The Portopiccolo Group Makes Another Virginia Purchase
Many skilled nursing owners are exiting the business these days, but family-owned private equity firm The Portopiccolo Group has been actively buying in the last couple of years. Its latest acquisition was the third Virginia property to join its portfolio so far this year, after purchases in Roanoke (February) and Dunn Loring (August). Portopiccolo’s latest target was a 120-bed skilled nursing facility in the rural, southern Virigina town of Emporia. Built in 1971, this facility seems to have been a part of every major SNF deal between institutional investors over the years. Before Portopiccolo’s acquisition, it was acquired by Sabra Health Care REIT in 2017 in the REIT’s takeover of Care... Read More »
Cadence Living Expands in the Southeast
Cadence Living is certainly in growth mode. Earlier this year, the Scottsdale, Arizona-based operator announced a major expansion into its own state with the acquisition of land in the Phoenix suburb of Chandler to build a 191-unit, $46 million senior living development to join its three other brand-new or nearly-open communities in the area. Then, late last month, the operator announced that it teamed up with Sabra Health Care REIT to acquire an assisted living/memory care community in Poway, California (San Diego MSA). Now, Cadence Living was just selected as manager of seven assisted living/memory care communities and 402 total units across North Carolina, marking its entry in the... Read More »
Sabra Health Care REIT Grows Its Southern California Portfolio
Sabra Health Care REIT has teamed up with Scottsdale, Arizona-based owner/operator Cadence Living to grow its senior living portfolio with the purchase of an assisted living/memory care community in Poway, California (San Diego MSA). Located adjacent to a 149-bed skilled nursing facility and near the Palomar Hospital, the community is spread out on 32 acres with seven separate buildings. It is unique in that it offers a horticultural-therapy program that grows more than 20,000 pounds of organic fruits and vegetables on several fields and greenhouses located throughout the property. There are of course many benefits to this program, from the obvious farm-to-table meals to providing excess... Read More »
Sabra Health Care REIT Strengthens
Sabra Health Care REIT continues to defy the naysayers, posting a decent third quarter overall, with its skilled nursing portfolio holding the line and its seniors housing portfolio growing revenues, cash net operating income and cash operating margin. Investors sent the shares to a new 52-week high, 56% above its 52-week low, and the forward yield of 7.3% is the lowest it has been in a while. Sabra’s skilled nursing triple-net leased occupancy remained stable at 82.4%, and the EBITDAR coverage remained at 1.24x from the second quarter to the third. While we like to see at least a 1.4x lease coverage, if not higher, the coverage appears to have bottomed out. The seniors housing leased... Read More »