Public Companies Spring Into Action This June
Public companies have made a statement so far in June, with a couple of REITs, one publicly traded operator and two foreign firms announcing acquisitions this week. First, across our border, Ontario-based Sienna Senior Living added one more Ontario retirement community to its portfolio. The 70-unit community in the town of Kingston sold for approximately $7.27 million, or $103,860 per unit. Then, across the Atlantic, Paris-based senior care operator Korian added about 1,000 beds, and eight long-term care/assisted living facilities, to its Belgium portfolio, which now numbers over 9,500 units. The Senior Assist group sold the facilities, five of which opened in the last 18 months. Now to... Read More »
The Ensign Group Shores Up Its Iowa Skilled Nursing Presence
The Ensign Group kept its steady deal flow coming with the acquisition of a 74-bed skilled nursing facility in Des Moines, Iowa. This makes six properties in Iowa for Ensign, which leased the facility to its Midwest-based subsidiary, Gateway Healthcare. Occupancy was just 74%, but that is typical of Ensign acquisitions. The Iowa deal is similar to the company’s acquisition of a 100-unit assisted living/memory care community in Las Vegas, Nevada, which we detailed in the April issue of The SeniorCare Investor. That property could also improve its census, which stood at 45% at the time of the sale. This tendency of Ensign to acquire value-add properties (at the pace it has been acquiring)... Read More »
Mainstreet Health Investments’ Growing and Shrinking Relationship with Ensign
Based in Toronto, Ontario with a concentration of properties in Chicagoland and Texas, Mainstreet Health Investments Inc. (MHI) is entering the California and Arizona markets with an acquisition from The Ensign Group. Featuring 381 units/beds, the portfolio includes two post-acute/skilled nursing facilities and a senior living community in the Los Angeles and Phoenix markets. Ensign, which we typically see as a buyer, will continue to operate the properties, now under an absolute net master lease with an initial 20-year term and CPI-based annual escalators. In the past year, Ensign has expressed a desire to own the real estate of more properties of its portfolio, however this transaction... Read More »CareTrust REIT’s Illinois Skilled Nursing Expansion
Since its spin-off from The Ensign Group in June 2014, CareTrust REIT has been one of the most active buyers in both seniors housing and skilled nursing M&A markets. It has grown from its initial portfolio of 96 properties to 158 net-leased healthcare properties and three operated seniors housing properties in 21 states. The acquisitions have also been located across the country. Just last month, the REIT acquired two memory care communities in the Milwaukee area of Wisconsin for $26.1 million, or $296,591 per unit. Now, CareTrust is purchasing a portfolio of five skilled nursing facilities, with 455 total beds, in Illinois for $29.2 million, or $64,176 per bed, with a 14.4% cap rate.... Read More »Schedule a demo
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