• 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 »
HCP, or Healthpeak Properties, Continues Brookdale Restructure

HCP, or Healthpeak Properties, Continues Brookdale Restructure

As if a new name wasn’t enough news. First, along with its third quarter earnings results, HCP, Inc. announced that it is changing its name to Healthpeak Properties, Inc. and will trade on the New York Stock Exchange under the new name and ticker symbol “PEAK” on November 5. But then, the REIT announced a couple of large transactions, including the sale of a 46.5% interest in a portfolio of 19 Brookdale Senior Living-operated properties, an amended acquisition of 13 CCRCs from Brookdale and the divestment of the remaining interest in its United Kingdom holdings. Exits from the U.K. are all the rage these days. Starting with the Brookdale sale, HCP, sorry, Healthpeak agreed to form a new... Read More »
Gloves Come Off in Brookdale’s Proxy Fight

Gloves Come Off in Brookdale’s Proxy Fight

The proxy cards are in the mail to Brookdale Senior Living’s shareholders for the vote at the annual meeting, to be held on October 29, and it looks like CEO Cindy Baier has taken the gloves off. Brookdale has been fighting shareholder Land & Buildings’ nominee for a board position, Jay Flaherty, for many weeks. But now they are bringing up some of Mr. Flaherty’s past transgressions which, according to Brookdale, make “him unfit to serve as a member of Brookdale’s Board.” These transgressions include some foul play in 2011 when he was CEO of HCP, Inc., which resulted in a $101.7 million judgment against HCP, for which the court stated that HCP engaged in “fraudulent conduct with the... Read More »
The Great Development Slowdown

The Great Development Slowdown

Everyone is talking about development slowing down, but over development is just part of the problem. We have been hearing it for a few months: seniors housing development is slowing down, based on fewer new construction starts. We have heard it from NIC MAP, from HCVenTower, and now Brookdale Senior Living. They are all saying that in many of their markets, they are seeing light at the end of the over-development tunnel. Maybe. It is one thing if new starts are declining, but it is quite another to fill the current empty units plus the new supply that is currently opening, and going to open. Let’s just say, we are not out of the woods yet, and census is only one part of the problem. Not... Read More »
Brookdale Activists Strike Again

Brookdale Activists Strike Again

We disclosed last week that activist investor Land & Buildings (L&B) had nominated Jay Flaherty, former CEO of HCP, Inc., and Jonathan Litt (founder of L&B) for board election at the 2019 annual meeting of Brookdale Senior Living. L&B has just sent an open letter to Brookdale shareholders providing more rationale for the election of these two candidates. Apparently, L&B hired Green Street Advisors to value Brookdale and its real estate assets, and to provide an opinion as to the feasibility of a PropCo/OpCo split of the company, something Litt has been pushing for quite a while now to enhance shareholder value. Not surprisingly, preliminarily they determined that... Read More »
HCP, or Healthpeak Properties, Continues Brookdale Restructure

May’s M&A Deal Boom

Do buyer’s see a bottom? That is one explanation for the incredibly busy start to May, which has seen 21 acquisitions announced, so far, according to our M&A database DealSearchOnline. And that does not include deals that may bubble to the surface in the coming weeks. So, with seniors housing occupancy still relatively low and the labor supply and cost problem not diminishing, why are so many increasing their interests in the senior care market? Those problems may well be the answer, if buyers believe we are at an operational bottom for the industry. It seems a number of big companies are betting that’s the case, with a number of them announcing large acquisitions and initiatives that... Read More »