The mid-summer M&A doldrums abruptly ended this year with the earnings announcements from the publicly traded REITs. They started with Welltower, which announced its $1.8 billion Benchmark Senior Living portfolio sale (for 48 properties) and several major portfolio acquisitions with existing partners Sunrise Senior Living and Discovery Senior Living and new partners Balfour Senior Living […]
Last week, we discussed the stock performance of the seniors housing and healthcare providers. Now, it’s the healthcare REITs’ turn. Overall, it was a good first half of the year, with all of them posting price increases, with the exception of Senior Housing Properties Trust, reflecting its Five Star problems. Its share price tumbled by […]
If you read our lead story in the April issue of The SeniorCare Investor, you may have thought it couldn’t get much worse for Senior Housing Properties Trust (SNH) and its tenant Five Star Senior Living (FVE). And then on Thursday, SNH officially dropped its quarterly dividend by 61.5% from $0.39 to just $0.15 per […]
It has been more than a week since Senior Housing Properties Trust (SNH) and Five Star Senior Living made their announcement about a complete restructuring of the relationship. Five Star’s shares have not recovered, nor were they expected to. But for Senior Housing Properties Trust it has been down, down and down. SNH’s shares have […]
Five Star Senior Living and Seniors Housing Properties Trust announce a dramatic restructuring of their relationship, and all shareholders seem to lose, at least for now. Five months after Five Star Senior Living issued its “going concern” announcement, the financially troubled company finally came to an agreement with its landlord, Senior Housing Properties Trust, to […]
Hindsight is usually 20-20, and in the case of Five Star Senior Living, looking back two years, the company should have accepted the offer from Gemini Properties and the Thomas brothers of Senior Star, who offered to pay $325 million for 33 owned Five Star communities. They had already accumulated more than 6% of the […]
Despite a strong December, when we recorded 30 long-term care transactions, the fourth quarter of 2017 was slow by all recent standards. These are preliminary numbers and may be revised upward in the coming weeks,
The 2017 Trump rally has left senior care and healthcare REIT stocks behind. It looks like the so-called Trump stock market rally is continuing into 2018. Weirdly, several senior care stocks shot up in the first day of trading yesterday. Where were investors last year? Unfortunately, 2017 was about as bad as it gets for […]
The Thomas Twins of Senior Star certainly had the right idea. Remember, they proposed buying all the owned properties of Five Star Senior Living for about $325 million, which we always assumed was an opening offer. Five Star has now agreed to sell just seven of its assisted living communities with 545 units to its […]
The private market valuation may have peaked, but the public market may have seen its low. As you know, I have been vocal about the acquisition market being at a peak for most of this year, at least when it comes to pricing. It just seems hard to imagine cap rates declining further with a […]