• Carnegie Capital Announces Latest Closings

    JD Stettin of Carnegie Capital has certainly had his hands full recently, having closed a couple of refinances in the Pacific Northwest, no easy task in the early days of COVID-19, we’re sure.   Mr. Stettin first sourced and structured a cash-out refinance of a 60-unit memory care community near Eugene, Oregon. Featuring a roughly 50-50 mix of... Read More »
  • PGIM Refinances Tennessee Senior Living Community

    PGIM Real Estate announced its latest transaction, with Executive Director Chris Fenton leading the way. It involved a $10.6 million HUD refinance of a senior living community in Ashland City, Tennessee. Built in 2015 with 100 beds in 80 units, the community provides assisted living and memory care services in a four-story building.   Thunderhawk... Read More »
  • Greystone Arranges HUD Construction Debt

    Working through HUD, Lisa Fischman of Greystone facilitated construction financing for an assisted living community to expand its Buffalo, New York-area campus. Originally built in 2003 with 110 beds in 84 units, the community is located on a 20-acre campus. Onsite amenities including a theater, physician’s office and beauty salon certainly... Read More »
  • Genesis HealthCare’s Shares Double in Value

    Leading up to Genesis HealthCare’s first quarter earnings release and conference call, the company’s share price took off. The rise started on May 22 when it jumped by 22% on high volume, but then it added another 35% on volume that was 10 times the average. In the course of four days, the price more than doubled, from $0.63 per share to $1.37... Read More »
  • Looking for Answers in the Lending Market: A Q&A with Alec Blanc of Monarch Advisors

    To get a sense of what is going on in the capital markets in this immediate post-COVID-19 world, we turned to Alec Blanc of Monarch Advisors for his own thoughts.   How has the lending environment changed from the beginning of the second quarter to now?  Overall, there is less debt capital available than there was prior to the COVID-19 crisis. ... Read More »
Blueprint Wraps Up LTC Properties Portfolio Sale

Blueprint Wraps Up LTC Properties Portfolio Sale

Blueprint Healthcare Real Estate Advisors announced the final three phases of LTC Properties’ portfolio sale that sold to multiple buyers and closed from late-2019 to the first quarter of this year. It was revealed that seven skilled nursing facilities and about 550 beds in Iowa sold to a private owner/operator. Five of the facilities were located around Des Moines, and all seven offered upside to the new owner if they focused on certain geographical and management-level efficiencies. Humair Sabir and Jacob Gehl of Blueprint handled the deal, which closed in the first quarter.  That same pair then sold three skilled nursing facilities in Colorado, with two located in the Denver MSA and one... Read More »
Blueprint Wraps Up LTC Properties Portfolio Sale

Blueprint Finds Buyers For LTC Properties’ Preferred Care Sale

Blueprint Healthcare Real Estate Advisors has announced its involvement in the first two phases of LTC Properties’ sale of its Preferred Care portfolio, with three more to go. In the end, the whole portfolio, including approximately 2,500 beds across five states, provided a combined $78 million in net proceeds for LTC. And there were multiple buyers involved in the deal. The first closing was for a 160-bed skilled nursing facility in Mesa, Arizona. Located near regional medical centers such as Banner Baywood and Banner Gateway, the facility was also recently expanded and renovated. Its new owner has an existing footprint in the market, which should help improve census, especially now. The... Read More »
Early Signs of COVID-19 In Several REIT Earnings Reports

Early Signs of COVID-19 In Several REIT Earnings Reports

Several publicly traded seniors housing and care companies released their first earnings reports after the COVID-19 crisis, and while most of the results showed signs of the virus’ effect, the worst is most likely yet to come. As a consequence of that, each company pulled their 2020 guidance, but no surprise there.  LTC Properties reported on May 4th, and there were some results unfortunately typical for this time. Private pay occupancy fell from 86% at December 31 to 83% by March 31 and 80% on April 23rd. For skilled nursing, average monthly occupancy for December 2019, March 2020 and April to-date respectively was 79%, 78% and 75%. That drop from March to April is roughly in line... Read More »
Sabra Health Care REIT Cuts Dividend

Sabra Health Care REIT Cuts Dividend

It was bound to happen. When the share prices of healthcare REITs plunged by 50% and more, their yields spiked to rates unheard of, with four of them over 15%. Sabra Health Care REIT was one of them, peaking at 30.4%. This was not only absurd, but not sustainable. As Rahm Emanuel famously said, “why let a crisis go to waste?”  We are in a crisis, no doubt about it. And while all the REITs have recovered some of their lost values, investors are not starry-eyed about the near-term future for healthcare REITs and their tenants. No matter how much of a positive spin you try to put on it, such as Tom DeRosa’s well-received remarks a week ago, the reality is a bit different.  So, Sabra’s... Read More »
REITs Announce Share Repurchase Programs

REITs Announce Share Repurchase Programs

Amid the cratering of share prices across most industries, a couple of healthcare REITs announced share repurchase plans. LTC Properties announced that its Board of Directors approved a share repurchase plan involving an aggregate of up to five million of its outstanding shares of common stock. The company made the plan public on March 12th, when the company’s stock price closed at $29.53 per share, down from $48.84 per share on March 5th. Its stock price has since fallen a little further, hitting bottom (we hope) at $24.49 on March 18th, the same day when most stock indices also reached their near-term lows. LTC plans to use the proceeds from several asset sales to execute on some of the... Read More »