Brookdale Finally Names a COO
A decade without a Chief Operating Officer? Maybe that is why Brookdale Senior Living has been suffering. But, they are finally filling the position. Mary Sue Patchett is taking on the role, effective December 1st. With Brookdale’s new regional operating model, which she helped redesign and implement, she will have six regional vice presidents, as well as leaders in clinical, dementia care, service alignment, resident and family engagement and experience and dining reporting to her. Patchett brings 40 years of senior living operations experience, currently holding the title of Interim Executive Vice President – Community and Field Operations at Brookdale. She joined the company... Read More »
Brookdale Continues Winning Streak
The big question is, why did this not happen earlier? We are talking about Brookdale Senior Living’s occupancy recovery, and why the previous leadership seemed unable to move the needle, but as soon as they were gone, everything has been on an upward trend. Hmmmmm. Things are not perfect at Brookdale, but they never were. However, same-community occupancy is up by 260 basis points year over year to 82.3%. Even though it lags the rest of the industry, we will take it. Same-community month-end occupancy in October was 84.2%, the highest in years, and a great sign, especially going into the historically tough fourth and first quarters. That represents a 400-basis point increase since... Read More »
Bullish Move by Welltower
Welltower has been a growth and M&A machine under the leadership of Shankh Mitra. As of October 27, the REIT has closed or has under contract close to $14 billion of pro rata gross investments across the U.S., Canada and the United Kingdom this year. These include more than 700 seniors housing properties with more than 46,000 units. Not too shabby. We have covered some of these transactions in other stories, but what really caught our eye was the announcement that Mitra and four other key executives are going to put their future compensation where their strategy is, or something like that. They are “all-in” on increasing shareholder value, which is a good thing, as long as no corners... Read More »
Brookdale Shares Hit Seven-Year High
Brookdale Senior Living has posted occupancy increases for several consecutive months. The operator has lagged behind the industry for a decade now, so it is about time. Weighted average occupancy has increased each month since January, beginning at 79.2% and reaching 82.5% in September. The third quarter’s average of 81.8% is up 290 basis points year-over-year, and 170 basis points sequentially. Same-community weighted average occupancy of 82.7% increased 270 basis points year over year, and 40 basis points sequentially. Third quarter same community occupancy of 82.3% increased 260 basis points year over year, and 150 basis points sequentially, reflecting the highest sequential... Read More »
Brookdale Hires New CEO
Six months after its CEO Cindy Baier exited the firm, Brookdale Senior Living has announced its new CEO. Nick Stengle will take the job, effective October 6, coming from Gentiva, a major home health & hospice provider where he was president and COO. He has some seniors housing experience, too, working as EVP and COO at Sunrise Senior Living for one year prior to his time at Gentiva. He led community operations, sales, marketing and clinical operations for around 250 Sunrise communities at the time. Stengle also has experience at TPG Capital, HMSHost International, Marriott International and Boston Consulting Group, in addition to serving 11 years in the U.S. Air Force. While in... Read More »Schedule a demo
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