Sabra Issues Business Update
This difficult winter is sparing few owners and operators in terms of occupancy and labor expenses. So, Sabra Health Care REIT was not alone in its latest quarterly earnings report, and in fact, things could have been worse. First, Sabra entered into a definitive agreement to amend its master lease with Avamere, effective February 1. This reduced annual based rent by roughly 30% to $30.7 million, or an annual run rate reduction of $0.06 per diluted common share. As a condition to the amendment, Avamere has paid past due rent for December 2021 totaling $3.6 million and has agreed to pay January 2022 rent totaling $3.7 million by March 25, 2022. Sabra does have the opportunity to recapture... Read More »
Walker & Dunlop Hire Dedicated Housing Expert in Southern California
Walker & Dunlop, Inc. has hired Gideon Orion as Managing Director on its investment sales platform. Most recently working for Blueprint Healthcare Real Estate Advisors, Mr. Orion is based in Los Angeles and will join the firm’s national seniors housing property sales team led by Managing Director Joshua Jandris. Mr. Orion will be focused on originating and executing seniors housing property sales opportunities across the United States. He has a strong track record and brings additional skill to Walker & Dunlop’s seniors housing sales team, in addition to expanding the firm’s existing footprint in Southern California. In fact, Mr. Orion represents the first dedicated... Read More »Front Doors Open at Fairfield County Community
EPOCH Senior Living and National Development announced the opening of Waterstone on High Ridge, a hotel-style community for seniors featuring independent living, assisted living and memory care with a full array of high-end amenities and services. After nearly two years under construction, the community will open to residents this month. Located in Stamford, Connecticut on a wooded campus next to a conservation area, the property features 146 units broken into 88 independent living, 36 assisted living, and 22 memory care units. All-inclusive monthly fees for independent living start at $8,950 for a one-bedroom apartment, at $10,500 for a one-bedroom assisted living apartment, and at $8,750... Read More »
Ventas Announces Q4 Earnings
Ventas announced its quarterly and annual earnings report, and we were interested to learn that the REIT has acted on nearly two-thirds of its seniors housing portfolio via acquisition, disposition, development, lease resolution or operator transaction since 2020. The pandemic spared few communities, so that level of portfolio management really required all hands on deck. And the pain isn’t over for many properties, unfortunately, with more distress almost certainly set to hit the market in 2022. That will mean even more dispositions, value-add acquisitions and lease/operator restructurings from Ventas. Activity in 2021 included nearly $2.6 billion in acquisitions of independent... Read More »Just Released M&A Stats: Where Have Senior Care Values Settled?
On February 17, Ben Swett, Editor of The SeniorCare Investor, hosted our annual webinar covering the latest proprietary M&A statistics from the previous year. He was joined by panelists Dan Revie of Ziegler, Dan Lahey of LCS Real Estate and Yitzy Rosenblum of Cascade Capital Group to discuss what happened in 2021, where values settled more than a year after the pandemic, and what buyers, sellers and operators can expect for 2022 and beyond. The full picture will be presented in our Senior Care Acquisition Report, 27th Edition, to be released soon. First, the panel reflected on 2021. And what a year 2021 turned out to be, with 443 publicly announced deals closed and the busiest December... Read More »
REIT Joint Venture Divests Oklahoma Asset
A joint venture between a large national REIT and a regional owner based in the Tulsa, Oklahoma MSA divested a small assisted living community in Tulsa for an undisclosed price. Built in 1997, The Arbors features 25 beds in 20 units on a 2.07-acre plot. It was just 70% occupied, but no financials were disclosed. An Oklahoma-based private owner stepped in to purchase the property and has plans to convert it to skilled nursing, with a hospice specialty. Nick Cacciabando and Jason Punzel of Senior Living Investment Brokerage marketed the property, helped source the buyer and closed the transaction. Read More »
Leor Dimant Joins Lument as Managing Director
Lument recently announced that Leor Dimant joined the company as a managing director, focusing on originating new business. Mr. Dimant joins Lument after working as a managing director at Greystone for eight years, where he originated multifamily and healthcare loans, specializing in HUD, agency and bridge loans. He brings experience in conventional, seniors, and multifamily production, and Lument’s expansive financing platform should serve his client base well. He will report to Aaron Becker, Lument’s head of seniors housing and healthcare production. Notably, Dimant also served in the Israeli Defense Forces for four years, including time as a member of an elite paratrooper unit. He is... Read More »February 2022 Webinar – Just Released M&A Stats: Where Have Senior Care Values Settled?
About the webinar: The pandemic shook the seniors housing and care industry like no crisis possibly has before. Average census plunged across the country, as did profits, and it took several iterations of government aid to keep many facilities afloat. In the first full year after the pandemic, occupancy has rebounded, albeit slower than needed, and operating margins have taken a hit from rising costs, particularly from labor. So how have the fundamentals of owning and operating seniors housing and care properties changed as a result of the pandemic? And when should investors value a property’s pre-pandemic performance versus its current or projected operations? Also, which subsectors have... Read More »
Welltower: Riding Out The Storm
There were no surprises in Welltower’s fourth quarter and full-year 2021 earnings report, which we suppose is a good thing. Could the seniors housing portfolio be performing better? Yes, but so could everyone else’s portfolio. The U.S. seniors housing owned portfolio (SHOP) has seen a slowdown in census increase, with no change in December, which followed a 50-bp rise in November and 30-bp increase in October. That results in 80 basis points of census increase in three months, compared with 260 bp in the third quarter previous and 280 bps in the second quarter. While there is some seasonality in that fourth quarter number, we also may have seen the end of the “post-lockdown” boost, or the... Read More »Regions Bank Provides Acquisition Loan for Thriving Idaho Community
We recently learned that in December, Regions Bank Healthcare Real Estate Group closed a $2.85 million three-year balance sheet loan for the acquisition of an 81-unit independent living community in Chubbuck, Idaho. Per unit, the loan amount comes to $35,185 and includes interest only for the term, can be extended for up to two years and can be increased in the future based upon property performance. Chris Honn handled the transaction for Regions. Comprising 82 units and one single-family home, Cottonwood Cove was built in 1987 and has 117,828 square feet on five acres. A western United States-based private equity firm purchased the community for $3.75 million, or $45,000 per unit, at an... Read More »Schedule a demo
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