A Holiday with Atria
Last week, as part of its earnings release, New Senior Investment Group announced that Atria Senior Living would be taking over management of 21 independent living communities managed by Holiday Retirement Corporation. From a diversification perspective, this makes great sense for New Senior because Holiday had been managing 98 of New Senior’s 103 properties. In the REIT world, that kind of tenant concentration is a no-no. Like most owners across the country, including Atria, the New Senior portfolio has seen its occupancy drop by 690 basis points in the past year. This is much better than the average for assisted living and skilled nursing, but as we... Read More »
Callison Moves To Sunrise Senior Living
Jack Callison Jr. has been named the new CEO of Sunrise Senior Living, after the December announcement that current CEO Chris Winkle was leaving effective April 1. Ferguson Partners led the executive search effort. Mr. Callison has spent the last seven and a half years as CEO of Enlivant, taking over the role concurrent with TPG’s take private acquisition of the company. However, he will remain Chairman of the Board of Directors at Enlivant, and current president and COO Dan Guill will take over as CEO. Before that, Mr. Callison spent five years in the CEO position at Holiday Retirement, some of which were a bit tumultuous. Running two different national seniors housing operating... Read More »
NHI Adds Another Holiday Retirement Community to Master Lease
In the middle of restructuring and extending its master lease with Holiday Retirement, National Health Investors also was able to acquire a senior living community in Vero Beach, Florida. Consisting of 157 independent living and 75 assisted living units, the community was leased back to Holiday for approximately $2.6 million in rent annually. It falls under the new lease terms, which come with annual lease escalators beginning November 1, 2020 and varying between 2% and 3% depending on the annual revenue growth of the 26-property Holiday portfolio. As part of the acquisition and lease restructuring, Holiday also paid NHI $17.1 million in cash and relinquished a $10.6 million cash security... Read More »
Capital One Closes Holiday Transaction
Holiday Retirement recapitalized two of its seniors housing communities with a single $65 million adjustable-rate loan provided by Capital One. One community, with 241 independent living units, plus a separate wing with 12 assisted living units that is managed by Superior Home Care, is located in Cincinnati, Ohio. The other, with 159 IL and AL units was built in 1989. The loan amount comes to about $157,700 per unit. With this transaction (one of many between Holiday and Capital One over the years), Holiday will be able to add other assets to the loan in the future. Read More »Schedule a demo
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