• Thank You Ortelius?

    Brookdale Senior Living just reported June occupancy, and the increases were much better than we expected for a second quarter, which historically has been a mixed bag for the industry. Let’s just say, we were impressed. June’s same-community weighted average occupancy was 81.1%, up 220 basis points year over year and up 50 basis points... Read More »
  • SLIB Sells SNF in New Jersey

    Toby Siefert of Senior Living Investment Brokerage got a skilled nursing sale in New Jersey over the finish line after survey issues caused a buyer switch-up. Built in 1980, Medford Care Center is located in the town of Medford (about an hour east of Philadelphia) and features 180 beds on an 11-acre campus. Operations were not strong, and the... Read More »
  • Carnegie Capital Celebrates 10-Year Anniversary with Texas Portfolio Deal

    Carnegie Capital, the national seniors housing debt brokerage founded and run by JD Stettin and David Farhadian, celebrated its 10-year anniversary with a $124 million, or $117,100 per bed, portfolio acquisition transaction. Carnegie provided a combination of advisory work and debt placement for the nine-skilled nursing facility portfolio with... Read More »
  • 12 Oaks Senior Living Appoints New CFO

    12 Oaks Senior Living appointed Elliott Westerman as CFO, effective immediately. Westerman has more than two decades of leadership experience across senior living, healthcare, and real estate sectors. As CFO, Westerman will oversee all aspects of financial management, including financial planning and analysis, capital structure strategy,... Read More »
  • Ensign/Standard Bearer Adds Two Facilities

    The Ensign Group acquired a couple of skilled nursing facilities through its real estate subsidiary Standard Bearer Healthcare REIT. The first purchase was for Duncanville Healthcare and Rehabilitation Center, a 124-bed SNF in Duncanville, Texas, which will be operated by a third-party operator subject to a long-term, triple-net lease. Ensign... Read More »
August Acquisition Volume Light, But Consistent

August Acquisition Volume Light, But Consistent

Can we call it a comeback when the seniors housing and care M&A market surpassed 20 deals in August? We recorded 21 publicly announced transactions in the month, which is the highest total since April when 22 deals were disclosed. Since April, there have been 20 deals announced in May, 18 in June and 20 again in July. Consistent, yes, but we just still aren’t used to seeing numbers like these after the heady times of 2018 and 2019 when buyers regularly made 40 transactions or more in a month.   Through the end of August, the seniors housing and care M&A market reached 200 deals announced in 2020, so far. Roughly half of that total came in the first quarter, which was... Read More »
Diversified Healthcare Trust Divests Two Managed Communities

Diversified Healthcare Trust Divests Two Managed Communities

Diversified Healthcare Trust (DHC) divested a couple of its SHOP assets, both located in Mississippi and operated by Five Star Senior Living under the Hermitage Gardens name. Built around 2000 and renovated in 2005, the properties include a 57-unit assisted living community in Oxford and a 59-unit AL community in Southaven.   DHC acquired them in 2006 for a combined $12.4 million, or $112,700 per unit, and at a 7.5% cap rate. The current purchase price is not known, but in DHC’s second quarter earnings report, the company mentioned selling two managed senior living properties and two MOBs subsequent to the quarter for a combined $5.197 million. An undisclosed private equity firm was the... Read More »
REITs Start To Cut Dividends

REITs Start To Cut Dividends

The healthcare Real Estate Investment Trusts have been the hardest hit in our sector during the recent stock market plunge. Many are worried about their own liquidity and drew down on their credit facilities, even if they didn’t need the funds now. Some just went and raised new debt to bolster their liquidity. They are obviously worried about their tenants’ future financial performance, and they know that wages, utilities and food bills have to be paid before rent. One REIT, Ventas (NYSE: VTR), has already offered to defer 25% of April’s rent until October. They had the largest credit facility drawdown of $2.7 billion. May is just a month away, and the environment will surely be... Read More »
Five Star Senior Living Soars

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

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 »