcing that its CEO would be stepping down, Genesis HealthCare revealed more changes. The current COO, Paul Bach, the Chief Nursing Officer, JoAnne Reifsnyder, and the CFO, Tom DiVittorio, have all announced they will be leaving the company. They have spent the past 38 years, 10 years and 25 years, respectively, at the company, so a lot of institutional knowledge will be walking out the door. The new COO will be Melissa Powell, who most recently was the President and COO of The Allure Group, a New York City-based nursing home operator. Orrin Feingold joins Genesis as the new CFO. He has had similar positions... Read More »
Chartwell Retirement Residences Sees Census Slowdown
North of the border, Canada-based Chartwell Retirement Residences has seen a small uptick in its weighted average occupancy rate for its retirement residences, but nothing like what we have seen in the U.S. For Chartwell’s same-community portfolio, occupancy ended July at 76.3%, gained 30 basis points in August and 10 basis points in September, to end the third quarter at 76.7%. But October saw just a 10-basis point increase again to 76.8%, and they are forecasting occupancy to remain there through the end of the year. We have not heard any U.S. companies believing they would remain flat for the rest of the year. Management claims that move-ins have... Read More »
Labor Woes to Continue?
The American Health Care Association and the National Center for Assisted Living issued a report last week which showed that the long-term care industry is facing its worst job loss ever, and has not showed any kind of recovery like other healthcare sectors. Industry employment in the nursing home sector has fallen by 14%, a loss of 221,000 jobs, while assisted living employment fell by 8%, a loss of 38,000 jobs during the pandemic. Initially, hospitals saw a huge drop in employment, caused by the sharp reduction in elective surgeries. But it has mostly recovered, and total employment sits at just 1.6% below pre-pandemic levels. Even though that means hospitals are down 86,000... Read More »
CapSenior: Ready For a New Beginning
It has been a tumultuous year for Capital Senior Living, more so than for many other large providers. Not only did management have to deal with the pandemic, like everyone else, but they also had to deal with questions about solvency, liquidity and a shareholder battle over the future of the company and its capital structure. Well, that is now all behind them (except the pandemic), as will be the company name effective November 15 when they become Sonida Senior Living with a new ticker “SNDA.” We suppose they decided that a new name was appropriate for a new financial beginning. One week before announcing third quarter earnings results, the company closed its hotly... Read More »
Diversicare Merger Moves Ahead Following Troubling Third Quarter
It seemed to be a difficult third quarter for Diversicare Healthcare Services, at least operationally, when it reported drops in its NOI, EBITDA, patient revenue and its Medicare, private pay and hospice average daily census when compared with the third quarter of 2020. But the planned merger with DAC Acquisition LLC, a privately held Delaware limited liability company managed by Ephram Lahasky and owning/leasing 100 skilled nursing and similar facilities in over 20 states, is still on track to close later this quarter. The price is for $10.10 per share in cash, or a premium of approximately 256% to the closing price of $2.84 for Diversicare’s common stock on August 19, 2021,... Read More »Schedule a demo
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