• PACS Gets Trading Period Extension

    PACS Group is trying to right the ship as it works to restate its prior financial statements amid an investigation into its Medicare billing practices, and return to providing regular quarterly earnings statements. The New York Stock Exchange Listing Operations Committee did agree to provide PACS with an additional trading period through November... Read More »
  • Outcome Healthcare Acquires Pennsylvania SNF

    Evans Senior Investments facilitated the sale of Mahoning Valley Nursing & Rehabilitation Center, a 142-bed skilled nursing facility in Lehighton, Pennsylvania. The seller, an independent owner, faced increasing financial and operational pressures in today’s skilled nursing environment. The selected buyer was a regional operator with a... Read More »
  • Full Continuum Community Obtains Refinancing

    CBRE National Senior Housing refinanced The Pointe at Meridian, a 100-unit seniors housing community in Meridian, Idaho. Built in 2022, The Pointe at Meridian was built in 2022 and consists of 60 independent living units, including 14 townhome units, 30 assisted living units and 10 memory care units. Grace Management took over management of the... Read More »
  • Arizona Seniors Housing Development Secures Construction Financing

    Fifty Stones Capital Group closed a $39.3 million construction loan for a seniors housing community in Chandler, Arizona. The proposed development comprises 147 units with 150 beds. The opportunity came to Fifty Stones Capital Group through a local broker.  The sponsor, an experienced local developer with a focus on multifamily and senior... Read More »
  • National Health Investors Sends Default Notice to NHC

    National Health Investors is addressing violations under its longstanding lease agreement with one of its largest tenants, National HealthCare Corporation. In July, NHI notified NHC/OP, L.P., an affiliate of National HealthCare Corporation and the tenant of 32 of NHI’s skilled nursing/senior care facilities and three independent living... Read More »
Five Star Senior Living Rebrands As AlerisLife

Five Star Senior Living Rebrands As AlerisLife

Five Star Senior Living is rebranding itself as AlerisLife Inc. effective immediately. With the name change, the company’s common shares will now trade on the NASDAQ stock market under the ticker symbol “ALR.”  “Aleris” is a Latin word meaning “to foster, nourish and develop,” and is intended to signify the company’s intent to continue fostering, developing and expanding its lifestyle services. It also follows its desire to offer lifestyle services to younger “choice-based” consumers while exiting the skilled nursing business entirely in November 2021. Other recent developments include growing its Ageility rehabilitation and fitness products, entering into a dining services collaboration... Read More »
Five Star Senior Living Exits the SNF Business

Five Star Senior Living Exits the SNF Business

Five Star Senior Living has completed its planned exit from the skilled nursing business by transitioning the operations of 107 properties owned by Diversified Healthcare Trust. Originally, there were 108 properties in the transition, but the parties decided to close one. Five Star will also work with Diversified to close one more property in Delaware. The RMR Group, an alternative asset management company, provides management services to both Diversified and Five Star.   The amended management arrangement with Diversified, first announced this April, will leave Five Star with 140 senior living communities (120 of which are owned by Diversified) and approximately 20,000 units under... Read More »
DHC Transitions Seven More Five Star Properties

DHC Transitions Seven More Five Star Properties

Diversified Healthcare Trust is nearing the complete transition of its operations away from Five Star Senior Living, agreeing to add five assisted living communities in Wisconsin to an existing management agreement with Cedarhurst Senior Living, and two AL communities in Pennsylvania to a new agreement with IntegraCare. The Wisconsin communities total 300 units, while the two Pennsylvania communities have a combined 182 units. Cedarhurst had previously taken over eight properties totaling 486 units in Illinois on behalf of the REIT.  Diversified Healthcare Trust originally had 108 communities in its Five Star portfolio, and is now left with about 10.... Read More »
Several Companies Report August Occupancy Gains

Several Companies Report August Occupancy Gains

Several companies have released occupancy updates for the month of August, and there were some mixed results. However, for the most part, these top players reported large basis-point gains over several months, and even between July and August. This consistency among businesses bodes well for a return to normalcy in the skilled nursing and seniors housing industries. After announcing their agreement to provide Recovery Centers of America with a $325 million mortgage loan this week, Sabra Health Care REIT, Inc. reported occupancy gains across several of their portfolios. Among their top eight skilled nursing operators, they have seen a 554-basis point increase between late December 2020 to... Read More »
Five Star Exits Skilled Nursing Sector in Portfolio Restructuring

Five Star Exits Skilled Nursing Sector in Portfolio Restructuring

Five Star Senior Living is making a complete exit from the skilled nursing sector and restructuring its portfolio to focus more on larger, lower acuity seniors housing properties. It looks like an acknowledgement of the company’s weakness, and its strengths, to focus on what it does best, at a smaller, more manageable size. Its landlord, Diversified Healthcare Trust, agreed to amend its management agreements and transition 108 smaller senior living communities totaling approximately 7,500 units to other operators by the end of the year. DHC will not have to pay a termination fee and will also no longer have the right to sell up to $682 million worth of senior living communities... Read More »