The Virtual NIC
This year’s NIC Conference will certainly be different, but let’s make the most of the digital social experience. As you can see, I am not Steve. Ben Swett here, filling in while Steve is out of the office. Next week is the start of the first virtual NIC Conference, and even though we would obviously rather see all of you in person, we hope to still see you virtually. Over the next two weeks, there will be plenty of educational sessions on finance and the impact of the current pandemic on operations, census and, of course, cash flow. And if you are into nursing homes, where else can you find a former CMS administrator and the current CEO of AHCA at the same place? I know we’re... Read More »
Grandbridge Gains Investment Sales Team
Grandbridge Real Estate Capital is making a big jump into seniors housing investment sales with the addition of three veterans highly experienced in the space. Cushman & Wakefield’s Tampa, Florida team, led by Allen McMurtry, David Kliewer and Jay Jordan, made the move to Grandbridge’s Seniors Housing and Healthcare Finance Group, which is headed by Richard Thomas in Atlanta, Georgia. They will bring experience representing sellers of seniors housing communities across the country, spanning over 190 properties in 35 states. Recently, the former C&W team arranged the $105 million sale of The Clare in downtown Chicago in December 2019, cementing its status... Read More »
Plante Moran and Retirement Dynamics Release Sentiment Survey
Plante Moran Living Forward and Retirement Dynamics announced the results of its COVID-19 Sentiment Report, and the results are a mixed bag for the senior living industry. Surveying more than 23,000 independent living residents, prospects on waiting lists and staff, and receiving more than 5,000 responses, the partnership found out how sentiment has changed in regard to living and working at an independent living community, and how respondents thought the sector had dealt with the pandemic. The good news is that a majority responded positively to each question. The bad news is that the margins do not bode well for an industry that is already struggling to raise its penetration rate, let... Read More »
Revenue Write-Downs for Omega, and Maybe Sabra
On back-to-back days last week, both Omega Healthcare Investors and Sabra Health Care REIT provided investors with updates on their revenue recognition accounting policies for the same two tenants, Genesis Healthcare and Agemo Holdings (dba Signature Healthcare). While the news sounded ominous, it was not entirely unexpected. Both operators have announced that there is a question as to whether they can make it past the next 12 months without significant relief and increases in census and cash flow. This is the dreaded “going concern” letter. When that happens, lenders and landlords have to make adjustments to their accounting policies... Read More »
Many Impacts of COVID, But “Stupidity” Factor May Grow
The views on where we are in this pandemic are bifurcating, just like in the acquisition market, but we are also dealing with the “stupidity” factor. Just like in the acquisition market, where values and cap rates have been bifurcating between the top “A” properties and the rest of the market, so are opinions as to the current state of the market and what we can expect next year and beyond. There are those who believe operating costs are getting back to normal, the lending market has strengthened with pent up demand to provide financing, and that values are firming, helped by historically low interest rates. Then there are those who see a long slog through this pandemic mess,... Read More »Schedule a demo
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