• 60 Seconds with Swett: M&A Activity Tops 350 Deals in H1:25

    In the second quarter of 2025, there were 176 publicly announced transactions, a preliminary number that is almost certain to increase in the weeks ahead. That brings our total for the first half of the year to 355 deals, or 710 on an annualized basis. Considering we finished 2024 with 716 total deals, which was a record by far, we are in a good... Read More »
  • Bloom Exits South Carolina’s Seniors Housing Market

    Kandu Capital, LLC, and its operating company, Bloom Senior Living, collectively known as Bloom, sold its final seniors housing community in South Carolina. The company is seeking realignment as it exits the state after a decade-long presence in the region. The 129-unit independent living and memory care community, which is in Bluffton, sold for... Read More »
  • Improving Ohio SNF Sees Strong Price

    Ryan Saul of Senior Living Investment Brokerage secured a strong price for a skilled nursing facility in Cincinnati, Ohio. Built in 1965, the facility was originally licensed for 199 beds, but the decision was made to strategically reduce the beds to 167 to save on provider tax and improve the Medicaid rate.  The facility struggled for many... Read More »
  • Stacked Stone Ventures Makes Major SNF Acquisition

    Stacked Stone Ventures, a real estate investment firm founded by Kent Eikanas, has made a major acquisition in the skilled nursing sector, acquiring nine skilled nursing facilities for approximately $33 million, or $66,000 per bed, at a 13% cap rate. Stacked Stone bought the portfolio in a joint venture with Praxis Capital from a large... Read More »
  • Tremper Capital Group Announces Two Refinances

    Tremper Capital Group announced a couple of refinances at the end of the second quarter for seniors housing clients. The first was arranged on behalf of Kisco Senior Living for its 333-unit entrance-fee CCRC in Palm Beach Gardens, Florida. Built in 2004, the campus was acquired by Kisco as part of a larger CCRC deal in 2013, and since then it... Read More »
Sabra Issues Business Update

Sabra Issues Business Update

This difficult winter is sparing few owners and operators in terms of occupancy and labor expenses. So, Sabra Health Care REIT was not alone in its latest quarterly earnings report, and in fact, things could have been worse. First, Sabra entered into a definitive agreement to amend its master lease with Avamere, effective February 1. This reduced annual based rent by roughly 30% to $30.7 million, or an annual run rate reduction of $0.06 per diluted common share. As a condition to the amendment, Avamere has paid past due rent for December 2021 totaling $3.6 million and has agreed to pay January 2022 rent totaling $3.7 million by March 25, 2022. Sabra does have the opportunity to recapture... Read More »
Sabra and Sienna Senior Living Join Up In Canada

Sabra and Sienna Senior Living Join Up In Canada

Sienna Senior Living has announced a strategic joint venture with Sabra Health Care REIT to purchase a $243 million (C$307.5 million) portfolio of eleven private-pay retirement residences in Ontario and Saskatchewan. This will be Sienna’s first venture into the Saskatchewan retirement market, with four of the 11 properties located in the province. The other seven properties are in various cities in the Greater Toronto Area of Ontario, where Sienna already maintains properties. Extendicare Inc. is the seller, and the portfolio represents all of its currently owned private-pay retirement properties in Canada. Both Sienna and Sabra will have 50% ownership of the high-quality, entirely... Read More »
Sabra Health Care REIT Resets With Major Tenant

Sabra Health Care REIT Resets With Major Tenant

The healthcare REITs and their triple net lease tenants, as well as their RIDEA managers, have had a tough two years. Some companies have been forced out of business completely, others have lost a portion of their portfolio, but many others have been able to work things out with their landlords. Such appears to be the case with Sabra Health Care REIT and Avamere Group. Our feeling has always been if you like your provider and do not think someone else could have done a better job, especially during this pandemic, then stick with them and work out a plan. Avamere is a substantial company, with 62 properties in eight states and a combination of skilled nursing facilities and... Read More »
Several Companies Report August Occupancy Gains

Several Companies Report August Occupancy Gains

Several companies have released occupancy updates for the month of August, and there were some mixed results. However, for the most part, these top players reported large basis-point gains over several months, and even between July and August. This consistency among businesses bodes well for a return to normalcy in the skilled nursing and seniors housing industries. After announcing their agreement to provide Recovery Centers of America with a $325 million mortgage loan this week, Sabra Health Care REIT, Inc. reported occupancy gains across several of their portfolios. Among their top eight skilled nursing operators, they have seen a 554-basis point increase between late December 2020 to... 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 »