• Solera Grows through Acquisition of SageLife

    Solera Senior Living expanded its portfolio through the acquisition of SageLife. SageLife’s portfolio includes five high performing seniors housing communities in Maryland, Massachusetts and Pennsylvania. This acquisition brings Solera’s growing portfolio to 14 properties spanning nine states, including a growing concentration in the... Read More »
  • Joint Venture Acquires Class-A Seniors Housing Asset in Texas

    CBRE National Senior Housing acted as the exclusive advisor on the sale of a Class-A seniors housing community in the Houston, Texas MSA. Built in 2012, the community comprises 207 units offering independent living, assisted living and memory care services. CBRE National Senior Housing also arranged acquisition financing for the community on... Read More »
  • Owner/Operator Acquires in Illinois

    Evans Senior Investments arranged the sale of a supportive living community in the south suburbs of Chicago, Illinois. Waterford Estates totals 247 units with 170 independent living, 61 assisted living and 16 memory care units. The seller was a New York-based institutional owner seeking to recycle capital. Due to the scarcity of supportive living... Read More »
  • AEC Living Secures Financing

    Helios Healthcare Advisors structured the recapitalization of a 300-bed assisted living and skilled nursing portfolio in the San Francisco MSA. Facing a pending maturity with its existing lender, the borrower (AEC Living) engaged Helios to structure a refinance across two owned/operated assisted living communities and one skilled nursing property... Read More »
  • Massachusetts SNF Secures New Future in Behavioral Health

    Blueprint’s Behavioral Healthcare Team sold a vacant skilled nursing facility on behalf of a nationally recognized institutional REIT to a buyer that will convert the building into a behavioral health facility. The existing asset is in Agawam, Massachusetts, and was identified as a potential candidate for a behavioral healthcare provider due to... Read More »
Q2 Senior Care M&A Falls To Seven-Year Low

Q2 Senior Care M&A Falls To Seven-Year Low

Well, we can’t say we aren’t surprised. COVID-19 and the economic ramifications stemming from social distancing and quarantine measures took a toll on seniors housing and care M&A, leaving the sector with just 59 publicly announced transactions in the second quarter. Back in early April, we said the second quarter’s deal total would be low and wondered if we’d even get to 50 transactions. Even though we did surpass that level, a closer look at the deals reveals an even bleaker market.  The decline in activity is made even more stark after an unprecedented level of deal-making in 2019, with 450 total transactions (not including scores more that were... Read More »
Recession Resistant Assisted Living? The Audience Speaks

Recession Resistant Assisted Living? The Audience Speaks

When the seniors housing industry emerged from the Great Recession, it quickly became apparent that it performed well during that economic downturn, especially when compared against other “real estate” asset classes, and especially the assisted living sub-sector. It became known as “recession resistant,” something that made a lot of investors happy.   Now that we have officially entered into the first recession since the Great Recession, we thought it was a good time to talk with industry leaders and get their take on whether assisted living would once again be recession resistant, even though it would be a very different kind of recession.  Last week we hosted... Read More »
Seniors Housing Occupancy Slides Further, But Slower

Seniors Housing Occupancy Slides Further, But Slower

Well, it shouldn’t have surprised anyone, but occupancy levels for stabilized independent living and assisted living continued their drop in the month of May, according to NIC MAP. Across the country’s 31 largest metropolitan areas, assisted living properties first fell by 170 basis points from 87.8% in March (the first full month of the COVID-19 pandemic) to 86.1% in April. The sector occupancy fell by a lesser degree in May, by 90 basis points to 85.2%. So, in total, that is a 360-basis point drop for assisted living since the pandemic began.   The independent living sector has so far fared better than assisted living, but it also has the benefit of being in a stronger position going... Read More »
National Health Investors: What Pandemic?

National Health Investors: What Pandemic?

It seems that National Health Investors is doing just fine during this pandemic, as are its operators, apparently. The Tennessee-based REIT reported that it has collected 99.7% of its contractual rent in April, 100% in May, and so far, 99.4% in June. That should make shareholders feel pretty good right now.  On the occupancy front, excluding communities that have been open less than 24 months, it was not quite as rosy but nothing they can’t handle. For 41 same-community properties operated by Bickford Senior Living, occupancy has dropped 240 basis points, from 86.6% in March to 84.2% in May. The first quarter averaged 87.3%.   Senior Living... Read More »
May’s M&A Meltdown

May’s M&A Meltdown

The M&A statistics are in for May, and it was a doozy. Only 19 seniors housing and skilled nursing deals were publicly announced during the month, nearly half of which coming from the first quarter earnings reports of several public companies. Without those, we would have barely made it to double digits. You have to go back to July 2017 for such a low monthly total, when 16 sales were disclosed. Back then, however, the month was followed by a strong August (27 deals) and September (35). We’re not as hopeful for such a comeback this time.  Another facet of May’s M&A activity was that nearly all of the deals were either closed in the first quarter or were all-but-completed... Read More »
Skilled Nursing Values Were Strong Before COVID-19

Skilled Nursing Values Were Strong Before COVID-19

Leading up to the onset of the COVID-19 pandemic, skilled nursing facilities were going through their own challenges of falling census and shortening lengths of stay, low Medicaid reimbursement, aging physical plants, a labor squeeze and the possibility of a CMS correction after the implementation of PDPM. What some wouldn’t give to go back to those kinds of problems. However, values were near an all-time high, averaging $93,000 per bed in 2019 according to the 25th Edition of The Senior Care Acquisition Report, and falling slightly to an average of $92,800 per unit in the four quarters ended March 2020.   That high average was the result of investors acquiring... Read More »