It is very easy to say that sale/leaseback structures with REITs are dead, especially if your leases are dead in the water. But then you have to ask, why are they dead in the water, and why did you enter into long-term leases in the first place? You could have always financed your properties with debt at […]
Ignite Medical Resorts is doubling down on the Kansas City skilled nursing market. Last week, the operator took over management of a 90-bed SNF on the Missouri side that was acquired by LTC Properties for $19.5 million, or $216,700 per bed. The facility was just built in 2018 and leased to Ignite under a 12-year […]
Just when we thought it was safe to go outside again, it was revealed that Welltower had transferred the operations of 20 memory care and Alzheimer’s communities from one of its formerly favored tenants, Silverado Senior Living, to a formerly much smaller tenant, Frontier Management. These 20 properties represent 50% of Silverado’s memory care operations, […]
National Health Investors purchased from LTC Properties a portfolio of four assisted living communities and an AL/memory care community in Pennsylvania and Ohio for $67.5 million, or $210,900 per unit. Known as the Sunrise Portfolio, these communities will now be operated by Bickford Senior Living at an initial rate of 6.85% with annual fixed escalators […]
The story of Sunwest Management keeps creeping up in the news, although not in a bad way this time, as a former Sunwest assisted living/memory care community in Spartanburg, South Carolina, just sold to a joint venture between LTC Properties and Affinity Living Group. Originally built by the former Manorhouse Retirement Communities in 1999, the […]
It all started when HCP, Inc. completed a series of rent negotiations with HCR ManorCare, but to no avail. It just wasn’t enough for a long-term solution, and they ended up spinning the HCRMC portfolio into a new entity (Quality Care Properties) that was supposed to be a REIT but may end up not being […]
We have heard more about REITs and their skilled nursing troubles, but LTC Properties‘ announcement a month ago has been followed by a much larger seniors housing problem at Ventas. At first, everyone thought it was the skilled nursing sector that was going to give the healthcare REITs heartburn. After all, that was the sector […]
By now, most everyone has heard of the problems LTC Properties has had with one of its tenants, Anthem Memory Care. The REIT has a master lease covering 11 Anthem memory care properties located in California, Illinois, Colorado and Kansas. Stand-alone memory care communities, at least those developed recently, have come under some fire as […]
On March 9th, we hosted a webinar entitled “Building or Buying Memory Care,” with moderator Steve Monroe and panelists Clint Malin of LTC Properties, Mark Myers of Marcus & Millichap, Michael Stoller of LCB Senior Living and Matthew Turner of MorningStar Senior Living. The panelists covered a range of topics (you can listen to the discussion here) including the risks […]
Investors in seniors housing have been flocking to the memory care market, as the sector has experienced unprecedented growth since the Great Recession. They are attracted to its need-based demand, higher rents, private payors and apparent dearth in supply in a number of markets (though given the amount of construction in the last few years […]