MURFREESBORO, Tenn. — National Health Investors Inc. (NYSE: NHI) reported that to date in June the company has collected 99.4 percent of contractual rents. This percentage is slightly down from May, in which 100 percent of rents were collected, and April, in which 99.7 percent of rents were collected. The news comes despite depressed occupancy portfolio-wide due to the COVID-19 pandemic. Among the publicly traded REIT’s stable of operators, all have seen occupancy fall since March. Most operators have seen a decline in that period of approximately 200 basis points. …
Investment
LUNENBURG, Mass. — Boston Capital has invested in the development of Baker Brook Apartments, a 70-unit development for seniors in Lunenburg, a small town north of Worcester. The developer is Great Bridge Properties. Residents must be age 55 or older and earn 80 percent or less of the area median income (AMI). Forty-eight units are reserved for seniors earning 60 percent or less of AMI and eight units are for seniors earning 30 percent of less of AMI. Ten percent of the units are reserved for those currently homeless. Located …
SAN CLEMENTE, Calif. — Despite the struggles caused by the COVID-19 pandemic, CareTrust REIT (NASDAQ: CTRE) reports that it still received 99.7 percent of rents in May. The San Clemente-based REIT invests in seniors housing, with a portfolio of 212 properties totaling 21,652 units around the country. Skilled nursing makes up about three quarters of the company’s units. Although occupancy is generally down across CareTrust’s portfolio, the company noted that moves at relief for skilled nursing facilities has helped soften the blow. In an investor presentation, CTRE said that the …
FORT WORTH, Texas — Hunt Capital Partners, in collaboration with Saigebrook Development, has provided $12.9 million in federal low-income housing tax credit (LIHTC) equity financing for the new construction of Everly Plaza. Located in Fort Worth, the mixed-use development will provide 88 units comprised of nine market rate units and 79 affordable housing units. All units will be restricted to seniors who are 62 years and older, and the affordable units will be income restricted to households who earn up to 30, 50, and 60 percent of the area median …
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 …
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 …
BIRMINGHAM, Ala. — Harbert Management Corp. (HMC), a Birmingham-based investment company, has closed Harbert Seniors Housing Fund II with total equity commitments of $510 million. HMC plans to invest the money into seniors housing throughout the United States. Investors are largely institutional and private, and include both domestic and international sources. The fund has been used toward eight transactions already representing nine seniors housing communities, including three joint-venture development opportunities. HMC is seeking diversity in geography, operators and acuity level of the residents.
HUNT VALLEY, Md., IRVINE, Calif., and WESTLAKE VILLAGE, Calif. — The first results have started to come in for publicly traded companies during first-quarter 2020, with REITs Omega Healthcare Investors (NYSE: OHI), Healthpeak (NYSE: PEAK) and LTC Properties Inc. (NYSE: LTC) leading the way. The COVID-19 pandemic was in its early stages at the end of the quarter, with most quarantines starting properly in mid-March. Irvine-based Healthpeak posted a profit of 54 cents per share and same-store net operating income grew 2 percent over the previous quarter. The company was …
CHICAGO — Despite the economic devastation caused by the COVID-19 outbreak in the United States, 86 percent of investors are still seeking opportunities to acquire seniors housing properties, according to a survey conducted by Heavenrich & Co. The Chicago-based seniors housing investment brokerage conducted the survey from April 15 to April 20, contacting 448 owners, operators and investors throughout the United States. Not only are investors still interested in buying, many are looking to pick up their acquisition pace. More than half of respondents expect to spend the same or …
COVID-19 outbreak slows transactions, forces companies to take defensive posture. By Matt Valley The stabilization of the U.S. economy and its pace of recovery is inextricably linked to the speed at which the spread of the COVID-19 pandemic can be contained, say seniors housing experts. Until the health crisis is under control, they expect transaction activity to slow considerably or possibly even grind to a halt. As of April 8, the respiratory illness had claimed the lives of 13,000 Americans, a clear majority of whom were senior citizens. Sadly, that running …