New Year, New Name for Senior Housing Properties Trust

New Year, New Name for Senior Housing Properties Trust

While we were all up celebrating the New Year this past Wednesday, Senior Housing Properties Trust was kissing goodbye to its name, officially changing it to Diversified Healthcare Trust effective January 1, 2020. The company is still listed for trading on the NASDAQ but under the new ticker symbol of “DHC.” According to Jennifer Francis, President and Chief Operating Officer, the name-change better depicted the company’s portfolio of healthcare real estate (which encompasses medical office, life science and wellness centers in addition to senior living communities) and its strategy going forward. That fresh start was reinforced with the completion of DHC’s restructuring of its Five Star... Read More »
Newmark Closes Out 2019 With A Bang

Newmark Closes Out 2019 With A Bang

We told you that the folks at Newmark Knight Frank were going to have a big year end, and in the days just before Christmas they closed four transactions worth about $550 million in total. Not a bad way to end the year, and we hope they are all off on vacation until January 5. In the largest transaction, Ryan Maconachy and Chad Lavender sold a portfolio of three Discovery Senior Living-operated assets on behalf of Kayne Anderson. The three communities with 483 units are located in Virginia, Pennsylvania and Delaware and average about 45% independent living, 34% assisted living and 21% memory care units. Overall occupancy is a solid 94%. The buyer was Partners Group, an international... Read More »
Brookdale Expands Dialysis Services at Four Texas CCRCs

Brookdale Expands Dialysis Services at Four Texas CCRCs

Brookdale Senior Living announced that the company would be partnering with Dialyze Direct to provide on-site dialysis at four of its CCRC campuses in Texas. Two of the locations began offering the service earlier this year, but one campus in Houston will open a Dialyze Direct suite with eight chairs this week, and the other property in Austin will start the service soon. This is just one of several expansions of on-site dialysis into senior care facilities that we have seen recently. Azria Health, which just bought a portfolio of 15 skilled nursing facilities in the Midwest from Senior Housing Properties Trust, also recently partnered with Concerto Renal Services to offer dialysis to its... Read More »
Senior Housing Properties Trust Divests More Five Star SNFs

Senior Housing Properties Trust Divests More Five Star SNFs

Senior Housing Properties Trust (SNH) continued its Five Star Senior Living (FVE) portfolio restructuring with the sale of 15 skilled nursing facilities in the Midwest. Mike Segal, Ben Firestone and Steve Thomes of Blueprint Healthcare Real Estate Advisors handled the transaction for SNH, which made a strategic decision to sell the entire portfolio in one deal to one buyer. The sale was part of SNH’s previously announced disposition plan to sell up to $900 million of assets in connection with the FVE restructuring. The portfolio consists of 10 facilities in Nebraska, four in Iowa and one in Kansas, and sold for a combined $8 million. According to FVE’s 2018 Annual Report, the Nebraska... Read More »
Earnings Announcements Feature Major M&A Moves

Earnings Announcements Feature Major M&A Moves

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 and Clover Management, comprising some 94 properties not including a couple of massive development pipeline agreements with Balfour and Discovery. That was just the start. Other big news was in Omega Healthcare Investors’ Q2 press release, in which the REIT announced that it would spend $735 million... Read More »