• 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 »
National Health Investors Cuts Dividend

National Health Investors Cuts Dividend

Even though National Health Investors didn’t have to cut its dividend, management made the prudent decision to reduce its quarterly dividend by 18% to 90 cents a share. The yield had been at the high end of its peers at 6.6%, and now it will be 5.4%. Even though at least one analyst last week came forward saying he didn’t think a cut would be made, the market shrugged off the news, with NHI shares dropping just 1.26%. Perhaps they should have gone bigger.  Coincident with the dividend announcement, NHI also announced one of its major tenants, Holiday Retirement Corporation, was going to defer $600,000 in monthly rent for May through July. NHI will take that deferred... Read More »
National Health Investors Stabilizing

National Health Investors Stabilizing

National Health Investors (NHI) was the last of the healthcare REITs to report earnings in what was a very informative earnings season. We have already reported that the REITs and their SHOP portfolios have begun the long-anticipated turnaround as occupancy begins to rebound. Operating costs will be another matter, and it will take a few years to return to normal, whatever that is.  NHI’s three major seniors housing tenants have appeared to stabilize, at least from an occupancy perspective. Bickford Senior Living, which has been responsible for the majority of cash rent deferrals during the pandemic, boosted sequential occupancy by 180 basis points in April to 76.3%. That... Read More »
Promising Census Signs From National Health Investors Update

Promising Census Signs From National Health Investors Update

We are still waiting for that first sign that the seniors housing and care recovery has truly begun. There were some encouraging signs from Welltower’s SHOP portfolio when its census started to rise in the later weeks of March. But so far, that is it. Earlier this month, NIC reported that average occupancy at seniors housing communities fell to a new record low in the first quarter, to 78.8% from 80.6% in the fourth quarter.  National Health Investors also recently provided an update regarding its average occupancy and monthly contractual cash collections. Even though the REIT did not report an increase in census at its three major seniors housing operators, the decline has slowed... Read More »
Two REITs Close Couple of Loans

Two REITs Close Couple of Loans

A couple of REITs in good financial shape (and still open to making new investments) announced a couple of loans closed for senior care facilities. CareTrust REIT completed a $15 million secured mezzanine loan for Next Healthcare’s acquisition of a nine-property skilled nursing portfolio with approximately 1,000 beds in Virginia. The loan came with a five-year term and annual interest rate of 12%, with CareTrust funding it from its $600 million unsecured revolving credit facility. White Oak Healthcare Finance was the senior lender on the deal. Then, National Health Investors funded a $22.2 million construction loan for the development of a 110-unit senior living community in Sussex,... Read More »
Senior Care Stocks Stay High After Vaccine News

Senior Care Stocks Stay High After Vaccine News

After Pfizer’s vaccine announcement on November 9, pretty much every publicly traded senior care provider and REIT saw their share prices jump significantly. We believe that much of the exuberance was mainly from the removal of uncertainty surrounding both the vaccine and the election, but as we said earlier this month, it is not like no one thought a vaccine would not be available in the months ahead. And there was still the fact that the Pfizer vaccine needs to go through the FDA approval process, not to mention manufacturing tens of millions of doses, and then distributing them.  But we also wondered if investors had gotten a little ahead of themselves,... Read More »