NEW YORK CITY and MURFREESBORO, Tenn. — Two of the larger REITs in seniors housing, New York-based New Senior Investment Group and Murfreesboro-based National Health Investors, released first-quarter reports showing continued profitability despite the ongoing struggles due to the COVID-19 pandemic. New Senior reported 141 positive coronavirus cases in its communities — 101 residents and 40 workers — across 16 communities. With 10,800 residents and 3,300 workers, that accounts for 1 percent of the company’s population. One particularly large outbreak at a continuing care retirement community in Philadelphia accounts for …
Company News
IRVINE, Calif., NEWTON, Mass., and SAN CLEMENTE, Calif. — Three major REITs in the seniors housing sector, Irvine-based Sabra Health Care REIT, Newton-based Diversified Healthcare Trust (DHC) and San Clemente-based CareTrust REIT, have released their first-quarter reports, including updates on how the companies are handling the coronavirus epidemic. Sabra reported that it has “not seen a material disruption from the COVID-19 pandemic in the monthly payment of rents and have not utilized any deposits or other credit enhancements for payment of rent as a result.” The company suggests the positive …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toledo-based REIT and the largest owner of seniors housing in the United States by number of units, has reported coronavirus-related expenses hit $7 million in March. Across the company’s 586 seniors housing communities, there were 1,044 confirmed cases of the virus as of May 1. The numbers came in Welltower’s first-quarter earnings report. Although 72 percent of the company’s seniors housing properties have zero cases of COVID-19, the majority of the properties that do have at least four cases. “The financial headwinds …
CHARLOTTE, N.C. — Caring.com, a senior living referral and review service has acquired SeniorHousingNet.com, a senior living and active adult lifestyle website that was formerly part of the realtor.com network. In addition to active adult properties, SeniorHousingNet.com includes information and directory listings for senior living, in-home care, adult day care, respite care and skilled nursing. “Acquiring SeniorHousingNet.com enables us to expand digital marketing opportunities for our partner network of senior living communities and in-home care agencies, as well as SeniorHousingNet.com’s current advertisers,” says Caring.com CEO Jim Rosenthal.
CHICAGO — Ventas Inc. (NYSE: VTR) released its quarterly report last week, combining an update on its handling of the COVID-19 pandemic with an announcement about restructuring its agreements with one of its main seniors housing tenants. The Chicago-based REIT has terminated its master lease with independent living giant Holiday Retirement, moving the 26 Ventas-owned, Holiday-operated communities to individual management contracts. Holiday paid $100 million to Ventas as part of the master lease cancelation. Under the new management agreement for the 26 Holiday communities, Ventas will pay Holiday a management …
Aaron Becker to Lead ORIX Seniors Housing Division Following Merger of Lancaster Pollard, RED, Hunt
by Jeff Shaw
PHILADELPHIA — ORIX Real Estate Capital (OREC) has appointed Aaron Becker as head of production for seniors housing and healthcare. Based in the firm’s Philadelphia office, Becker will lead seniors housing and healthcare originations for OREC, which is based in Columbus, Ohio. The new entity will combine the forces of Lancaster Pollard, RED Capital Group and Hunt Real Estate Capital. ORIX Corp. USA acquired the three entities over recent years. Prior to being named head of production, Becker was regional manager in the Northeast for Lancaster Pollard, and served as …
ATLANTA — WelcomeHome Software, an Atlanta-based tech company, has launched a new customer relationship management (CRM) product targeting the seniors housing industry. Development of the product took two years, and senior living experts were brought in to drive the process. Vitality Senior Living in Brentwood, Tennessee, was one of the first companies to pilot the software. “When we set out to build WelcomeHome, our mission was to make the lives of sales and marketing teams easier while improving the economics and operation of their communities,” says John Lariccia, WelcomeHome’s co-founder …
NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) completed the first quarter of 2020 with $369.5 million in profits, largely due to a series of asset sales, according to the company’s quarterly report. Brookdale now has $500.7 million cash on hand that it may need to ride out the negative effects of the COVID-19 pandemic. The Nashville-based company, which is the largest operator of seniors housing in the United States reported it incurred $10 million in coronavirus-related expenses in the first quarter. Given that the full effect of the …
ANNAPOLIS, Md. — Bob Kramer, the founder of the National Investment Center for Seniors Housing & Care, has announced he is launching a consulting firm for the aging-services industries named Nexus Insights. Based in Annapolis, NIC is a nonprofit data and reporting service that works exclusively with seniors housing. Kramer served as the organization’s CEO for 27 years before retiring from the role, but still serves as a strategic advisor. His new company is also based in Annapolis. In addition to seniors housing companies, Nexus will work with technology, healthcare, …
TOLEDO, Ohio — Welltower (NYSE: WELL), the largest seniors housing REIT in the country by market cap, has promoted two of its C-Suite executives. In addition to his existing title of chief investment officer, Shankh Mitra is now chief operating officer of the company. His secondary title, formerly executive vice president, was also upgraded to vice chair. Tim McHugh will maintain his title of chief financial officer, but his secondary title was adjusted from senior vice president to executive vice president. CEO Tom DeRosa’s contract was also extended, though details …