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Office Properties Income Trust Agrees to Acquire Diversified Healthcare Trust in All-Share Transaction

by Jeff Shaw

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 …

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Maplewood Senior Living CEO Greg Smith Dies Unexpectedly at 54

by Jeff Shaw

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 …

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Ventas to Take Ownership of Properties Supporting $486M Santerre Mezzanine Loan, Including 64 Seniors Housing Properties

by Jeff Shaw

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 …

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Sonida Stock Drops Dramatically as Company Warns of Possible Failure

by Jeff Shaw

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 …

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Former Welltower CEO George Chapman Dies at 75

by Jeff Shaw

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 …

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Healthpeak Properties Appoints Jim Connor to Board of Directors

by Jeff Shaw

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 & …

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Pennant Group Appoints Barry Smith as Chairman, Brent Guerisoli as Director

by Jeff Shaw

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 …

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Integral, Discovery Partner to Become Fifth Largest Operator in U.S.

by Jeff Shaw

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 …

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Cornell Institute for Healthy Futures Plans Symposium

by Jeff Shaw

ITHACA, N.Y. — To celebrate its first symposium since 2016, Cornell’s Institute for Healthy Futures is convening industry leaders and academics from across health, hospitality and design to collaborate on ways these combined disciplines can improve quality of life. Held on the Cornell campus in Ithaca from May 11 to 13, the event will include lectures and panels led by economists, senior living and hospitality entrepreneurs, and healthcare practitioners and designers. Beth Mace, chief economist at the National Investment Center for Seniors Housing and Care (NIC), and Rohit Verma, founding …

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MidCap Financial Acquires Portion of Sector Financial’s Managed Healthcare Asset-Based Lending Portfolio

by Jeff Shaw

BETHESDA, Md. — MidCap Financial, a Bethesda-based lender focused on middle-market transactions, has acquired a “significant portion” of Sector Financial’s managed healthcare asset-based lending portfolio, totaling over $500 million in commitments and over $300 million in funded assets. “We are pleased to expand our portfolio and forge meaningful new partnerships with borrowers in one of our core verticals, serving as a leading capital provider to the healthcare industry and the middle market overall,” says Garrett Fletcher, product head of asset-based lending at MidCap Financial.

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