April 28, 2022 Webinar – REITs: After Divesting Billions, They Are Back in Acquisition Mode
Webinar Description: Over the years, the seniors housing and care REITs have played a key role in financing the growth of the senior care industry. But how has the pandemic changed the REITs’ relationship with its senior care assets? Some will leave (or have), some will double down, some will merge, and some new REITs will appear. But operating structures may also change, with new solutions emerging to replace the triple-net leases or management fee agreements. Join our panel of experts to hear the discussion. Panelists: Ben Swett, Editor, The SeniorCare Investor (Moderator)Mark Lamb, Chief Investment Officer, CareTrust REITAlex Florea, Head of Capital Markets, Blueprint... Read More »
Ensign Outperforms Yet Again
We know we’ve said this before, but The Ensign Group continues to be the Energizer Bunny of the skilled nursing sector, consistently posting positive results in turbulent operating environments. Its Q1 earnings report, which factored in the Omicron surge and unprecedented staffing challenges, reported GAAP diluted earnings per share of $0.89 and adjusted EPS of $0.99 for the quarter ended March 31, 2022, representing increases of 3.5% and 13.8% over the prior year quarter, respectively. Consolidated GAAP revenues rose to $713.4 million, an increase of over 13.5% compared with the prior year quarter, but GAAP net income also rose by 2.3% over the prior year quarter to $50.3 million.... Read More »
Healthcare Transactions Group Closes 12-Property Portfolio Sale
Mark Davis of Healthcare Transactions Group (HTG) recently closed on the sale of two senior care portfolios comprising 12 properties with 1,521 beds/units located in Ohio and Florida. HTG represented the seller, Bon Secours Mercy Health, in the sale, which came after the sale of two skilled nursing facilities and two assisted living communities in Virginia with a total of 410 beds that closed on December 1, 2021, also sold by HTG on behalf of Bon Secours. In the current sale, the Ohio portfolio included four skilled nursing facilities with 461 beds. These included 150 beds in North Lima, 70 beds in Austintown, 125 beds in Cincinnati and 116 beds in Springfield. Set on the same campuses... Read More »
Ziegler Arranges Oregon Construction Financing
Ziegler served as financial advisor in a debt placement totaling $24 million for Onelife Senior Living to finance the construction of its to-be-built Esther Assisted Living Community. The Esther will be located in Springfield, Oregon and will comprise 103 assisted living units. This will be the fifth AL/memory care community owned by Onelife in the state. Ziegler closed the construction/bridge loan with Locust Point Capital. Upon stabilization, Onelife will then hope to place permanent, fixed-rate agency financing. Eric Johnson led the transaction for Ziegler. Read More »
Newpoint Announces New Hire
A year after being formed by a joint venture of commercial mortgage brokerage firm Meridian Capital Group, LLC and Barings LLC, one of the world’s leading investment managers, NewPoint Real Estate Capital LLC has made a new hire, announcing that Susan Mudry has joined the company as Senior Managing Director for Process Reengineering and Strategic Execution. She is based in the firm’s Washington, D.C. office. In her new role, Ms. Mudry will identify opportunities for NewPoint to refine and optimize operations as it grows the real estate finance platform, working across the organization to ensure that new product development and strategic initiatives are successfully implemented. Mudry... Read More »
60 Seconds with Swett: REITs and the Post-Pandemic M&A Strategy
Coming out of the pandemic, the senior care REITs have had their difficulties dealing with low occupancy, operator/tenant problems and staffing shortages, like most in the industry. Rent collection rates and lease coverages have been less than ideal in more than a few cases, a couple of high-profile disputes played out, and REITs even were the target (albeit misguided) of the Biden Administration’s critique of the skilled nursing industry. However, after the major balance sheet decisions they made early in the pandemic and some strategic divestments, many REITs are still poised to grow on a massive scale, if the right deals come along. What properties are they targeting, and... Read More »
NHI Divests Texas MC Communities
National Health Investors sold a couple of memory care communities in Texas that it acquired as part of a larger portfolio deal in March 2017. The divestment was part of the REIT’s strategy to optimize its portfolio by “pruning underperforming assets.” These properties were previously classified as held for sale and operated under net operating income-based leases from which NHI received no rental income in 2021 or in Q1:22. Constructed in 2011, Revere Court of Rockwall consists of 44 memory care units, while Revere Court of Arlington, built in 2000, contains 34 memory care units. They were formerly Autumn Leaves properties before NHI acquired them from The LaSalle Group in a... Read More »
Oxford Reports Q1 Financing Activity
Oxford Finance’s Healthcare Real Estate Group closed over $280 million of transactions in the first quarter of 2022, providing credit facilities ranging from $5 million to over $110 million. Its recent closings included: An $80.7 million term loan along with a $8.5 million revolving line of credit to finance the acquisition of four skilled nursing, assisted living and independent living properties. A $70 million term loan to refinance seven skilled nursing facilities and five assisted living communities containing 1,198 licensed beds/units in Ohio and Pennsylvania. A $115.5 million term loan and $9 million revolving line of credit to finance the acquisition of seven skilled... Read More »
Minneapolis AL/MC Community Sells
Transwestern Real Estate Services, through its Midwest Capital Markets team, brokered the sale of Hiawatha Suites, an assisted living and memory care facility in Minneapolis. Featuring 19 assisted living and nine memory care units, the community was built in 2019 with a license for 60 beds. It is licensed for CADI waiver (community access for disability inclusion), Elderly Waiver (Medicaid) and private pay. Occupancy was nearly 100% occupied at the time of the sale, making it an attractive acquisition prospect. The buyer was not disclosed, but they paid about $200,000 per bed for the community. Transwestern’s Harrison Wagenseil and Erik Coglianese represented the seller, a local developer... Read More »
Bull Realty Arranges DeLand Land Sale
Bull Realty, a regional commercial brokerage firm, arranged the sale of a 19.43-acre land parcel on behalf of Manchester Communities, LLC that has been entitled for the development of a 156-unit active adult community in DeLand, Florida. The plan for the parcel is for a moderately priced community comprised of 156 single-story villas. Amenities will include on-site management and security, a social activities coordinator, a pool and communal gathering room. There will also be sidewalk connectivity to the nearby AdventHealth DeLand hospital and medical plaza. Michael Bull, CCIM, CEO of Bull Realty along with Shane Connor worked on behalf of the seller. Fully entitled, the project is ready... Read More »Schedule a demo
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