SHOP at National Health Investors Outperforms
At National Health Investors, it seems to be all about SHOP, SHOP, SHOP. Although it is a small portfolio at just 15 properties, it is becoming mighty. September’s occupancy was 89.1%, compared with 81.2% a year ago, representing a 790-basis point increase. From July 2023, the increase was 1190 basis points. It is now the highest occupancy portfolio of the major property groups for NHI. The sequential increase from August was 60 basis points. The SHOP NOI increased 30.4% year over year and represents the highest quarterly result since the portfolio’s formation in April 2022. As we have written previously, SHOP portfolios are performing well, and REITs are expanding them. All is not... Read More »
60 Seconds with Swett: October Broke the Monthly M&A Record
For those of us who track the seniors housing and care M&A market, October was like drinking from a firehose from the start of the month to the finish. And an active earnings week kicked things into another gear. We have to start with the 73 deals made public throughout October, which is still a preliminary number that we expect to rise, but also a record for any month, ever. That is just the sixth month ever that has surpassed 60 transactions, and only the second to surpass 70. Annualized, it also equates to 876 deals. We don’t expect that to continue, especially with earnings skewing October’s numbers slightly, but we could be entering a new era of transaction activity. The previous... Read More »
LTC M&A Sector Reaches New Transaction Volume Record
The most active dealmaking year was 2022, in which 559 transactions were announced, according to LevinPro LTC. As of Friday October 18, 2024, the senior care sector has hit a new record in terms of transaction volume. We are currently at 560 transactions, and still have some of October plus all of November and December to go. Overall, the deals announced this year have been smaller and more distressed than in previous years, while many portfolios were broken up into numerous smaller deals because of the lack of financing available for big deals. But we also hear from dealmakers that the process for closing deals is still long and difficult, making the record-high volume even more... Read More »
Greystone & VIUM Capital Top HUD Rankings
The HUD LEAN rankings for HUD’s fiscal year 2024 ended September 30 are out, and the program saw 220 loans close, totaling nearly $3.2 billion for a nearly 10% increase over FY2023’s total volume. Closings only accelerated in the second half of HUD’s fiscal year, and the next 12 months could see another increase in activity. Topping the charts, both in terms of deals and dollar volume, was Greystone, with 52 deals and $708.3 million of volume. Greystone led the way in FY2023, too, with 39 deals and nearly $700 million of volume, and in FY2022 with 35 deals. VIUM Capital ranked in the second spot in both categories, with 34 deals and $344.8 million of volume. This is a return to the second... Read More »
60 Seconds with Swett: 2024 Already Surpasses 500 Deals
The optimism in the seniors housing and care industry was palpable at the NIC Fall Conference in Washington, D.C. last week, partially because of interest rates falling for the first time since the onset of the pandemic, but also partially because of the record-setting M&A streak we have been on for most of the year, so far. We are three quarters into 2024, and we have already virtually reached 2023’s annual deal total of 511 deals, at 508 deals according to LevinPro LTC. If you include the deals made public on October 1, we have surpassed that total, with an entire quarter to go. And if the anecdotal stories of BOVs, new listings and closing pipelines are true, we are going to shatter... Read More »Schedule a demo
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