Although COVID-19 continues to hit the seniors housing industry hard in terms of increased operational expenses, most investors and capital providers still believe the sector is likely to withstand the current recession pretty well, according to speakers at a National Investment Center for Seniors Housing & Care “Leadership Huddle” webinar Thursday.
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.
Skilled nursing occupancy numbers suffered their biggest hit since 2012 in March, as the initial effects of the COVID-19 pandemic began to set in. According to monthly data released Monday from the National Investment Center for Seniors Housing & Care, SNFs suffered a 132-basis point decline from the prior month and a 53-basis point decline from year-end 2019, declining to an occupancy rate of 83.4% in March.
A growing number of operators across all care segments now are reporting an increase in move-ins, according to data from the most recent Executive Survey results from the National Investment Center for Seniors Housing & Care.
A positive case of COVID-19 can more than triple a senior living operator’s equipment costs to prevent the virus’ spread, according to Belmont Village Senior Living President Mercedes Kerr. Kerr joined National Investment Center for Seniors Housing & Care Chief Economist Beth Mace Thursday for a NIC-sponsored webinar discussion on the ways COVID-19 is affecting senior living operators.
Virginia-based LifeSpire Living has a tentative date set of June 10 for the reopening of its four continuing care retirement communities to visitors and new residents. But as Jonathan Cook, the operator’s president / CEO shared in a recent National Investment Center for Seniors Housing & Care-sponsored blog, his communities have incorporated notable changes to keep residents safe, healthy and happy, even though they will likely take a toll on the operator’s bottom line.
Occupancy in senior housing fell 1.1% to 88.7% in April, according to data released Tuesday by the National Investment Center for Seniors Housing & Care. The rate was 1% lower than the prior year, NIC said.
The end of the coronavirus continues to be difficult to predict, but in the meantime, operators, investors and lenders can take contingency planning steps to address the myriad paths that may unfold, advises a recent National Investment Center for Seniors Housing & Care-sponsored blog.
Tony Mullen, who was a founder of the National Investment Center for Seniors Housing & Care in 1991, knew about the value of data before that knowledge became mainstream.
One in five operators saw an uptick in skilled care occupancy levels last week, according to responses provided by owners and executives at 100 seniors housing and skilled nursing operators nationwide. That said, 36% of the participants continued to report declines in occupancy for skilled nursing in the past seven days. Respondents with independent living and memory care units also reported slightly higher shares of improving occupancy rates from a week prior.
