Ventas Census Hits Low
Things will definitely start to get better as the vaccine finishes its roll out in senior living communities, but even more ground will have to be made up as a result of the continued deterioration in census in the past few months. Ventas, which just released its fourth quarter and full-year 2020 results, has not been immune to these declines, yet they see the light at the end of the tunnel. On a same-community basis, the senior housing operating portfolio (SHOP) occupancy level dropped by 870 basis points in the fourth quarter compared to the same quarter last year, to a low of 79.6%. This is a total of 377 communities. But when the Canadian communities are removed (68... Read More »
Lument Hires David Boitano
David Boitano, formerly of Ventas, has made the move to Lument, where he’ll be a managing director and responsible for delivering an array of debt and structured products to the firm’s seniors housing and healthcare clients. Mr. Boitano will be based in the Tacoma, Washington office and part of Lument’s western region seniors housing and healthcare production team, which is co-led by Casey Moore and Doug Harper. With 25 years of experience in seniors housing financing, Mr. Boitano was previously a senior vice president at Ventas, where he completed over $15 billion in healthcare real estate transactions. Before that, he was CFO and then senior vice president of finance and acquisitions... Read More »
Senior Care Stocks Stay High After Vaccine News
After Pfizer’s vaccine announcement on November 9, pretty much every publicly traded senior care provider and REIT saw their share prices jump significantly. We believe that much of the exuberance was mainly from the removal of uncertainty surrounding both the vaccine and the election, but as we said earlier this month, it is not like no one thought a vaccine would not be available in the months ahead. And there was still the fact that the Pfizer vaccine needs to go through the FDA approval process, not to mention manufacturing tens of millions of doses, and then distributing them. But we also wondered if investors had gotten a little ahead of themselves,... Read More »
Ventas Reports Third Quarter Results
Ventas reported its third quarter results, and despite average census dropping below 80% for the first time, it remained on firm financial footing thanks to both federal relief grants and earlier moves to bolster its liquidity. In fact, Ventas improved its cash NOI from $402 million in the second quarter of 2020 to $545 million in the third quarter. Much of the gain came from its triple-net portfolio and mostly as a result of the agreement made with Brookdale Senior Living to reduce the provider’s annual cash rent to $100 million in return for consideration of approximately $235 million (including $162 million in cash) up-front. All of the $235 million in consideration is being amortized... Read More »Schedule a demo
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