60 Seconds with Swett: January M&A Activity Hits a Recent High
If many are hoping for a fundamental shift in the M&A market in 2024, either for more activity, larger deals or Class-A, stabilized properties hitting the market, then January may have offered a glimmer of hope. We recorded 61 publicly announced transactions across the seniors housing and care sectors, according to LevinPro LTC. That is the highest monthly tally since January 2022 when 64 deals were made public. Back then, for some perspective, the 10-year Treasury rate averaged 1.76% that month, as opposed to around 4.0% last month. And liquidity was vastly different, too. There are also always December closings in the January total, which goes by announcement date, but that is true... Read More »
Spotlight on Senior Care M&A
The senior care industry has taken a lot of punches in the last couple of decades but is still poised to see enormous growth in the 2020s. How has M&A activity changed, how have property valuations shifted, and how have buyer and seller strategies changed as a result of several recent shocks to the industry? Check out the special report to see the latest proprietary M&A stats and market analysis Read More »
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 »
2022 M&A Results and Valuation Statistics
Listen to The SeniorCare Investor and a panel of experts to get a sneak peek of the 2022 M&A valuation statistics and a preview of what is to come in the market. Read More »
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 »Schedule a demo
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