DENVER — Healthpeak Properties Inc. (NYSE: PEAK) has appointed Kathy Sandstrom as independent chair of the board of directors. Sandstrom succeeds Brian Cartwright, who will continue to serve on the board as an independent director. “Regular rotation of board leadership promotes effective corporate governance and introduces fresh perspectives and energy to board processes,” says Cartwright. “After five years as chair, the time is right for that rotation.” The board comprises eight members with an average tenure of approximately seven years. Sandstrom has over 20 years of real estate finance and …
CHICAGO — Partner Valuation Advisors, a Chicago-based national commercial real estate valuation advisory firm, has hired Brian Chandler as senior managing director. Based in Raleigh, North Carolina, Chandler will lead the company’s seniors housing practice, focused on conducting appraisals, market studies, large portfolio engagements and consulting assignments for properties on a national basis. He will also be a member of the firm’s national leadership team. Since launching in September 2022, Partner Valuation Advisors has completed more than 700 valuations across 40 states with an aggregate commercial real estate value exceeding …
NEWTON, Mass. — Office Properties Income Trust (NASDAQ: OPI) has entered into a definitive merger agreement whereby the office REIT will acquire all the outstanding common shares of Diversified Healthcare Trust (NASDAQ: DHC), a REIT that owns properties in the medical office, life sciences and seniors housing sectors. The combined company will have approximately $12.4 billion of total gross assets under management, representing 539 properties across 40 states and Washington, D.C. The portfolio comprises about 264 seniors housing communities, 10 triple-net-leased wellness centers and 265 medical office, traditional office and …
WESTPORT, Conn. — Maplewood Senior Living has announced that Gregory Smith, its founder, president and CEO, died over the weekend. Although the cause of death was not released, the company made it clear that the passing was not expected. He was 54. Smith founded the Westport-based company in 2004 and it has grown to 16 communities across five states since that time. In recent years he launched the company’s high-end Inspīr brand, starting with the 23-story, 215-unit Inspīr Carnegie Hill on Manhattan’s Upper East Side. “Greg was a true inspiration …
CHICAGO — Ventas Inc. (NYSE: VTR) has announced that it intends to take ownership of the collateral that supports its approximately $486 million mezzanine loan to Santerre Health Investors. The Santerre mezzanine loan is secured by equity interests in entities that collectively own a diverse pool of medical office buildings, seniors housing communities, triple-net leased skilled nursing facilities and hospital assets in the United States. Ventas expects to take ownership of the Santerre portfolio through a “loan to own” structure that converts the outstanding principal amount of the Santerre loan …
DALLAS — Sonida Senior Living (NYSE: SNDA), a Dallas-based owner-operator, saw stock prices plummet Thursday, March 30, as its fourth-quarter 2022 earnings press release warned that the company may be on its way to failure. “Due to the current inflationary environment, elevated interest rates and continued impact of COVID-19 on our financial position, as well as our upcoming debt maturities, our management concluded as of Dec. 31, 2022 there is substantial doubt about our ability to continue as a going concern,” the press release reads. “While the company’s plans are …
TOLEDO, Ohio — Longtime seniors housing industry executive, most recently the founder and CEO of ReNew REIT, George Chapman died Wednesday. Although the cause of death was not disclosed, ReNew described his passing as peaceful and surrounded by family. He was 75. Chapman was the former CEO of Welltower (NYSE: WELL), then known as Health Care REIT, from 1995 to 2014. Under his watch, the company grew from a mid-sized company with a market capitalization of $394 million to a REIT giant with a market cap of $15.5 billion. Welltower …
DENVER — Healthpeak Properties Inc. (NYSE: PEAK) has named James Connor as an independent director to its board of directors. The appointment expands the board to eight directors, with an average director tenure of approximately seven years. Connor has extensive real estate experience, having most recently served as chairman and CEO of Duke Realty Corp. until its acquisition by Prologis in October 2022. He held a variety of leadership positions at Duke Realty for over 20 years. Before joining Duke Realty, Connor held executive and brokerage positions with Cushman & …
EAGLE, Idaho — The Pennant Group Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice and senior living companies, has appointed Barry Smith as chairman of its board of directors and Brent Guerisoli as a member of its board of directors. Smith has served on Pennant’s board since 2021. He previously served as chairman and CEO of Magellan Health Inc., the nation’s largest provider of behavioral health services and a leading provider of pharmacy benefit management services, from 2013 to 2019. He was also …
CARLSBAD, Calif. — Funds advised by Lee Equity Partners LLC and Coastwood Senior Housing Partners LLC, two specialized investment firms, have made an investment in Integral Senior Living Management (ISL). As part of the investment, ISL will partner with Discovery Senior Living and form the fifth largest seniors housing operator in the United States. Lee Equity and Coastwood recently completed the recapitalization of Discovery Senior Living, which is led by CEO Richard Hutchinson. The investment in both companies by Lee Equity and Coastwood will create an opportunity to find synergies …