The median rating for nonprofit life plan communities remains at ‘BBB,’ according to a report Tuesday from Fitch Ratings. However, this latest report only captures the first quarter of the year, the ratings agency noted.
When the COVID-19 pandemic began, Seattle-based nonprofit life plan community Bayview — like many other seniors housing operators — quickly went from vibrant hustling and bustling dining rooms to delivering meals to residents’ apartments. But with no clear end to the pandemic in sight, Bayview’s CEO, Nancy Weinbeck, challenged the community – both residents and staff – to find innovative and creative ways to bring back some social elements of the dining experience while also keeping residents safe.
Amid the fallout from the pandemic, the seniors housing industry may find new development opportunities in defaulted hotel deals, according to panelists Thursday during an Urban Land Institute webinar.
Although the methods we use to market senior living have changed, they never have been more essential to supporting seniors seeking to escape isolation and gain added services and socialization benefits.
Directors of assisted living / personal care in retirement homes enjoyed a 2.95% average salary increase from 2019 to 2020, with pay rising from $74,934 in 2019 to $77,142 in 2020, according to the “Continuing Care Retirement Community Salary & Benefits Report 2020-2021,” released Tuesday.
Life plan communities were the type of senior living community least affected by the COVID-19 pandemic, reaffirming their stable future, according to a report from specialty investment bank Ziegler.
Bartlett, IL-based Clare Oaks said it plans to honor contractual obligations to its 225 residents, guaranteeing refunds for 90% of the entrance fees, an agreement that is typical of continuing care retirement communities.
Although the pandemic has slowed the pace of move-ins for all seniors housing and care communities, continuing care retirement communities seem to be outliers. These settings generally have been experiencing less disruption to move-in rates and have seen greater stability in occupancy rates, according to a report released Thursday by the National Investment Center for Seniors Housing & Care, using a subset of the firm’s Executive Survey findings.
The coronavirus is pushing more continuing care retirement communities into financial upheaval and putting pressure on the municipal bonds that financed them, according to an article Wednesday in Bloomberg Law.
Fitch Ratings has revised its outlook on life plan communities to negative last week, reflecting the rating agency’s concern that many of COVID’s risks still lie ahead.
