IRVINE and WESTLAKE VILLAGE, Calif. — As publicly traded REITs in the seniors housing space continue to brace for the impact of the COVID-19 pandemic, Irvine-based Sabra Health Care REIT (NASDAQ: SBRA) and Westlake Village-based LTC Properties (NYSE: LTC) have announced cash-saving methods. Sabra plans to cut its quarterly dividend from 45 cents per share to 30 cents per share, starting in May. The company expects to generate an extra $30 million per quarter, with plans to use those funds to manage debt and fund operations. “Preservation of capital is …
Company News
IRVINE, Calif. — Healthpeak Properties (NYSE: PEAK), the Irvine-based healthcare REIT formerly known as HCP, released a presentation to its investors this morning updating them on the company’s approach to the COVID-19 pandemic. Healthpeak confirmed that there are confirmed cases in seven of its seniors housing communities, of which six are managed by either Sunrise Senior Living or Atria Senior Living. “In each of the affected communities, rigorous quarantine and isolation procedures have been implemented in close cooperation with local and state health authorities,” stated the presentation. “Regrettably, five residents who …
DALLAS — Capital Senior Living Corp. (NYSE:CSU), one of the nation’s largest operators of senior living communities, has reached agreements with Ventas Inc. and Welltower Inc. for immediate rent reductions and the early terminations of its master leases. This announcement follows the previously announced early termination of its Healthpeak master lease. Together, the early terminations and rent reductions are expected to improve the company’s cash flow by approximately $22 million and reduce lease liabilities by approximately $253 million. “We remain laser focused on our operational turnaround plan,” says Kim Lody, …
CHARLOTTE, N.C. — Caring.com, a senior care referral service and review site based in Charlotte, has acquired SeniorAdvice.com. The SeniorAdvice website includes a directory of senior living communities and senior care options with consumer reviews and a SeniorScore index — a tool using local data to grade the senior-friendliness of U.S. cities and areas. Caring.com claims to be home to one of the largest senior living and senior care directories in the United States — with tens of thousands of business profiles, about 250,000 consumer reviews and a referral phone …
WEST DES MOINES, Iowa — Lifespace Communities has hired industry veteran Jesse Jantzen to the position of president and chief executive officer, effective April 1. Over a nearly 30-year career, Jantzen has held similar positions with Ascension Living and Elder Care Alliance, various leadership positions with Life Care Services and, most recently, was chief executive officer of Lutheran Life Communities. As Jantzen transitions into his new role, Larry Smith, the company’s interim president and CEO will transition back to his role as the company’s chief financial officer. Lifespace Communities, based …
CEO of Hunt Real Estate Capital is tasked with consolidating Lancaster Pollard, RED Capital Group and Hunt into a lending powerhouse. By Matt Valley It may not be a household name just yet, but ORIX USA is certainly making its mark in the world of commercial real estate finance. In January, the U.S. and Latin America business hub for Tokyo-based ORIX Corp. completed its acquisition of New York City-based Hunt Real Estate Capital LLC. Simultaneously, ORIX USA announced that it would combine Hunt with its two ORIX Real Estate Capital …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, is expanding its off-balance-sheet, bridge-to-HUD lending program. The company focuses on healthcare and multifamily real estate loans. The program will expand CFG’ss capacity on a per-client and per-deal basis. In 2019, CFG provided more than $1 billion in bridge-to-HUD loans, HUD loans and accounts receivable lines of credit for healthcare clients.
Ventas Hires Veteran Executive Justin Hutchens to Oversee North American Seniors Housing Business
by Jeff Shaw
CHICAGO — Ventas Inc. (NYSE: VTR) has appointed J. Justin Hutchens as executive vice president, senior housing, North America, effective April 1. The appointment is part of a series of actions, including a realignment of current executive team responsibilities, to improve the company’s performance in seniors housing. In this newly created role, Hutchens will oversee the Chicago-based REIT’s seniors housing business in North America, which includes over 700 properties that provide high-quality environments for approximately 60,000 seniors. The company is the second largest owner of seniors housing in the United …
DALLAS and NEW BRAUNFELS, Texas — New Braunfels-based SilverPoint Senior Living, a newly formed management company led by CEO Shawn Corzine, has signed an expansion partnership with Journey Capital, a Dallas-based real estate development company led by hospitality entrepreneurs Anand Patel and Narayan Patel. With its investment in SilverPoint, Journey Capital’s co-founders will also assume roles as partners in the management company Journey Capital will work with SilverPoint to grow its development and acquisition pipeline and lean on the company for third-party management and consulting services. While SilverPoint is currently …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), the largest REIT in the seniors housing space both by units and market cap, has launched welltowerLIVING, a wellness-focused housing concept for residents aged 55 and over. The brand was developed with the specific aim to fulfill the unmet need private-pay housing that is affordable for moderate-income seniors, many of whom will be Medicare eligible. The brand intends to offer a lower cost, technologically delivered wellness solution to residents, according to the Toledo-based REIT. This offering is limited in service relative to traditional …