M&A Market Pick-up?
Finally, seniors housing and care transactions are picking up speed after a six-month slowdown. With just over two months to go in what has been the most unusual year I have ever experienced, it seems like the senior care M&A market is finally picking up. Not only was the $702 million Welltower sale completed with one of the most aggressive cap rates I have ever seen, with or without a pandemic, but smaller ones are getting done as well. And not all of these are postponed deals from last March. I think all of us are just a little bit tired of the inertia of the past six months, and everyone wants business to be back to at least 75% of normal. The reality is that there is plenty of... Read More »
Wishing Tom Well(tower)
An unexpected announcement by Welltower that CEO Tom DeRosa stepped down with COO Shankh Mitra named as his replacement. I was not the only one surprised by Welltower’s announcement that CEO Tom DeRosa was stepping down effective immediately. My cell phone was buzzing Monday night with questions, mostly centered around why. Whatever the reason, we wish him well. No one was surprised, however, that COO, Vice Chair and Chief Investment Officer Shankh Mitra has been named as CEO, but will retain his CIO role. He has been spearheading the REIT’s portfolio realignment the past two years, a process that has given Welltower $2.2 billion of cash on its balance sheet and a revolver with $3.0... Read More »
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 »Schedule a demo
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