Five Star Senior Living Soars
Shares of Five Star Senior Living have soared by more than 60% this year, leaving everyone guessing. Right after all the restructuring was completed at year end between Five Star Senior Living and its landlord, now recently re-named Diversified Healthcare Trust, Five Star’s shares have taken off. Two points to remember, though. Five Star just doled out about 26.5 million shares to Diversified and its shareholders to remove working capital liabilities. And, last October 1 they completed a 1-10 reverse stock split. That is important because now that the shares are trading at over $6.00 per share, for comparison purposes, that would be 60 cents per share four months ago. It just shows... Read More »
New Year, New Name for Senior Housing Properties Trust
While we were all up celebrating the New Year this past Wednesday, Senior Housing Properties Trust was kissing goodbye to its name, officially changing it to Diversified Healthcare Trust effective January 1, 2020. The company is still listed for trading on the NASDAQ but under the new ticker symbol of “DHC.” According to Jennifer Francis, President and Chief Operating Officer, the name-change better depicted the company’s portfolio of healthcare real estate (which encompasses medical office, life science and wellness centers in addition to senior living communities) and its strategy going forward. That fresh start was reinforced with the completion of DHC’s restructuring of its Five Star... Read More »
Newmark Closes Out 2019 With A Bang
We told you that the folks at Newmark Knight Frank were going to have a big year end, and in the days just before Christmas they closed four transactions worth about $550 million in total. Not a bad way to end the year, and we hope they are all off on vacation until January 5. In the largest transaction, Ryan Maconachy and Chad Lavender sold a portfolio of three Discovery Senior Living-operated assets on behalf of Kayne Anderson. The three communities with 483 units are located in Virginia, Pennsylvania and Delaware and average about 45% independent living, 34% assisted living and 21% memory care units. Overall occupancy is a solid 94%. The buyer was Partners Group, an international... Read More »
Senior Housing Properties Trust Divests More Five Star SNFs
Senior Housing Properties Trust (SNH) continued its Five Star Senior Living (FVE) portfolio restructuring with the sale of 15 skilled nursing facilities in the Midwest. Mike Segal, Ben Firestone and Steve Thomes of Blueprint Healthcare Real Estate Advisors handled the transaction for SNH, which made a strategic decision to sell the entire portfolio in one deal to one buyer. The sale was part of SNH’s previously announced disposition plan to sell up to $900 million of assets in connection with the FVE restructuring. The portfolio consists of 10 facilities in Nebraska, four in Iowa and one in Kansas, and sold for a combined $8 million. According to FVE’s 2018 Annual Report, the Nebraska... Read More »