The People’s Republic of New York At It Again
The saga of The Harborside on New York’s Long Island has been more than a decade in the making. Opened in 2010 and originally known as Amsterdam of Harborside, a not-for-profit entity, it has now filed for bankruptcy protection three times (2014, 2021 and 2023). Nothing like a little financial uncertainty to drive census, which is at about 50%. There are about 330 IL and AL units. Nearly 10 months ago, the bankruptcy court approved the sale to Iowa-based Life Care Services (LCS), partly because they agreed to keep it open, pay down the entrance fees to people who had moved or to their estates, and invest some capital. From media reports, it appears the residents wanted LCS to buy it, as... Read More »
Brookdale’s Still Lagging
After Brookdale Senior Living finally topped 80% in month-end occupancy in August, reaching 80.4%, the company reported 80.5% in month-end occupancy for September, indicating weaker momentum going into Q4 compared to prior years. We said improvements would need to be maintained through Q4 to head into the winter/flu season in a strong position. So far, the company is, unfortunately, only maintaining, with just a 10 basis point increase from August to September. Brookdale also reported a Q3 average occupancy of 78.9%. Yes, this is an 80-basis point increase quarter over quarter and a 130-basis point increase year over year, but it is typical to see senior living occupancy grow the... Read More »
Update on Retirement Unlimited Inc.
Many of you read in our online posts that the President of Retirement Unlimited Inc. (RUI), Doris-Ellie Sullivan, is out and that a lot of other changes have transpired there. But perhaps the biggest story is how Welltower and its RUI relationship went off course. Brandywine Living and Welltower sold the Brandywine management business to RUI in a transaction that closed late in 2023. Welltower owned the assets so was in the driver’s seat on what would happen in the future. Welltower had a previous relationship with the owner of RUI, Bill Fralen, who had owned a lot of SNFs but was growing his seniors housing business through RUI. It seemed like a good financial fit. But something went... Read More »
Skyline Healthcare Back In The News
All we can say is, it is about time. The former owner of Skyline Healthcare (or Skyline Management), Joseph Schwartz, is finally going to trial on his “alleged” fraud scheme, although he did plead guilty. He and his “team” walked away from leases on more than 100 nursing homes across the country with no food in the fridge and empty med carts. They basically handed the keys over to the states. It was not only shameful, but it was also criminal. Each state had to scramble, and the nursing home industry suffered its biggest black eye. Actually, two black eyes. Skyline basically sucked as much cash out of the leased facilities as they could until it all collapsed. Not even a... Read More »
Priority Life Care Is The Place To Be
Priority Life Care (PLC), based in Fort Wayne, Indiana, was just recognized as one of Fortune’s Best Workplaces in Aging Services for 2024. This comes after recognition as a Great Place to Work certification for the May 2023 to May 2024 cycle, the second year in a row it has received this certification. More than 90% of employees participated in the third-party survey with 80% affirming it as a Great Place to Work. The recognition by Fortune is just one more acknowledgement as to the management style and focus on its employees. PLC is one of the largest senior living providers in the country which has a woman at the helm. CEO and Founder Sevy Petras has made it her mission to listen to... Read More »Schedule a demo
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