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 …
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WEST JORDAN, Utah — Dwight Capital has provided a $4.3 million HUD 232/223(f) loan for Beehive Homes of West Jordan, a 50-bed assisted living facility in West Jordan. The property sits on over 1.5 acres and is less than a mile from Jordan Valley Medical Center. Kevin Lifshitz of Dwight Capital originated the loan, which refinances existing debt.
Contrary to speculation that families are removing their elderly loved ones from seniors housing in fear of the COVID-19 pandemic, a new survey reports that 79 percent of operators saw no significant changes in move-outs last week and no significant changes in occupancy. Activated Insights, the senior care group of Great Place to Work, conducted the survey of private-pay seniors housing operators representing 1,078 buildings and 100,899 units. Several U.S. operators noted that sales and marketing activities including all move-ins have been halted completely during the pandemic. Other operators continued …
REIT Roundup: Omega to Repurchase $200M in Stock, Welltower Receives $1B Loan, SNR Reports COVID-19 at Two Communities
by Jeff Shaw
As seniors housing REITs make quick moves to respond to the COVID-19 pandemic, several have announced changes to both protect shareholders and residents. For example, Omega Healthcare Investors (NYSE: OHI) has authorized a stock repurchase program totaling up to $200 million; Welltower (NYSE: WELL) has taken on a new $1 billion term loan; and New Senior Investment Trust (NYSE: SNR) has updated plans to contain the outbreak in two of its communities. OHI describes its move as a way to “enhance stockholder value and balance sheet,” as the company’s stock …
VIRGINIA BEACH — M&T Realty Capital Corp. has closed a $38.4 million Fannie Mae loan to refinance a 179-unit seniors housing property in Virginia Beach. The 10-year, 3.63 percent, fixed-rate loan is structured with three years of interest-only payments, followed by a 30-year amortization. Matthew Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Nick Gent of M&T Bank’s Washington, D.C. office. The name of the community and borrower were not disclosed.
ANNAPOLIS, Md. — Skilled nursing occupancy in the United States remained stable in the fourth quarter of 2019 at 83.8 percent, unchanged from the previous quarter and up from 83.6 percent in the fourth quarter of 2018, according to the latest National Investment Center for Seniors Housing & Care (NIC) Skilled Nursing Data Report. NIC experts say these data points offer a baseline for the first quarter of 2020, when effects of the flu season and COVID-19 outbreak will begin to become visible. “Skilled nursing occupancy before the COVID-19 outbreak …
InterFace Active Adult Conference to be Rescheduled — New Event Date to be Announced Soon
by Jeff Shaw
DALLAS — Due to the coronavirus outbreak and because Seniors Housing Business and the InterFace Conference Group value the health and safety of our attendees and the industry, the inaugural InterFace Active Adult conference, which had been set for May 12 in Dallas, will be rescheduled. The full day conference, the industry’s first event devoted entirely to the red-hot active adult/55+ market niche, will still take place in Dallas at the Omni Las Colinas, the original location. InterFace is actively working to secure a new date to make sure the event …
MURFREESBORO, Tenn., and IRVINE, Calif. — Publicly traded REITs Sabra Health Care REIT, based in Irvine, and National Health Investors (NHI), based in Murfreesboro, have released updated information on the effects of the COVID-19 pandemic. Sabra has confirmed cases of the virus at two of its facilities. Both facilities have stopped new admissions. The company expects to find more cases of the virus as the government ramps up testing. NHI currently has no confirmed cases among its 238 communities. “Operators are following the guidelines set by local health departments and …
The fallout from the coronavirus pandemic sweeping across the globe has been swift and severe with Corporate America taking extraordinary steps to protect its workers. Detroit’s Big Three automakers — Ford, General Motors and Fiat Chrysler — are suspending production this week in North America as a precaution against the coronavirus. Meanwhile, major airlines have cut capacity by 50 percent or more systemwide due to sharply reduced consumer demand. Millions of public school students will be off for at least the next few weeks in an effort to keep the …
YUMA, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Kissito Healthcare Palm View, a skilled nursing facility in Yuma. Originally built in 1964, with renovations in 2011 and 2018, Palm View consists of 77 units and is licensed for 143 beds. The community totals 44,000 square feet on 2.9 acres. Occupancy at the time of the sale was 59 percent. The seller is a national REIT looking to divest this asset due to it being a geographic outlier for its portfolio. The buyer is a regional …