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Industry must capitalize on ‘historic moment’ of change for skilled nursing: expert

The COVID-19 pandemic has exposed the country’s long-term care system, particularly in skilled nursing facilities, as “deeply flawed, chronically underfunded and in need of reform,” according to the co-founder and former CEO of the National Investment Center for Seniors Housing & Care, Robert Kramer, now CEO of Nexus Insights.
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Actions & Transactions, April 14

Centra Health to sell Virginia senior living, skilled nursing facilities to Cascade Capital … Twain Financial Partners provides $11M in ground lease capital to senior living community in Little Rock, AR … Watermark Retirement Communities to open new luxury Texas senior living community with celebrated chef as culinary adviser … New luxury senior living community in Jasper, GA, expands phased construction … Salmon Health & Retirement set to open 57-acre seniors housing campus near Boston

Business briefs for Wednesday, April 14

Judge rules COVID-related suit can move forward against provider despite state’s immunity order … Welltower receives Energy Star Partner of the Year Award from EPA and Department of Energy for third consecutive year … Nearly three-fourths of Americans believe stock market will continue to be very volatile in 2021: survey … J&J’s COVID vaccine pause ‘essentially halts’ skilled nursing, assisted living shots
Contemplated senior woman sitting on wheelchair. Elderly disabled female is looking through window.

FY 2022 SNF reimbursement proposal could weaken rent coverage for skilled nursing REITS: Mizuho

Last week, the Center for Medicare & Medicaid Services released its 2022 fiscal year reimbursement proposal for skilled nursing facilities that includes a 1.3% boost to Medicare payments. The overall $444 million increase is substantially lower than the $750 million awarded for the 2021 fiscal year, noted an industry update analysis Monday from Mizuho Securities USA.

Business briefs for Tuesday, April 13

Medline in early stages of exploring sale that could value company at as much as $30 billion … Long-term care operators victims of politics in New York’s COVID-19 immunity repeal: expert … Brightview first senior living company on Fortune ‘100 Best Companies to Work For’ list … PHI from DB … Greystar’s The Retreat at Trinity earns spot as No. 1 senior housing property for online reputation assessment for 2020
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Actions & Transactions, April 13

Bridgewood acquires land in Nashville, TN, for development of luxury senior living community … Work underway on new affordable senior housing complex near Rochester, NY … Funding from state tax credit program will help in construction of affordable apartments for low-income or homeless older adults in California … Construction tops out on $160M expansion project at Sinai Residences in Boca Raton, FL … WinnDevelopment plans to redevelop former Massachusetts Boys Club site into 100-unit senior housing development
Jennifer Francis & Katie Potter hedshots

DHC to transition 108 Five Star senior living communities to other operators by year’s end

Diversified Healthcare Trust will amend its management arrangements with Five Star Senior Living to transition 108 senior living communities, representing approximately 7,500 units, to other operators by the end of 2021. The announcement came Friday as Five Star released a new strategic plan that will see the company exiting the skilled nursing business completely as it shifts its focus to larger senior living communities.
Rep. Maxine Waters headshot

California lawmaker working to garner support for additional funding of Section 202 Housing for the Elderly homes

Last week, Rep. Maxine Waters (D-CA), chairwoman of the U.S. House Committee on Financial Services, began circulating a sign-on letter to her House colleagues in support of strong rental assistance funding levels for several Department of Housing and Urban Development programs, including those that provide assistance to older adults.

Facility expansion plans highlight industry conflicts possible around country

While one Largo, FL, assisted living community looks to expand its available bed count, nearby competitors are sharing concerns that the move will put even more strain on an industry still reeling from the effects of the pandemic. It’s a conflict likely arising throughout the country as senior living and care facilities plan for a post-pandemic future.

Business briefs for Monday, April 12

CMS proposes 1.3% boost to SNF Medicare payments for next fiscal year … Michigan operator reduces skilled nursing beds, plans to add independent living residences amid renovation … True Connection Communities to upgrade design, rebrand independent living community near Austin, TX … Developers break ground on new senior living community in Great Falls, MT … Developer receives final approval for 88-unit senior affordable housing development near Miami … Belmont Senior Living nears completion on new California community developed in partnership with local school district

The future of nursing homes lies in a community hub model: expert

To remain financially viable in a post-COVID world, nursing homes need to think more broadly and consider ways that they can serve as a hub for other aging services. That’s the message presented to the long-term care industry Thursday by Stuart Butler, a senior fellow at the Brookings Institute. Butler spoke to attendees of a LeadingAge coronavirus update call.

Business briefs for Friday, April 9

Former Trump administration official launches healthcare investment firm with focus on senior living … Brookdale’s March month-end occupancy turns positive for first time since pandemic began … Updated FAQs send message that HHS may take stronger stance on Provider Relief Fund recoupment and accountability, LeadingAge says … Industry and workforce stakeholders call for government-funded wage increases for CNAs during “Virtual March on Washington”

Senior living occupancy declines for sixth quarter in a row, reaches new low: NIC

Occupancy at U.S. senior living communities — independent living and assisted living combined — reached a record low of 78.8% in the first quarter, according to new NIC MAP data released today. The news marks the sixth consecutive quarter that occupancy has declined. Four of those quarters have been during the COVID-19 pandemic.

Parkinson: ‘Green shoots’ indicate occupancy is troughing, but pace of recovery still uncertain

The stocks of senior living and skilled nursing-focused real estate investment trusts have outperformed expectations since the first COVID-19 vaccine announcement last November raised hopes of a quick recovery. Yet despite the tremendous drop in COVID-19 cases at these facilities post vaccine rollout, challenges within both sectors still remain, Mark Parkinson, CEO of the American Healthcare Association and the National Center for Assisted Living said Tuesday during a keynote address to attendees of Mizuho’s second annual Healthcare REIT Summit.

Business briefs for Thursday, April 8

HUD more than doubles affordable housing allocation … Senior living operators to receive $100M to help vaccinate residents and staff … Arizona governor signs bill providing COVID-19 immunity to long-term care providers … Starting your day by thinking about what kind of leader you want to be can make you more effective at work: study
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Transactions in the news, April 8

Senior Living Investment Brokerage facilitates sale of two assisted living and memory care communities in California and an independent living community in Minnesota … Standard Communities acquires 597-unit mixed-income senior community in Chesapeake, VA … Integral Senior Living assumes management of Alexi Senior Living in Matteson, IL

Long-term care lenders say COVID-19 continues to affect terms, requirements

As senior living and skilled nursing residents complete their COVID-19 vaccinations and case counts continue to decrease within the setting, some banks may be getting ready to re-enter the long-term care sector — though under new terms and requirements. That’s one of several findings in the latest lender survey released Tuesday by specialty investment bank Ziegler, in partnership with the National Investment Center for Seniors Housing & Care.

Welltower, Sabra see meaningful improvement in March occupancy

Following a decline in occupancy in early March, real estate investment trust Welltower saw spot occupancy increase in recent weeks, with an approximate gain of 30 basis points (0.3%) since March 12. That’s according to a presentation by the firm Tuesday at the second annual Mizuho Healthcare REIT Conference.
Graphs and a pen

Most CFOs now expect revenues to increase this year

Chief financial officers around the country are optimistic about 2021, with 87% of finance leaders expecting revenues to increase this year, according to a new pulse survey of more than 700 U.S. executives released this week by PwC.
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Transactions in the news, April 7

Locust Point Capital raises more than $428M in capital commitments for its seniors housing debt fund … Ziegler, M&T Realty advise on $15.1M refinancing of Chicago-area 55+ community … Walter Reed affordable assisted living project receives $20M in financing … Ensign Group acquires three Colorado SNFs

Business briefs for Wednesday, April 7

Pandemic isolation pushing some seniors to choose retirement living even earlier than planned … 1 in 3 remote workers may quit if required to return to office full-time: survey … State University of New York to open senior living community on campus
Economic impact of coronavirus outbreak deepens. Bar Charts step down on the world map which close up China and text coronavirus on a bar chart.

SNF occupancy hits record low again in January: NIC report

Occupancy continued to be challenged as the skilled nursing industry navigated the first months of 2021, according to the latest monthly skilled nursing data report from the National Investment Center for Seniors Housing & Care. Occupancy fell to a new low of 71.2%, dropping 0.4% below December’s numbers and 13.8% below pre-pandemic levels.

Real estate investors on high alert for changes related to 1031 exchange

When President Joseph Biden took office earlier this year, many real estate investors went on high alert for policy changes that could affect their assets, noted a WealthManagement article Friday. One of the biggest concerns has been that the 1031 exchange once again may be on the chopping block.
Needle drawing from vial

Most large employers expect to offer vaccines to employees on-site: survey

Many large employers are expecting to offer COVID-19 vaccines on-site for workers by the end of the year, finds a survey released last week by the National Alliance of Healthcare Purchaser Coalitions. The agency surveyed 151 employers and other purchasers and found that 80% of very large firms, or those with more than 10,000 employees, anticipate offering vaccines to employees on-site.
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Transactions in the news, April 6

USDA invests $19.3M into development of rural Iowa senior living community … HJ Sims partners with Gurwin Healthcare System to close on $102M in finance for New York independent living community … Ziegler closes $9.5M refinancing/partnership buyout for Wisconsin post-acute care portfolio … JLL advises CR Properties and Claiborne Senior Living on sale and financing of two seniors housing properties … MVAH Partners, Blueprints embark on $14.8M adaptive reuse and expansion project to turn former elementary school into affordable senior housing community … Insight Senior Living to open 118-unit assisted living and memory care facility in Conroe, TX, later this year

Business briefs for Tuesday, April 6

Continuing Healthcare Solutions joins growing list of long-term care operators mandating employee vaccinations … Gleckman: Biden proposal still missing critical pieces toward fully reforming Medicaid’s long-term care coverage … Connecticut senior housing builder faces several lawsuits seeking owed payment … Landmark Seattle life plan community celebrates 60th anniversary of its founding

Investor group wants better pay, working standards in nursing homes

An international group of investors managing a collective $3 trillion in assets is calling for operators of nursing homes around the world to improve wages and working standards for front-line nursing home staff amid the effects of COVID-19 on the industry.

Senior housing wealth exceeds record $8.05 trillion

Homeowners aged 62 years and older saw their housing wealth grow by 3%, or $234 billion, in the fourth quarter, according to a report released Friday from the National Reverse Mortgage Lenders Association. The increase brings senior housing wealth to a record $8.05 trillion, the agency noted.

Business briefs for Monday, April 5

California nonprofits Front Porch, Covia complete affiliation … MedPAC urges Congress to eliminate current value-based purchasing program for SNFs… EEOC sues Charter Senior Living for disability discrimination … Welltower, Clover Group face federal fair housing lawsuit … Boston-area assisted living community gets new owner, plans to drop license and transition into affordable senior housing

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