Seniors Housing Census Woes Continue
Brookdale Senior Living is not the only one with some recent census declines… The next few weeks will be very telling in terms of the direction of some of the major seniors housing companies. All eyes will be on Brookdale Senior Living next week as it announces second quarter results and whether it has reversed its downward occupancy trend. Brookdale’s stock price is down about 15% since June 1 and is at its lowest level in more than eight months. Those activist shareholders must be going nuts. We know NIC MAP indicated a tough second quarter in general, and we also know that the Atria Senior Living and Sunrise Senior Living properties in the Ventas stable posted a combined 40 basis... Read More »Occupancy and rising development
What do the occupancy numbers recently released by Brookdale Senior Living portend for the seniors housing industry? As expected, the company announced a decline in its occupancy, posting an 80 basis point drop from the previous quarter at its legacy Brookdale properties, and a sequential 110 basis point drop at its legacy Emeritus properties. When compared to the first quarter of last year, the decline is even more pronounced, with occupancy at both groups of properties falling 110 basis points and 200 basis points, respectively. Even when taking into account the expected negative effects of the Emeritus merger at the community level, an especially harsh winter and a relatively... Read More »Brookdale Occupancy Declined As Expected
Brookdale Senior Living was no different from the rest of the market, posting sharp drops in first quarter occupancy. When we wrote the May issue of The SeniorCare Investor, we had to make some assumptions before Brookdale Senior Living announced its first quarter earnings. One assumption was that its occupancy rates had dropped given everything else we had heard in the market. Our assumptions were right. The legacy Emeritus properties posted a 110 basis point decline from the fourth quarter of 2014, and a whopping 200 basis point decline from a year ago. The legacy Brookdale properties dropped 80 basis points sequentially and 110 basis points from a year ago. This was not good news, but... Read More »Brookdale May Be One Step Closer
With two new board members and some corporate governance changes, Brookdale Senior Living seems to be heading on the path of a major real estate event. What can I say, management at Brookdale Senior Living seems to be going down a path that I recommended they not take. Imagine that. Rather than have a public shareholder fight, they have added two new board members with some serious real estate experience, which is what activist investor Sandell Management wanted. The share price, however, closed early this week at its lowest level since March 6. Hmmm. We know that management and the board are supposed to make decisions to enhance shareholder value. I get it. But here is the problem. What... Read More »Schedule a demo
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