WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT that invests in seniors housing and healthcare properties, has completed the sale of its entire portfolio of Preferred Care-operated properties. Preferred Care declared bankruptcy in 2017 amid a slew of personal injury lawsuits against the operator. The combined net proceeds for the portfolio, including one property sold in 2019 and 21 properties sold in the first quarter of 2020, were $77.9 million, resulting in a total estimated gain on sale of $44 million. The 21 properties sold …
Legal Issues
Senior Living Receives Healthcare Exemptions from Department of Labor for Coronavirus Response
by Jeff Shaw
WASHINGTON, D.C. — The Department of Labor (DOL) issued guidance on Saturday March 28, on key provisions of the Families First Coronavirus Response Act (FFCRA). Of critical importance members is the definition of “healthcare provider” as it related to an employer’s ability to be exempt from the requirements of the act, according to the American Seniors Housing Association (ASHA). Under FFCRA, an employer with fewer than 500 employees must offer 10 days of paid sick leave and up to 12 days of paid emergency family and medical leave under certain …
As senior living providers pursue partnerships in the healthcare industry, here are five critical points to keep foremost in mind. By Jane Adler With owners and operators of senior living properties serving an increasingly frail population of elders, Medicare Advantage programs are emerging to improve care, boost resident and family satisfaction, and increase length of stay. The use of Medicare Advantage programs in senior living is still in its infancy. The programs are complex and there is still much to be learned. But several experiments and pilot projects are already …
Seniors housing professionals seek solutions to affordability, labor shortages and more through legislative lobbying and legal means. By Jeff Shaw The challenges of owning and operating seniors housing are not news to anyone in the industry, but the solutions may be. Lawyers, lobbyists and industry experts are finding a variety of ways to try and surmount the increasingly difficult issues facing the sector — including labor shortages, affordability, increased acuity and changes to government funding. Efforts are underway at a local, state and national level. Reports from Capitol Hill are …
CHICAGO — Ventas Inc. (NYSE: VTR) has hired Carey Shea Roberts as executive vice president, general counsel, and ethics and compliance officer. Roberts will lead the company’s legal, compliance and enterprise risk management functions, reporting to Debra Cafaro, Ventas chairman and CEO. Roberts succeeds T. Richard Riney, the company’s first general counsel, who recently retired. Roberts joins Ventas from Assurant Inc., where she served as executive vice president, chief legal officer and corporate secretary. She previously served as deputy general counsel, corporate secretary and chief compliance officer of Marsh & …
New Senior Receives $53M Settlement in Lawsuit Against Its Own Board, Operator, Investor
by Jeff Shaw
NEW YORK CITY — New Senior Investment Group Inc. (NYSE: SNR), a New York-based seniors housing REIT, has received $53 million as part of a settlement with members of its own Board of Directors, as well as the company’s largest investor (Fortress Investment Group) and operator (Holiday Acquisition Holdings LLC).
WASHINGTON, D.C. — A recent court settlement between several civil rights organizations and social media giant Facebook may have unintended consequences for seniors housing operators, according to the American Seniors Housing Association (ASHA), a D.C.-based advocacy group serving seniors housing industry.