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
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 »
Pacifica Senior Living Chapter 7 Filing Update
After we and several other news outlets reported on the Chapter 7 bankruptcy filing of Pacifica Senior Living LLC on March 24, we heard from the company about the filing and our story. Apparently, the liquidation filing was for one of their management entities, Pacifica Senior Living LLC, “whose sole purpose was to manage a subset of our communities in California. Pacifica Senior Living LLC does not own any senior living facilities and this filing will have no impact on the ownership of our properties, resident care, or our beloved staff. All of the senior living properties in our portfolio are independently owned, and each remains operational and unaffected by PSLM’s situation.” The... Read More »
Pacifica Senior Living Goes Bust
In what can only be said is a surprising move, Pacifica Senior Living filed for bankruptcy, but not the usual Chapter 11 bankruptcy protection that would allow them to restructure their assets and debts and continue to operate. No, this is a Chapter 7 bankruptcy filing, meaning the company will dissolve, liquidate what remains, and will be gonzo. And this after more than 45 years in business. The California-based privately-owned company had grown to just under 100 communities, making it one of the larger seniors housing companies in the country. In its largest transaction, it purchased 15 properties from Retirement Housing Foundation for $180.5 million in 2024. We have heard they suffered... Read More »
60 Seconds with Steve Monroe: Here We Go Again
Investigate, investigate, investigate. Regulate, regulate, regulate. Why not assist? Why not help? Why not try to understand? Liz, Ron and Kirsten, of U.S. Senate fame, have asked the GAO to investigate the assisted living industry and to see if federal oversight is needed. Really? Are we going down this road again? How did that work out for the nursing home industry? As we know, the assisted living sector is predominantly private pay, unlike nursing homes, but the senators are using information from state Medicaid agencies to back up their claims. I suppose I could see them investigating any assisted living community that is receiving Medicaid funds to make sure the money is wisely spent,... Read More »Schedule a demo
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