Brookdale Senior Living Disappoints Again
Brookdale Senior Living’s stock price plunged 20% on disappointing third quarter news….and forecasts. My, my, my. Brookdale Senior Living just doesn’t seem to be able to get a break. Despite having a 40 basis point increase in same-community occupancy from the second quarter, which beat the market as a whole, problems continue. They are seeing new properties having a big impact on their secondary market properties, they revised downward full year 2016 forecasts, former employees are soliciting staff and customer leads, and Dan Decker has decided to become even more involved, becoming Executive Chairman as opposed to Chairman of the Board. On top of all of this, they are forming... Read More »Blackstone and Brookdale
The beginning of November brought with it a lot of big news. Sorting through the mess that was the Brookdale Senior Living earnings announcement, which caused quite the buzz in the industry, we also noted the year’s second-largest transaction was announced. Private equity firm Blackstone Real Estate Partners is acquiring 64 Brookdale-operated seniors housing properties from HCP, Inc. for $1.125 billion, or about $188,500 per unit. That was for 100% of the ownership, but Brookdale will pay Blackstone $170 million for a 15% ownership interest in the joint venture, in addition to operating the portfolio on behalf of the joint venture. Occupancy across the portfolio averaged 85%, and the... Read More »Changes at the top
There has been a lot of mobility in the seniors housing C-suite lately (Kai Hsiao stepping down as CEO of Holiday Retirement earlier this year, Doug Korey heading over to LTC Properties, the recent Brookdale Senior Living shuffle, etc…), and yet another job change was announced at the end of March. HCP’s Chief Financial Officer, Timothy Schoen, is leaving the company to become President of BioMed Realty, a life science real estate company based in San Diego that was recently purchased by real estate funds managed by Blackstone for approximately $8 billion. Mr. Schoen had been with HCP since 2006 and has served as Executive Vice President since 2009 and CFO since 2011. Mr. Schoen will... Read More »NHI’s new CEO
National Health Investors (NHI) has found its new CEO following the much publicized departure of its former chief executive, Justin Hutchens, who took over the CIO job at HCP (and dare we say the top job in a few years?). Effective October 5, Eric Mendelsohn was tapped as NHI’s CEO after already serving as interim CEO since the beginning of August. Before joining NHI as Executive Vice President of Corporate Finance in January 2015, Mr. Mendelsohn was previously at Emeritus, where, as SVP of Corporate Development, he led the way in such large transactions as the $3 billion joint venture with Blackstone and the $278 million Summerville merger. Our congratulations to Eric, well... Read More »Schedule a demo
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