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Power Panel: Treating Employees Well Will Pay Dividends on Occupancy, Margins

by Jeff Shaw

LOS ANGELES — If a seniors housing operator is going to survive and thrive in the future, treating front-line staff well is going to be the key to that success. That’s according to a discussion at France Media’s InterFace Seniors Housing West conference, held Feb. 1 at the Omni Los Angeles. The panel, titled “The Power Panel: CEOs Discuss the State of the Industry,” featured Sean Kelly, CEO, Front Porch; Traci Taylor-Roberts, president, Sodalis Senior Living; Chris Belford, CEO, Sinceri Senior Living; and Isaac Scott, principal, Anthem Memory Care. Michael …

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Mather Institute Study: Gen X More Concerned Than Boomers About Aging, Finances, Memory Problems, Isolation

by Jeff Shaw

EVANSTON, Ill. — Members of Generation X — those born between 1965 and 1980 — are more concerned about aging than their baby boomer counterparts, particularly about finances, memory problems, and social isolation. Boomers, on the other hand, are more worried about losing independence. That’s according to a research study by Mather Institute, the research arm of Evanston-based owner-operator Mather. The institute recently released the first findings from its five-year study titled The Gen Xperience: A 5-Year Journey into the Lives of Generation X. The study surveyed 2,504 members of the …

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Advance the Design of Senior Living Communities 

by Jeff Shaw

By Julia Bailey, senior associate, OZ Architecture  As architects and designers, our goal is always to conceive the optimal vision for each project. But, as anyone who’s worked in this field for any length of time knows, this journey seldom follows a straightforward path from imagination to realization. The design process requires us to navigate within the confines of project parameters, including site specifics, project objectives, financial constraints and regulatory requirements. However, if we are to continually elevate our designs and cater to the evolving needs of aging adults and …

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Sonida Raises $47.8M in Equity to Fund Discounted Debt

by Jeff Shaw

DALLAS — Sonida Senior Living Inc. (NYSE: SNDA), a Dallas-based owner-operator of communities and services for seniors, has executed a $47.8 million equity private placement, including an investment from Conversant Capital, the company’s largest shareholder.  Sonida plans to use this new capital for the completion of its balance sheet repositioning, continued investments in community improvements, broader community programming and acquisition opportunities. The shares were issued at $9.50 per share, a 5 percent premium to the 30-day volume weighted average price prior to closing. The equity private placement will close in …

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InterFace Panel: Staffing Remains Top Challenge for Seniors Housing Operators

by Jeff Shaw

LOS ANGELES — There have been plenty of challenges facing seniors housing in recent years, whether dealing with the effects of the COVID-19 pandemic, rising interest rates, rapid inflation or natural disasters. But while those all reflect outside influences and specific timeframes, one challenge is a constant: recruiting and retaining quality staff. “We all know all roads lead back to operations and operators at the end of the day — that’s what it’s all about,” said Dan Baker, director at JLL Capital Markets. “Labor and staffing are the biggest challenges …

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NIC: Occupancy Rises to 85.1 Percent in 10th Consecutive Quarterly Increase

by Jeff Shaw

ANNAPOLIS, Md. — The occupancy rate for private-pay seniors housing rose 80 basis points to 85.1 percent in the fourth quarter of 2023, according to data from NIC MAP Vision. It’s the 10th consecutive quarterly increase in occupancy as the industry continues to recover from impacts of the COVID-19 pandemic. The occupancy figure marks an increase of 730 basis points from the pandemic low of 77.8 percent in second-quarter 2021, but still just shy of the pre-pandemic mark of 87.1 percent in first-quarter 2020. NIC MAP Vision is a product …

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FHA, Agency Financing Still Beat Banks for Seniors Housing Borrowers

by Sarah Daniels

     Seniors housing acquisition and development is a costly business these days. Inflation has increased the price of construction materials, and wage pressures are driving up personnel costs. And after nearly two years of interest rate hikes to slow inflation, debt service on short-term construction and bridge loans is straining borrowers’ budgets and potentially threatening their ability to qualify for take-out financing when their properties reach stabilization. That is, if they can even source a long-term mortgage from increasingly risk-averse regional banks distracted by today’s market volatility, says Jason …

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CBRE Survey: Cap Rates Are on Steep Upward Trajectory

by Jeff Shaw

After years of moderate fluctuation, seniors housing capitalization rates have curved sharply upward in the last year, investors within the industry say. That’s according to CBRE’s most recent edition of its U.S. Senior Housing & Care Investor Survey. This 13th edition of CBRE’s survey, conducted in October 2023, polled the same group of seniors housing real estate professionals and investors as its last survey in April and had a 98 percent response rate. While the April survey focused largely on changing market conditions caused by inflation and staffing shortages, the October …

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CEOs Tackle Labor Issues, Rent Growth, Borrower Challenges During InterFace Panel Discussion

by Jeff Shaw

PHILADELPHIA — The wants and needs of the labor force in seniors housing are different today than they were pre-pandemic, forcing operators to adapt on many levels, said Lynne Katzmann, founder and CEO of Juniper Communities. “The gig economy has created a new set of demands on us that we haven’t had to face before.”  Katzmann has her finger on the pulse. Bloomfield, New Jersey-based Juniper is an owner and operator of 29 senior living communities in four states with a resident capacity of 2,300 and 1,750 employees. Ultimately, workers …

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As Markets Settle Down, ‘the Hardest Part is Over,’ Say Webinar Panelists

by Jeff Shaw

The last few years have been a time of unpredictability in seniors housing, as the combined factors of pandemic recovery, rapidly rising interest rates, high inflation and labor shortages weighed heavily on investors and operators. “There have been a lot of predictions and forecasts since 2020,” said JP LoMonaco, executive vice president at CBRE. “A lot have been spot on; a lot have been way off base. As we approach the end of 2023, it seems like forecasts about what the American economy will do in 2024 are more varied …

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