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 …
coronavirus
It’s more important than ever to be proactive, strategic and creative when it comes to generating qualified leads and moving prospects through the sales cycle. By Joseph L. Roche, The Roche Associates Inc. Few industries have been more impacted by the COVID-19 pandemic than seniors housing. While active adult, independent living, assisted living, memory care and life plan communities may not have been as hard hit as some nursing homes, COVID-19 has led to policies and procedures currently restricting or affecting move-ins; meetings and tours with prospects in their buildings; …
Despite the economic turmoil and operational stress in the wake of the COVID-19 pandemic, all parts of the seniors housing — including the lenders, investors, owners and operators — appear to be taking a measured approach, according to Brian Sunday, director with AEW Capital Management. “We keep preaching patience,” said Sunday. “Occupancies are dipping, expenses are rising, but nobody’s pressing the panic button. It’s a long-term play.” The comments came on a webinar hosted by France Media Inc. and Seniors Housing Business on Wednesday, May 13. Other panelists included Rich …
IRVINE, Calif., NEWTON, Mass., and SAN CLEMENTE, Calif. — Three major REITs in the seniors housing sector, Irvine-based Sabra Health Care REIT, Newton-based Diversified Healthcare Trust (DHC) and San Clemente-based CareTrust REIT, have released their first-quarter reports, including updates on how the companies are handling the coronavirus epidemic. Sabra reported that it has “not seen a material disruption from the COVID-19 pandemic in the monthly payment of rents and have not utilized any deposits or other credit enhancements for payment of rent as a result.” The company suggests the positive …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toledo-based REIT and the largest owner of seniors housing in the United States by number of units, has reported coronavirus-related expenses hit $7 million in March. Across the company’s 586 seniors housing communities, there were 1,044 confirmed cases of the virus as of May 1. The numbers came in Welltower’s first-quarter earnings report. Although 72 percent of the company’s seniors housing properties have zero cases of COVID-19, the majority of the properties that do have at least four cases. “The financial headwinds …
ALEXANDRIA, Va. — Argentum, an Alexandria-based national association serving senior living providers, has called for transparency in COVID-19 reporting among the states. “Since the beginning of the pandemic, we’ve been encouraging openness and transparency in reporting among our members and have shared our guidance on reporting and leadership communication,” says James Balda, Argentum president & CEO. A recent survey of Argentum’s members showed that 100 percent of respondents that had COVID-19 positive cases in their communities were reporting data to state agencies, families, staff and residents. In addition, nearly half …
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 …
DENVER — OZ Architecture, a Denver-based architecture firm, has released Designing for Emergency Preparedness Insight Report, which outlines design considerations that can help reduce the spread of disease and infection in seniors housing communities. “In recent years, many older adult communities have shifted away from the healthcare-oriented design of skilled nursing and hospitals in favor of spaces that provide a greater sense of community and emotional well-being,” the company notes. “However, new design challenges have arrived as highlighted by the COVID-19 pandemic, showing that older adult populations can be highly …
DENVER — As expected, seniors housing inquiries, tours and move-ins fell significantly in April as the industry felt the effects of the COVID-19 pandemic, according to marketing software provider Enquire. The Denver-based company compiled sales and marketing data from over 2,200 seniors housing communities throughout the country. Compared with April 2019, inquiries fell 33 percent for independent living, 41 percent for assisted living/memory care and 43 percent for continuing care retirement communities (CCRCs). “We have seen several surveys and opinions about the impact COVID-19 is having on senior living sales …
NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) completed the first quarter of 2020 with $369.5 million in profits, largely due to a series of asset sales, according to the company’s quarterly report. Brookdale now has $500.7 million cash on hand that it may need to ride out the negative effects of the COVID-19 pandemic. The Nashville-based company, which is the largest operator of seniors housing in the United States reported it incurred $10 million in coronavirus-related expenses in the first quarter. Given that the full effect of the …