Ventas Posts Healthy Q3 With Robust Acquisition Activity
Among the earnings results trickling out this month, it will be impossible to overshadow Welltower’s announcement with $14 billion in new investment activity and another great quarter of seniors housing operating portfolio (SHOP) performance improvements. But Ventas reported healthy results, too, and some significant acquisition volume. Ventas reported attributable net income per share of $0.14, up from $0.05 a year earlier for a gain of 180%. Normalized FFO per share also jumped 10% to $0.88, compared with $0.80 in Q3:24. On the operational front, the SHOP turned in a good performance, with same-store cash NOI rising 16% year-over-year to $232.4 million, led by the U.S. portfolio with a... Read More »
Senior Care Campus Components Sell to Separate Buyers
Senwell Senior Investment Advisors facilitated two separate transactions involving the assisted living and skilled nursing components of a senior care campus in Mansfield, Ohio. The seller, a local not-for-profit, faced significant operational and financial challenges, prompting an urgent need for a transition. Senwell was engaged to identify solutions that would preserve resident care and avoid closure. Despite limited financial and operational information available, partners were identified for both assets. The assisted living community was sold to a regional assisted living operator specializing in Medicaid Waiver programs that intends to reposition the entire campus to serve waiver... Read More »
Skilled Nursing Portfolio Secures Funds
MONTICELLOAM, LLC announced that the firm, along with firm affiliates, funded $48.10 million in combined bridge and working capital funding for a three-facility skilled nursing portfolio in North Carolina. The transaction included a $45.6 million bridge financing and a $2.5 million working capital line of credit. The borrower, a returning client, will use loan proceeds to refinance a 300+ bed skilled nursing portfolio. Read More »
Autumn Lake Healthcare Acquires Maryland SNFs
First Citizens Bank’s Healthcare Finance business provided $338 million in financing to affiliates of Autumn Lake Healthcare for the acquisition of 12 Maryland skilled nursing facilities with over 1,500 beds. Based in Howell, New Jersey, Autumn Lake Healthcare’s portfolio includes 66 skilled nursing facilities totaling more than 8,200 beds in Connecticut, Maryland, New Jersey, Wisconsin and West Virginia. The Maryland Commission released a notice detailing the transfer of the real property and bed rights of the following 12 facilities: LG-OHI Frederick LLC, d/b/a Autumn Lake Healthcare at Ballenger Creek LG-OHI Clinton, LLC d/b/a Autumn Lake Healthcare at Bradford Oaks... Read More »
Central Florida Portfolio Secures Financing
Grace Hill Capital, a seniors housing capital advisory firm founded by Adam Shealy, closed a refinance and recapitalization of a four-community independent living, assisted living and memory care portfolio in Central Florida. The portfolio comprises five buildings totaling 257 units, operated by a regional provider with a proven record of performance and resident care. The new five-year, fixed-rate loan totaled $29.84 million. It came with an interest rate of 6.25%, 12 months of interest-only payments and a 70% loan-to-value ratio, providing proceeds to buy out existing limited partners, reduce the cost of capital, and enhance ownership’s long-term flexibility. Grace Hill Capital... Read More »
CCRC Enters Phase Three of Master Plan
Ziegler announced the successful closing of Friendship Village of Tempe’s $107.525 million Series 2025AB bonds through the Industrial Development Authority of the City of Tempe, Arizona. Tempe Life Care Village, Inc. owns and operates a CCRC known as Friendship Village of Tempe (FVT) in Tempe, Arizona. FVT consists of a 536-unit retirement center, a 128-bed skilled nursing center, a 67-unit assisted living building, 24 memory care beds and a 14-bed hospice unit in the Health Center that is leased to a hospice provider. The bonds will be used to fund Phase Three of the corporation’s campus master plan. Phase Three is a new five-story building known as the Ironwood building, with 69... 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 »
Welltower Shatters Single-Day Dollar Volume Record
October was already on its way to setting records for M&A activity in the seniors housing and care industry before Welltower announced the most transaction dollar volume we have ever seen in a single day when it released its third quarter earnings. A couple of the largest portfolio acquisitions took place across the pond, but the REIT also announced that it was under contract or has closed an additional $4 billion of seniors housing acquisitions spanning nearly 40 transactions across over 150 communities and over 12,000 units in the United States. Starting with the biggest transaction, Welltower is acquiring a real estate portfolio of Barchester-operated communities in the United... Read More »
South Carolina Portfolio Trades
Newmark has hit a rich vein of activity, announcing several closings in the last few days. First, the team sold three communities across the Greenville, South Carolina, area on behalf of Atlas Senior Living. The communities were built between 2014 and 2016 and totaled 306 units, including 108 independent living, 144 assisted living and 54 memory care units. Average occupancy was strong, above 95%, and the portfolio sold for more than $100 million, or above $327,000 per unit. Atlas Senior Living will continue its good work and manage the portfolio going forward. According to LevinPro LTC, Atlas Senior Living acquired these communities in 2019 for $48.4 million, or $244,400 per unit, from... Read More »
Blueprint Closes in Kentucky and Colorado
Blueprint has been adding to our record-breaking October M&A haul, announcing a couple of closings in the last week. First, Kyle Hallion handled another sale in his home state of Kentucky, this time on behalf of a local family owner/operator with deep ties to this asset’s local market. The senior care facility features 64 skilled nursing beds and 29 assisted living units in Lebanon, Kentucky, and it was the family’s final facility in the state. The Villages of Lebanon, located approximately 1.5 hours south of Louisville, benefited from favorable Medicaid reimbursement tailwinds. The facility realized strong per-diem rate increases following Kentucky’s July 1, 2024, rebasing, further... Read More »Schedule a demo
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