Brookdale Senior Living Disappoints Investors
In a quarter where most providers and REITs are delivering some very good numbers in their seniors housing portfolios, Brookdale Senior Living disappointed investors with a lackluster second quarter. Yes, metrics continue to be on an upswing, but not as up as they should be, and not as up as their peer group. Consolidated weighted average occupancy increased 160 basis points to 78.1% in the quarter, but increased just 20 basis points sequentially. Same-community operating margin increased by 160 basis points year over year, based on a revenue increase of 6.0% and a much smaller 3.6% increase in expenses. All good news. Second quarter adjusted EBITDA increased by 20.2% year over year, but... Read More »
2nd Quarter Investor Call Recording
On Wednesday, July 24, The SeniorCare Investor hosted its Second Quarterly Investor Call, discussing the latest seniors housing and care M&A data, relevant case studies on recent transactions, and audience questions. Ben Swett, Managing Editor of The SeniorCare Investor, moderated the conversation with panelists Ross Sanders, Managing Director, Investment Sales Seniors Housing & Healthcare of Berkadia, Rick Swartz, Senior Managing Director, Seniors Housing Group Leader of JLL, and Hank Fuller, Director of Evans Senior Investments. Read More »
Case Studies & Conversation at the 2nd Quarterly Investor Call
The second edition of the Quarterly Investor Call, hosted by The SeniorCare Investor, scheduled for July 24th, is coming at a pivotal time in the seniors housing and care industry as the M&A market is on track to set a record for transaction activity in any given year, and by a healthy margin. It may shock some of you that we are witnessing the busiest M&A period in the history of the industry. It may be shocking because the effective federal funds rate is above 5% and the 10-year Treasury rate has been hovering above 4% for much of the previous year. Also shocking because of the many roadblocks to transactions in place today, from extended due diligence to financing difficulties... Read More »
60 Seconds with Swett: 2024 On Track for Record M&A Year
We have been saying for the past few months that we are currently on a record pace of M&A activity for seniors housing and care properties, and our preliminary results for the first half of the year show 334 publicly announced transactions. That is not only a record for any six-month period, but it is about 100 deals higher than the 236 recorded in the first half of 2023 and surpasses the 299 deals reported in the first half of 2022. Annualized, that puts 2024 deal volume at 670 transactions, which would also clearly be a record and more than 100 transactions higher than the previous annual record of 559 deals in 2022. And looking at Q2 alone, we recorded 183 transactions, which puts... Read More »
60 Seconds with Swett: CCRCs Lead the Occupancy Recovery
The CCRC market continues to lead all other sectors in its occupancy recovery, post-pandemic. Yes, we are talking about a smaller market, and many of these communities tend to be higher-end, luxury properties mostly in primary markets that have generally demonstrated better resilience in recent years. But the sector has not always been the bright spot in seniors housing, especially after the Great Financial Crisis, so this is new territory. Ziegler and NIC MAP partnered on a report detailing the occupancy gains in each CCRC segment for more than 1,160 CCRCs, including not-for-profit and for-profit, plus entrance-fee and rentals in 140 MSAs. Independent living was the highest, averaging... Read More »Schedule a demo
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