• 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 »
Brookdale Month-End Occupancy Falls in November

Brookdale Month-End Occupancy Falls in November

The brevity of Brookdale Senior Living’s occupancy update said a lot: there was not much good news to report. After eight consecutive months of increases, month-end occupancy decreased by 20 basis points from 74.5% in October to 74.3% in November. There could be numerous reasons for this, from the Omicron variant to the onset of the flu season to a staffing shortage, but demand clearly did not overcome these factors in the month of November. And these headwinds are not getting better anytime soon. Brookdale expects to continue publishing monthly occupancy through December 2021 reporting, so we could learn whether this decline is a blip or a trend.  Brookdale did... Read More »
NIC Data Shows Slow Occupancy Recovery

NIC Data Shows Slow Occupancy Recovery

According to most recent aggregated NIC data, occupancy in the third quarter rose to 80.1%, after having stagnated in the previous two quarters at 78.7%. It’s great to see this positive movement, but we are still a long way away from pre-pandemic occupancy levels, and we would have hoped to see more growth heading into the holiday and flu season. This average is also not an indicator of how other institutional operators and REITs are performing, or the industry as a whole, but there are just no other comprehensive sector-wide statistics out there. As we reported last month, Sabra Health Care REIT, Inc. disclosed a 716-basis point increase in occupancy between February and July 2021. Senior... 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 Month-End Occupancy Falls in November

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 »