OHI Sells Two Michigan Properties
Omega Healthcare Investors divested a couple of small assisted living communities in the state of Michigan, hiring Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors to handle the sale. Built in the late 1980s and 1990s with renovations in the early 2000s, the communities are located in Marshall and Mt. Pleasant, operating under the Maplewood brand by Laurel Health Care. They were well maintained with occupancy surpassing 95% prior to the pandemic. Laurel decided to exit its only assisted living communities in order to focus on its skilled nursing business, prompting the exit. Several in-state operators submitted competitive offers but an entrepreneur with a... Read More »
H2C Secures Loan For Florida SNF Acquisition
Matthew Tarpley and Mitch Levine of H2C Securities, Inc. (or Hammond Hanlon Camp) has secured an $8.25 million loan for Mainstay Senior Living to acquire a 120-bed skilled nursing facility in Lakeland, Florida. The one-year, interest-only loan came with a rate of 4.125%. Built in the 1990s, the facility was delicensed by the state in 2017 but was allowed to reopen in early 2020 to accommodate COVID-19 residents. The operator received a new license to operate, however, its publicly-traded REIT owner (revealed to be Omega Healthcare Investors based on a web search) decided to sell, since the asset was nearly vacant once the initial COVID wave subsided. The facility is located adjacent to an... Read More »
Omega Health Investors Makes M&A Moves In Q1
On May 6, Omega Healthcare Investors released their first quarter earnings report, and it was a period of major acquisition activity and balance sheet improvements that position the REIT well for the recovery that is surely coming soon in senior care. In the first quarter, Omega closed nearly $600 million of acquisitions and $16.8 million in capital renovations and new construction projects. The largest deal by far was its $511.3 million acquisition of 24 senior living communities from Healthpeak Properties, which closed in January. The acquisition included the assumption of an in-place master lease with Brookdale Senior Living that provides for 2021 contractual rent of $43.5... Read More »
Healthpeak Properties Completes More Sales
As the healthcare REITs start their quarterly reporting season, of course all eyes will be on the occupancy trend, which for most of them will not be so great. But one aspect about what is happening, and often little noticed, is that the news is showing that the demand for seniors housing assets is still quite strong, pandemic be damned. Obviously, Healthpeak Properties would rather not be selling off its seniors housing portfolios, especially if they had been performing well, since in years past they provided the highest yield to support the REIT’s dividend and growth. But performance had suffered, and the decision was made to sell. No one is crying for them,... Read More »Schedule a demo
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