Soaring With Seniors
Think about the thrill for your residents, flying in the cockpit of a two-seat biplane, soaring above the land, and free of charge. Imagine you are 90 years old and living in a senior living community, and maybe a war veteran. Life may not be as exciting as it was, especially if you are not very mobile. But also imagine if, free of charge, you could spend 15 to 20 minutes flying around in a 1940’s-vintage biplane. That is the mission of Ageless Aviation Dreams, founded in 2011 by Darryl and Carol Fisher (Mission Senior Living). So far, they have completed 3,940 “missions” in 45 states for these deserving residents of your senior living communities, at no cost to you, other than getting... Read More »
Flashback Friday: When Liquidity Dried Up in Senior Care
We are living through a time of unprecedented capital flowing into the seniors housing and care market. Lenders are crowding into the space (if you need proof of this, just look at all the green lanyards signifying capital providers at NIC). Private equity firms report billions of dollars of funds currently sitting on the sidelines because there is simply too much to spend. Debt is extraordinarily cheap, and has been for years. Some say this is a problem, and we agree to a certain extent, especially concerning “dumb money” from inexperienced investors. But, what is a worse problem? How about no liquidity. Let’s take a step back to the November 2007 issue of The SeniorCare Investor, when... Read More »
Where Is the Seniors Housing Rebound?
Seniors housing occupancy rates still remain low despite an apparent slowdown in new development. Whether you look at the total market, or simply the stabilized properties, second quarter occupancy took a small dip, according to recent numbers from NIC. Truth be told, I was hoping for a slight increase after a relatively modest flu season, even though it did seem to linger. But NIC’s numbers are at the midpoint of the quarter, so things could be more positive by now. It is still assisted living that is experiencing the continuing problems, dropping 20 basis points sequentially to 87.7% for stabilized communities, but 85.1% when the rest are included. One could look on the bright side and... Read More »
Brookdale Activists Strike Again
We disclosed last week that activist investor Land & Buildings (L&B) had nominated Jay Flaherty, former CEO of HCP, Inc., and Jonathan Litt (founder of L&B) for board election at the 2019 annual meeting of Brookdale Senior Living. L&B has just sent an open letter to Brookdale shareholders providing more rationale for the election of these two candidates. Apparently, L&B hired Green Street Advisors to value Brookdale and its real estate assets, and to provide an opinion as to the feasibility of a PropCo/OpCo split of the company, something Litt has been pushing for quite a while now to enhance shareholder value. Not surprisingly, preliminarily they determined that... Read More »
Brookdale Activists On The Move
Brookdale Senior Living investor Land & Buildings has nominated Jonathan Litt and Jay Flaherty to Brookdale’s board. Still pushing for a REIT spin-off? He’s baaaack. After his 10-year stint as CEO of HCP, Inc., which included his ill-fated and ill-timed acquisition of the former HCR ManorCare, Jay Flaherty may be back in the senior care mix. That is, if Jonathan Litt of Land & Buildings has his way. Land & Buildings Capital Growth Fund, LP has delivered notice to Brookdale Senior Living that it is nominating Flaherty and Litt for election to the company’s board of directors. We shall see how that flies with the current Brookdale board. Our guess is that they will not go... Read More »Schedule a demo
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