•  Northwestern Mutual Divests California Community

    Northwestern Mutual has divested its 150-unit assisted living community in Brentwood, California with the help of Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets. Named Cortona Park, the community was built in 2007 with studio, one-bedroom and two-bedroom unit options averaging 761 square feet. Pets are welcome at the... Read More »
  • SLIB Handles Port Orange, Florida Sale

    Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty helped facilitate a private REIT’s exit of an operational outlier from a previous portfolio with the sale of a memory care community in Port Orange, Florida (Daytona Beach MSA). Consisting of over 54 units on a three-acre parcel, the high-quality community was well... Read More »
  • Jacaranda Trace Sale Arranged by Ziegler

    We have learned that Dan Revie and Don Husi of Ziegler represented the seller of Jacaranda Trace, an independent and assisted living community in Venice, Florida. Sarasota, Florida-based not-for-profit Convivial Life acquired the property, which was built in phases from 1999 to 2015 to now include 295 units on 33 acres with a plethora of... Read More »
  • Executives on the Move

    Greystone, a real estate lending, investment and advisory company based out of New York City, has appointed a new CEO, Hafize Gaye Erkan. A former executive at publicly traded First Republic Bank, she takes over this position after 18 years of experience in the banking sector. She has a distinguished background, holding a Ph.D. in Financial... Read More »
  • 60 Seconds with Steve Monroe: The Road to Recovery

    We are now halfway through 2022, and 15 months into the post-pandemic recovery. But with interest rates and inflation rising, there could be new headwinds to a full recovery. Speaking of full recovery, most of the talk has been about getting back to pre-pandemic levels of occupancy, NOI and NOI margin. That is certainly a first step. But there is... Read More »
Brookdale Senior Living Issues Occupancy Update

Brookdale Senior Living Issues Occupancy Update

Brookdale Senior Living issued an occupancy update, and the results were positive, but a little muted. The good news is that the company saw occupancy grow 50 basis points from July to August after an 80-basis point increase from June to July. Brookdale does expect another sequential monthly occupancy gain in September 2021, but likely a more moderated rate. The company attributed this to potential residents and their families becoming more cautious or temporarily delaying their decision to move into seniors housing communities in certain areas, as a result of the Delta variant. That shouldn’t surprise many. As of September 22, 2021, approximately 97% of Brookdale’s communities... Read More »
Several Companies Report August Occupancy Gains

Several Companies Report August Occupancy Gains

Several companies have released occupancy updates for the month of August, and there were some mixed results. However, for the most part, these top players reported large basis-point gains over several months, and even between July and August. This consistency among businesses bodes well for a return to normalcy in the skilled nursing and seniors housing industries. After announcing their agreement to provide Recovery Centers of America with a $325 million mortgage loan this week, Sabra Health Care REIT, Inc. reported occupancy gains across several of their portfolios. Among their top eight skilled nursing operators, they have seen a 554-basis point increase between late December 2020 to... Read More »
Brookdale Senior Living Census Jumps

Brookdale Senior Living Census Jumps

The census problems at Brookdale Senior Living definitely bottomed out late in the winter of this year. Weighted average occupancy in both February and March was 69.4%, a level at which it is tough to make money. But that has increased by 180 basis points in June to 71.2%, still a low number but moving in the right direction. And it has increased for three straight months at a time when historically the industry sees little occupancy gains.  Occupancy levels at the end of each month have done even better. These bottomed out in February at 70.1% and increased for four straight months, ended June at 72.6% for a 250-basis point increase in four months. Again, this is a time... Read More »
Second Quarter Occupancy Results

Second Quarter Occupancy Results

NIC MAP just released its second-quarter occupancy trends results, and unfortunately, it was not what the industry had hoped for. For the overall seniors housing industry, average occupancy remained flat at 78.7% from the first quarter to the second quarter.   Given the reports of bottoming out by March for several of the large operators and the REITs with large operating portfolios, and strong census increases in April and May, we were a bit surprised that the quarter-to-quarter change was stagnant. We figured maybe at least a 50-basis point increase or higher. The one thing this tells us is that the early spring momentum did not carry over into June. Or possibly it was the... Read More »
M&A in May Falls Flat

M&A in May Falls Flat

Despite the positive occupancy news coming out of seemingly every earnings announcement in May, buyers held back this month, announcing just 26 transactions. To be fair, that total beat’s February’s 25 publicly announced transactions (albeit being a 28-day month), and tied January. But it was off of March’s 29-deal tally and April, when a “whopping” 32 deals were announced.   We know that plenty of both buyers and sellers are waiting for a three- to six-month period of sustained occupancy and NOI growth before either risking the purchase or getting the desired price. But with a surge of deals closed at the end of April, we also thought a certain barrier had been broken and... Read More »
CCRCs Still Leading In Occupancy

CCRCs Still Leading In Occupancy

Ziegler just came out with its quarterly analysis of occupancy trends for CCRC (LPCs) in conjunction with the NIC MAP data, and while census is still slipping, the sub-sector has fared better than the other components of the senior living spectrum. The data set used includes 1,134 CCRCs in both primary and secondary markets, as defined by NIC MAP. It is not clear how the other 800 or so CCRCs have performed.  All CCRCs posted an average occupancy rate of 84.3% in the first quarter 2021, a drop of 720 basis points from the first quarter of 2020. While somewhat shocking, that performance is better than assisted living and skilled nursing. And, starting from an average... Read More »