• Public REIT Divests to Owner/Operator

    Blueprint facilitated the sale of a Massachusetts skilled nursing facility on behalf of a public REIT in the senior care sector. The REIT determined that the facility was a strong candidate for sale due to its location. Plus, the former operator was switching focus to other assets in its mutual portfolio.  Purpose-built in 1982 with... Read More »
  • Development Company Acquires Through Membership Buyout

    A Missouri-based real estate developer engaged Blueprint to facilitate its membership buyout of a joint venture partner. Brooks Blackmon, Ben Firestone and Lauren Nagle handled the transaction. Four years ago, the firm was brought on to raise capital, ultimately sourcing an institutional capital partner to develop a private pay seniors housing... Read More »
  • 60 Seconds with Swett: Previewing Our Capital Markets Conversation

    We know that the capital markets have made the biggest impact on M&A activity and property valuations in the last several years, changing the size of possible deals, the makeup of the properties sold and the buyers that could actually buy. Now that the capital markets have substantially improved and are getting better, barring a sudden and... Read More »
  • Seller Exits Seniors Industry with Divestment to REIT

    A single-asset seniors housing owner is exiting the industry with the sale of their property in Murrieta, California. Built in 2016 and 2018, Renaissance Village Murrieta has 142 units of assisted living and memory care in three stories. It was operating just below 70% occupancy, so there is plenty of room for a new owner to improve performance... Read More »
  • Deal Closes Following Buyer Withdrawals

    After a long process that saw multiple buyers pull out from the deal, the sale of Sarah Neuman Skilled Nursing Facility in Mamaroneck, New York, has closed with the help of Mark Myers at Kiser Group. Owned by a religious not-for-profit organization, The New Jewish Home, the facility features 301 beds and was losing money. Myers had previously... 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 »
A Message from Steve Monroe on Brookdale: Brookdale CEO Is Out

A Message from Steve Monroe on Brookdale: Brookdale CEO Is Out

While President Trump had a busy weekend changing course on some of his tariffs, the Board of Brookdale Senior Living was busy as well. After serving as CEO of Brookdale for just over eight years, and as CFO for three years before that, Cindy Baier is out as CEO and Board member effective April 13. The share price initially jumped by 10% on the news.  This does not come as a surprise as the company has struggled financially during most of, if not all of, her tenure. To be fair, she inherited a lot of problems from her predecessor, Andy Smith, including expensive leases, a very bad acquisition and too many buildings. And then two years after she became CEO, the pandemic hit. We are not sure... Read More »
Land & Buildings Targets National Health Investors

Land & Buildings Targets National Health Investors

It seems to be the season for activist investors not happy with investment values, but these days, who is happy unless you shorted the entire market on March 31? In addition to what is happening with Brookdale Senior Living, Land & Buildings, no stranger to the senior care industry, has put forward a few board candidates for National Health Investors.  It seems they are not happy with the current board composition and believe there are a few conflicts of interest between board members who own NHI shares as well as shares of NHI’s major tenant, National Healthcare Corporation. L&B believes that the lease payments from NHC are too low, and that with an increase it would benefit... Read More »
Skyline Healthcare Update

Skyline Healthcare Update

Skyline Healthcare’s Joseph Schwartz finally was sentenced for his crimes against the U.S., his employees and his residents. It seems, however, that the punishment does not fit the crime. Sentenced to three years in prison followed by three years of supervised release, plus a $100,000 fine, just does not seem to be enough for what he did. We have always wondered if he was the only one involved in the theft, or did he play the fall guy to keep friends and family out of prison. We may never know, but we have our opinions (don’t we always?). Stealing $39 million of tax withholding funds from his nursing home employees was bad enough, but walking away from about 100 nursing facilities after he... Read More »
Brookdale Occupancy Gains

Brookdale Occupancy Gains

Continuing a steady stream of small occupancy increases, Brookdale Senior Living bucked the historical norm of first quarter census declines for the seniors housing industry. In the first quarter, the monthly weighted average occupancy increased by 20 basis points to 79.5% in March. In addition, month-end occupancy hit a five-year high of 80.9%, ending above 80% for eight straight months. While this is all good news, Brookdale continues to lag the rest of the industry in terms of post-pandemic census growth. We previously reported on an investor activist group that is unhappy with Brookdale’s share price performance and has nominated a slate of six new board members. Now, another investor,... Read More »