2016 may see record number of changes in community ownership
The year 2016 is on track to see a record number of not-for-profit senior living communities change owners, according to specialty investment bank Ziegler.
Thirty not-for-profit transactions have occurred so far this year, and about 75% of them involved properties — mostly assisted living communities and skilled nursing facilities — that changed from not-for-profit status to for-profit status, according to Lisa McCracken, Ziegler's senior vice president of senior living research and development. Many of the transactions are related to the merger of American Baptist Homes of the West and be.group, which was finalized about a month ago, she wrote in the company's latest senior living newsletter.
Of the properties that kept their status as not-for-profit, most were continuing care retirement / life plan communities.
Ziegler expects the trends to continue, McCracken said.