EAGLE, Idaho — The Pennant Group Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice and senior living companies, has appointed Barry Smith as chairman of its board of directors and Brent Guerisoli as a member of its board of directors. Smith has served on Pennant’s board since 2021. He previously served as chairman and CEO of Magellan Health Inc., the nation’s largest provider of behavioral health services and a leading provider of pharmacy benefit management services, from 2013 to 2019. He was also …
CARLSBAD, Calif. — Funds advised by Lee Equity Partners LLC and Coastwood Senior Housing Partners LLC, two specialized investment firms, have made an investment in Integral Senior Living Management (ISL). As part of the investment, ISL will partner with Discovery Senior Living and form the fifth largest seniors housing operator in the United States. Lee Equity and Coastwood recently completed the recapitalization of Discovery Senior Living, which is led by CEO Richard Hutchinson. The investment in both companies by Lee Equity and Coastwood will create an opportunity to find synergies …
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC ), a REIT that primarily invests in seniors housing and healthcare properties, has announced plans to diversify its portfolio through the transition and possible sale of some of the properties in its Brookdale Senior Living (NYSE: BKD) portfolio, following Brookdale’s election not to exercise its lease renewal option. Brookdale is contractually obligated to pay rent on the portfolio of 35 assisted living communities across eight states through the end of the lease term on Dec. 31, 2023. The portfolio represents 8.4 …
By Matt Caine, Managing Director, SOLIC Capital Advisors As 2023 kicks off, seniors housing operators are looking for ways to find optimism regarding the market’s outlook. While there are ways operators can counteract the damages of the past couple of years (more on that below), unfortunately many may find themselves at risk of default as they continue to grapple with labor shortages, higher wages, occupancy rates that have not quite recovered to pre-pandemic levels, and a lack of any new or ongoing government stimulus funding programs. According to data compiled …
LOS ANGELES — Participants in the “Best-in-Class Operators” panel at France Media’s InterFace Seniors Housing West conference, held Feb. 2 at the Omni Los Angeles, had one task, albeit a large one: provide the blueprint for operational success in a challenging market. Though there were various strategies thrown out to combat the whack-a-mole challenges currently plaguing operators, panelists noted that the goal of seniors housing remains the same in any market: to increase occupancy and rents, which is done by providing a product people not only need, but also want. …
VERO BEACH, Fla. — Watercrest Senior Living Group, a Vero Beach-based operator, has hired Shelley Beville to its executive leadership team as regional director of clinical operations (RDCO). Beville joins fellow RDCO Johnita Jackson, and the team will work to ensure Watercrest’s standards of care, operations and associate training are met by the clinical teams in all Watercrest senior living communities. Beville brings over 33 years of experience in healthcare, with the majority of time dedicated to the senior living industry. She most recently served as RDCO for a large …
COLUMBUS, Ohio — Otterbein SeniorLife has recently joined Perennial Advantage of Ohio Inc., a Columbus-based operator-owned Medicare Advantage Special Needs Plan. Otterbein launched the Perennial program in nine of its locations. With this partnership, Perennial Advantage will now operate in 40 senior living communities across Ohio. Perennial Advantage, a member of Perennial Consortium LLC, offers enhanced care for residents of nursing homes, assisted living facilities and independent living communities by providing on-site care teams of healthcare professionals. These teams will work together with each facility’s existing staff to enhance quality …
The Feb. 15 webinar “Meeting the Critical Need for Affordable Seniors Housing” focused on challenges and strategies for addressing resident needs while keeping costs down in the affordable seniors housing segment. This endeavor is no easy task in an environment where labor and staffing prices, construction costs and interest rates make calculations unwieldy. Three expert panelists discussed helpful programs, essential tax credits and successful case studies to light the way to affordable seniors housing. “We know that there’s a wave of 73 million baby boomers reaching an age …
PROVIDENCE, R.I. — JD Solutions Group (JDSG) has hired Kellie Kulick as vice president of coaching and training. Kulick brings more than 20 years of experience in senior living operations and sales to a growing coaching and training sales consultancy. “Kellie knows first-hand what it takes to succeed as an Executive Director and Regional Sales leader in today’s world of senior living sales,” says Jennifer Dixon, the company’s CEO. With sales training and consulting clients across all markets in the United States, JDSG has seen demand from senior living operators …
TOLEDO, Ohio and ROANOKE, Va. — Welltower Inc (NYSE: WELL) and Retirement Unlimited Inc. (RUI) have formed a partnership under which RUI will operate luxury seniors housing communities under a newly launched Elancé brand. Welltower, a Toledo-based REIT, installed Roanoke-based RUI as the operator of Fountains at Washington House in Alexandria, Virginia in November. Following the change, the property was renamed Elancé at Alexandria and became the first community under the new banner. The two companies have planned a “significant expansion in the programmatic relationship between Welltower and RUI” in …