• 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 »
  • National Health Investors Sends Default Notice to NHC

    National Health Investors is addressing violations under its longstanding lease agreement with one of its largest tenants, National HealthCare Corporation. In July, NHI notified NHC/OP, L.P., an affiliate of National HealthCare Corporation and the tenant of 32 of NHI’s skilled nursing/senior care facilities and three independent living... 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 »