Business Daily News - McKnight's Senior Living

Business Daily News

Business briefs for Friday, April 3

REIT share prices plunge in the first quarter amidst coronavirus outbreak … Bellwether Enterprise closes deal for Kentucky senior living community … SLIB facilitates sale of Oregon memory care unit … Jobless claims hit historic high of 6.6 million last week.

Business briefs for Thursday, April 2

Coronavirus construction limits: A state-by-state tracker … Fitch affirms several seniors housing REITs, downgrades others … Newmark sells SNF portfolio … U.S. companies shift to online annual shareholder meetings due to coronavirus

Second thoughts: Some opting to remove parents from senior living communities

With most senior living and long-term care facilities restricting visitors and asking residents to stay in their rooms alone for most of the day, some families have decided that their older adult loved ones might be better off moving out of these settings and back into a family home during the COVID-19 pandemic, according to an article published Monday on CNN.com. Industry groups don’t agree.

Business briefs for Wednesday, April 1

Report: Nearly half of seniors and their adult children are concerned about stock market turbulence due to COVID-19 pandemic … Boston Financial closes $205M multi-investor fund financing seven senior living communities … Monticello provides financing for Virginia SNF … Dougherty Mortgage provides HUD loan for Minneapolis seniors housing community

Labor Department excludes senior living from COVID-19 relief bill’s paid leave requirement

The Department of Labor released updated questions and answers regarding the Families First Coronavirus Response Act Saturday, and provided guidance categorizing senior living providers as “health care providers” under the act. The move means operators will be excluded from requirements that certain companies with fewer than 500 workers provide up to 12 days of paid leave for employees who need to care for children due to school closures.

Capital Senior Living suspends director equity awards

In light of the current economic conditions, the Board of Directors for Capital Senior Living on Monday approved a temporary suspension of equity awards to any director or officer of the company. The Compensation Committee also reported that it would not increase the annual base salaries of Capital Senior Living’s executive officers for 2020.

Business briefs for Tuesday, March 31

More seniors housing buyers opting for self-managed units … Vi partners with hotels to provide jobs for displaced hospitality workers … Insurance premiums could spike as much as 40% next year … Government office closures force stoppage of many commercial deals

Business briefs for Monday, March 30

U.S. consumer sentiment falls by most since 2008 … Construction companies lobbying to keep working through pandemic … Hedge Fund billionaire: Shut down the economy for a month … Fed officials remain optimistic but admit to some uncertainty
Kurt Read headshot

Transparency and patience key during pandemic: NIC panelists

Patience and information sharing will be essential for senior living organizations hoping to survive this ongoing pandemic, so claimed panelists during a webinar Thursday focused on COVID-19 and financial market uncertainty. The hour-long presentation was hosted by the National Investment Center for Seniors Housing & Care.

JAMA: COVID-19 likely to test postacute services

Many patients with COVID-19 will need postacute care to recuperate from their infection. However, postacute care facilities currently lack the capacity and capability to safely treat patients with COVID-19 as they transition from the hospital to other care settings or to their homes, according to an article published in JAMA Thursday.

Private equity firms halt dealmaking amid COVID-19

Many private equity firms are turning their attention away from mergers and acquisitions to focus on the needs of its current portfolio holdings amid the market’s uncertainty around the coronavirus pandemic, according to an article in S&P Global Market Market Intelligence.

Business briefs for Friday, March 27

U.S. stocks jump as coronavirus stimulus bill offsets dismal jobless-claims report … Fitch webinar panel: COVID-19 elective surgery delays will put pressure on short-term rehab facilities … Hospitals, nursing homes warn of closures in Pennsylvania

Despite recent increases, Brookdale shares down 91% in five years

Investors who purchased stock in Brookdale Senior Living five years ago have seen their shares in the company fall by 91% during that time, according to an analysis posted Wednesday by Simply Wall St. While the company’s share price gain of more than 57% in the past week might indicate the beginnings of a recovery, it’s unclear — particularly in this era of COVID-19 volatility — whether the increase is indicative of a more long-term recovery.

Business briefs for Thursday, March 26

Ventas CEO shares thoughts on how the coronavirus is impacting the senior living industry … Resources are available from the EEOC and DOL to help employers during COVID-19 … Senate’s $2T economic stimulus bill delayed again … Mountain West Commercial brokers sale of Utah seniors housing development site

Record prices paid for assisted living units, while SNFs top $93,000

Before the coronavirus pandemic took over the U.S. economy, the seniors housing and care market was as a roll, according to data released Monday from Norwalk, CT-based Irving Levin Associates. The average price per unit in assisted living increased to a record $248,400 in 2019, pushing it 12% higher than the previous high of $221,250 per unit in 2017. Skilled nursing bed prices reached $93,000 per bed last year — just the second time bed price values have reached that high.

PwC CFO survey: Global downturn is top COVID-19 concern

More than three-quarters of chief financial officers in the United States and Mexico are worried that the coronavirus pandemic will lead to a global recession, finds a pulse survey released this week by PwC.

Business briefs for Wednesday, March 25

Senior living industry associations make plea for coronavirus-related bailout … Furloughed hotel workers offered access to jobs in long-term care … Greystone provides financing for Mississippi and Tennessee senior living communities … Generations Healthcare purchases San Diego SNF

Congress remains deadlocked on economic stimulus bill

A nearly $2 trillion coronavirus economic stimulus package failed to advance in the U.S. Senate on Monday with Democrats arguing that the bill did too little to help ordinary Americans and ensure that federal money would not be abused by businesses that received aid, according to Reuters.

Business briefs for Tuesday, March 24

The Ensign Group declares quarterly dividend … More U.S. employees willing to sacrifice pay for better health and retirement benefits … LTC CEO confirms conservative balance sheet with high liquidity … SLIB arranges sale of Arizona SNF

Stocks fell Friday, capping off worst week since October 2008

U.S. stocks fell Friday despite ongoing measures to contain the coronavirus disease 2019 (COVID-19) pandemic, capping off the worst week for the Dow Jones Industrial Average and S&P 500 since October 2008, the Wall Street Journal reported.

Analyst: Senior housing worth ‘more than zero’

The coronavirus pandemic continued to upset the U.S. real estate sector last week, with no property type left untouched — even those that investors considered safe in normal times, according to a report by S&P Global.

Business briefs for Monday, March 23

CareTrust REIT announces $150 M share repurchase program … The financial markets set these seven records last week … Coronavirus leads U.S. to extend tax filing deadline to July 15 … New York senior community gets refi from Freddie Mac

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