• Confluent & MorningStar Team Up on Development

    Confluent Senior Living and MorningStar Senior Living entered into an exclusive negotiating agreement with the City of Tustin, California, to lead the development of MorningStar at Tustin Legacy. The Orange County community will feature 145 independent living, 60 assisted living and 28 memory care units. There will be several four- or five-story... Read More »
  • H2C Securities Refinances Quality Life Services

    H2C Securities Inc., a healthcare-focused strategic advisory and investment banking firm, served as the exclusive advisor to Quality Life Services in obtaining a bridge loan to refinance the debt associated with the company’s portfolio of 10 skilled nursing and senior living properties. Quality Life Services’ existing lenders were reducing their... Read More »
  • Inspired Healthcare Capital’s $41 Million Acquisition

    A Class-A, well performing seniors housing community in North Haven, Connecticut, sold for $41.1 million, or around $330,000 per unit. The seller, Columbia Pacific Advisors, capitalized on an opportunistic disposition to lock in returns and return capital to investors early in its fund’s life.  Built in 2019, The Landing of North Haven... Read More »
  • Blueprint Handles Florence County Deal

    Kyle Hallion, Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors were brought on by a repeat institutional owner/operator client to sell Florence Place, a 61-unit assisted living/memory care community in Florence, South Carolina, that was built in 1999. The seller decided to divest at the start of 2023, following the... Read More »
  • CFG Arranges Senior and Mezz Debt

    A portfolio of senior care facilities in the Pacific Northwest received a debt package consisting of a mezzanine and senior loan. Capital Funding Group first helped the client place senior debt which totaled $78.46 million. Then, CFG closed a $13.84 million mezzanine loan, which supported the refinancing of eleven skilled nursing facilities and... Read More »
Brookdale Senior Living Does Not Renew Leases

Brookdale Senior Living Does Not Renew Leases

LTC Properties announced that Brookdale Senior Living finally decided not to renew leases on 35 assisted living communities with 1,471 units in eight states. Most, if not all, of these properties came to Brookdale as part of its 2005 acquisition of Alterra Healthcare Corporation. Eight years before, Alterra had merged with Sterling House, a company founded by Steven Vick in 1991, and we believe these are some of the original Sterling House communities, which tended to be on the small side. This group of properties is one of the largest in LTC Properties’ portfolio, representing about 8.4% of cash rent. Brookdale has been current on all lease payments, and the leases actually do not expire... Read More »
Sabra Health Care REIT Sees Occupancy Increases

Sabra Health Care REIT Sees Occupancy Increases

Sabra Health Care REIT is still working through some portfolio issues, like every other REIT, and it will take until at least next year to wind through them. But from an occupancy perspective, at least with its largest segments, things are looking up. And the transition of 20 additional skilled nursing facilities to The Ensign Group is now complete, bringing the total operated by Ensign to 31 buildings representing 8.5% of annualized NOI. This is important because not only is Ensign one of the strongest SNF operators in the country, but its EBITDARM coverage with Sabra is 1.69x. Also not too shabby from a financial perspective is Avamere Family of Companies, which now leases 29 SNFs from... Read More »
Brookdale Fourth Quarter Delights Investors

Brookdale Fourth Quarter Delights Investors

We were hoping that maybe, just maybe, Brookdale Senior Living would post a “breakout” fourth quarter earnings report. They didn’t. But the alternative, a negative surprise, did not happen either. Phew. We have to hand it to CEO Cindy Baier, who always sounds so confident, positive, mission-directed and knowledgeable, whether on stage or on an earnings call. You almost want to hug her after she presents. Perhaps that is why the Board continues to support her. The problem is that shareholders have not bought into her and the company’s performance, which is demonstrated in the share price, which remains in the doldrums. However, shareholders may be beginning to buy into the message, or at... Read More »
Brookdale Fourth Quarter Delights Investors

LTC Properties Reports

LTC Properties reported fourth quarter and full year 2022 earnings, and other than the large new joint venture (previously announced), the big news was that tenant Anthem repaid $1.5 million of temporary rent reduction and paid $900,000 of monthly rent in the fourth quarter. As a result, Anthem has now paid the full rent for 2022, which is a bit of a relief. The REIT is still not out of the woods as other tenants are still recovering slowly, but at least they can see through to the clearing. However, coverage ratios still need to increase. Assisted living EBITDARM and EBITDAR coverage was 1.02x and 0.80x, respectively, in the third quarter (lease information lags by a quarter), but was... Read More »
2022 M&A Results and Valuation Statistics

Welltower’s SHOP Communities Perform

Following fourth quarter earnings from Ventas, Welltower also posted solid gains in its SHOP portfolio, both sequentially and year over year. On a same-community basis, Welltower’s 654 communities posted a 20-basis point sequential increase in occupancy and a 200-basis point increase year-over-year to 79.1%. Now, while we are sure management would like to see the final year-end numbers higher, and getting over 80% (if not 85%) is crucial, the slowdown in the fourth quarter does not bode well for the first quarter this year. At least this year’s flu season has not been as bad as previously forecast by the media. The same-community net operating income increased 6.3% sequentially, but at a... Read More »