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April 2008
Bargain Prices In The Market?--
With Recent Drop, Assisted Living Concepts Is Too Cheap
The stock market has taken its toll on many investors, but sometimes this
results in opportunities. When Assisted Living Concepts dipped below $5.50
per share, we thought we would take a look.
Sunrise Finally Files 10-K--
After Months Of Delay, The 2006 10-K Is Available
At long last, Sunrise Senior Living filed its 2006 10-K and avoided being
de-listed from the NYSE. Analysts try to make sense of what the shares are
really worth, and we try to analyze the analysts.
March 2008
SNF Prices Hit Record In 2007--
Strong Investor Demand And Quality Boost The Market
With investors looking for yield, combined
with strong institutional demand, the average price paid per bed for skilled
nursing facilities set a record in 2007.
AL and IL Prices At New Highs--
Declining Cap Rates And Broad Interest Push Prices Up
As cap rates continued to decline, at least
until the end of the year, average per-unit prices for assisted and
independent living facilities rose again in 2007.
February 2008
Five Star: Strategic Buying--
After A Dry Stretch, Five Star Quality Care Finds Deals
Many people believe 2008 will be the year of
the strategic buyer making a comeback in the seniors housing acquisition
market. Five Star Quality Care certainly agrees.
Investors Challenging A Deal--
Capital Senior Living Shareholders Say No To Purchase
Two major shareholders of Capital Senior
Living want the board to terminate negotiations on the Hearthstone lease
portfolio because they view it as too financially risky. We explore the
issues.
January 2008
Senior Care Stocks Sag In 2007--
After A Four-Year Rally, Most
Senior Care Stocks Declined
Senior care stocks did not perform well in
2007 after four straight years of above-market returns. The best performers
were in the skilled nursing sector, driven mostly by acquisition premiums.
Capital Senior Living Buys Big--
With Large Acquisition, CSU Expands In The ALF Market
In its largest acquisition to date, Capital
Senior Living is buying the leased interests in 32 assisted living
facilities operated by Hearthstone Senior Services.
December 2007
Aussies
Buying Seniors Housing--
Two Large Acquisitions Show The Trend of Foreign Buying
The seniors housing acquisition market remains
timid, but two large transactions by Australia-based buyers has given the
mood in the market a little boost just before the holidays.
Ensign
Group Prices Weak IPO--
Pricing Is Severely Cut Amid Market Weakness and Turmoil
During a very difficult period in the market, The Ensign Group was able to
get its IPO priced, but at terms much lower than they expected.
November 2007
Subprime Meets Senior Care--
Shocks Waves Of The Subprime Meltdown Continue
Even though the subprime mortgage mess has
nothing to do with the seniors housing and care market, the ramifications
will be felt well into 2008. Lenders are skittish, and liquidity appears to
be evaporating from the acquisition market.
Consumer Financing
Arrives--
ElderLife Financial Launches A New Tool For Providers
Just in the nick of time, ElderLife Financial is set to start rolling out
its consumer financing program for the seniors housing market. Savvy
providers may be able to increase their census by 3% to 5%.
October 2007
Senior Care Acquisition Market--
Deals Are In Hibernation Amid Market Confusion
After the summer credit market meltdown, the
gap between buyer and seller expectations began to widen, as no one wanted
to pay too much and sellers still longed for those low cap rates. Despite
strong industry fundamentals, deal volume may be slow for a while.
Senior Care Under
Attack--
Turbulent Times Ahead With Unions, Politicians And The Media
Just as the seniors housing and care industry has put a few good years
behind it, the unions, politicians and media are on the attack...again.
September 2007
Seniors Housing Occupancy--
Is development picking up and will credit markets slow it?
There has been some concern among investors
over declining occupancy rates at some of the largest seniors housing
companies, as well as over a potential new round of development. Should the
industry worry, or will the current credit market problems slow what may be
a quickening pace of new construction?
...
Investing In Health
Care REITs--
Unfairly punished this year, health care REITs rebounding
Health care REIT stocks were pummeled for most of the year, even at a time
when their financial performance was strong. Did the market overreact?
August 2007
The Paradox of A Market Peak--
Despite Strong Industry Fundamentals, The Top Is Here
Four years after the recovery began, the
seniors housing and care market is at a market peak. The industry
fundamentals, however, are as strong as ever.
Atria Senior Living Lands Deal--
After Months Of Negotiating, Atria Gets Sterling Glen Assets
In a much anticipated transaction, Atria Senior Living has closed on the
purchase of the Sterling Glen properties from Forest City.
July 2007
Carlyle Wins Manor Care Bid-
Its Size Will Only Be Topped By The Sale Of Holiday
After nearly three months in the market, Manor
Care reaches an agreement to be purchased by The
Carlyle Group in the largest skilled nursing transaction ever.
A New Path For
Emeritus-
Stock Offering, Buy-Backs And Large Merger To Close
With a huge stock offering, the re-purchase of 52 facilities in June alone,
and the pending merger with Summerville Senior Living, Emeritus is embarking
on a new phase in its corporate life.
June 2007
Skilled Healthcare Debuts
IPO Priced, And The Ensign Group Files For Its
IPO
Taking advantage of a strong market for
skilled nursing facility companies, Skilled
Healthcare Group’s IPO is priced in the
high- end of its estimated range.
A Gem At A Record
Price
A Florida CCRC Sets A New High Mark
There have been many transactions with high per-unit prices in the past two
years, but a
CCRC in Florida sets the record for dollar amount for one property.
May 2007
Manor Care Surprises Market - But Is A
Sale Of The Company Really In The Cards?
Manor Care hires JPMorgan to look at strategic alternatives to enhance
shareholder value, and all the financial buyers are sharpening their pencils
to see what they can afford to pay.
Battle
For Genesis Escalates - Two Bidders Up Their Offers, But Outcome Up In The
Air
In late April, after Formation Capital and JER Partners increased their bid
for Genesis HealthCare, we thought it was a done deal. But the price keeps
going up.
April 2007
Emeritus Taking A Big Step - Largest
Acquisition To Date May Result In Changes
Emeritus Assisted Living announced its
largest acquisition to date, the 81-facility Summerville Senior Living. This
transaction may bring some significant changes to the company.
Chartwell Does It Again - The Canadian
REIT Continues To Expand In The U.S.
Once it set its sights on the U.S. market,
Chartwell Seniors Housing REIT just continues to expand.
March 2007
SNF Beds Hit Record Price - AL And IL
Prices Close To Records Set In 2005
In 2006, the average price paid for skilled
nursing beds set a new record, while assisted and independent living
per-unit prices were close to the records set in 2005.
Buying The Sunrise REIT Assets - Ventas and
HCPI Battle It Out For The Prize
After a series of letters and press releases, the battle for the Sunrise
Senior Living REIT assets may all come down to a court decision, or a vote
by shareholders.
February 2007
First Beverly Enterprises, Now Genesis
HealthCare Gets Sold
In Another large publicly traded skilled
nursing company is set to go private, with Formation Capital and JER
Partners in a joint venture again.
Wakefield Capital Is Here
Formed just seven months ago, Wakefield Capital starts the year with two
large portfolio acquisitions.
January 2007
NHC Bids For REIT Sibling - Health Care
REIT Market Has Best Showing Since 2003
In a move that makes more sense than most
transactions these days, National Healthcare Corp. has agreed to buy its
sister company, the REIT National Health Realty, in a cash and preferred
stock deal.
No Holiday For Bull Market
The bull market for seniors housing has now extended to three years and will
continue its run into 2007, as two substantial deals announced in December
help set a record for M&A volume.
December 2006
Holiday Retirement Sale Soon - Pricing Gets Very Aggressive For The
Largest Deal Ever
In what should be the largest transaction to
ever hit the seniors housing market, Fortress Investment Group is poised
to purchase Holiday Retirement Corporation, keeping it separate from
Brookdale Senior Living, at least for now.
Assisted Living Concepts Public - AdCare
Health Systems Also Completes Its Small IPO
Extendicare completes its restructuring and becomes a REIT after the
spin-out of Assisted Living Concepts as a publicly traded company.
November 2006
Harborside Sails Into Sun(set) - A $625 Million Deal A Long Time In The
Making
In a much anticipated transaction, Sun
Healthcare Group is buying Harborside Healthcare for $625 million.
IPO
Filed For Skilled Health - If Successful, It Will Be the Second IPO In
Eight Years
Less than a year after buying Skilled Healthcare Group, Onex Partners is
taking the company public in what will be a much-watched IPO.
October 2006
Peak, Plateau or More? - A Bipolar
Market Tries To Figure Out What’s Next
The senior care market is in its third year of an unprecedented rally.
Does it have more steam, or have we pretty much reached the peak in
values? Are there any risks that may keep a lid on values?
...
Reset Looms, Ventas Still Buys -
The Clock Is Ticking, But Ventas Is Not Distracted
Despite the focus on its rent reset with Kindred Healthcare, Ventas is
still able to make large acquisitions.
September 2006
Ancillary Services in Spotlight - Sunrise, Sun
Healthcare buying hospice businesses
With two recent
acquisitions, it appears that senior care companies are expanding in the
ancillary services market, coming full circle from the 1990s.
Advocat Receives Offer - But The Board Does Not Seem Interested
Even with its share price way up, Advocat receives an offer from two of
its shareholders for $16.80 per share.
August 2006
The Role of Capital - The Changing Face of the Senior Care Acquisition
Market
The senior care acquisition market has been
hot for two years, with many record-setting deals. The supply of capital,
and its relationship with the operators, may be entering a new phase.
Sunrise Still Acquires, but Investors Wait for Earnings Reports
Despite another delay in releasing its first quarter financial statements,
Sunrise Senior Living continues to pursue acquisitions.
July 2006
Formation Capital Deals
Formation Capital pulled off the oldest investment strategy in the world—
buy low and sell high. After several years of accumulating skilled nursing
portfolios, it finally decided to sell to GE.
Assisted Living Concepts: Past, Present
and Future
One of the first publicly traded assisted living companies, Assisted
Living Concepts will be public again after just 18 months as an
Extendicare subsidiary. read more
June 2006
Ventas Versus Kindred
Last month Ventas sent to its primary tenant, Kindred Healthcare, its
long-awaited rent reset notice. While expected, the $111 million increase
in annual rent was not. Now they negotiate, but it will be a tough one for
both sides.
May 2006
CNL Retirement Is Sold
In a very quiet auction, CNL Retirement Properties is sold to the highest
bidder, with Health Care Property Investors paying more than $5.2 billion
in the largest deal ever seen in the senior care market.
April 2006
Hearthstone Announces Sale - Nationwide Health Properties Is The Surprise
Winner
In the largest deal of the year, and one of
the largest ever in the assisted living industry, Nationwide Health
Properties has entered into an agreement to purchase the facilities owned
by Hearthstone Assisted Living.
March
2006
ALF And AL Unit Prices Soar - Record
Prices Set In Unprecedented Market
Assisted living and independent living per-unit prices soared in 2005
during a record year of mergers and acquisitions.
February 2006
Brookdale Express Rolls On
The year starts off with a heavy volume of
portfolio acquisitions in the assisted living sector with Brookdale Senior
Living announcing a large deal.
Exclusive Interview With American
Retirement Corp.
With its stock price going from $2.00 to more than $25.00 in three years,
American Retirement Corp. may be the comeback story of the decade. We talk
with CEO Bill Sheriff. Full story
January 2006
2005: The Year of the Bull, And for 2006?
The year 2005 ended on a strong note, with
seniors housing stocks surging ahead and M&A activity as strong as ever.
After three years, will this bull market ever run out of steam?
December 2005
Brookdale Senior Living IPO Soars in Bullish Seniors Market
Everyone knew that the seniors housing
market was hot, but Brookdale Senior Living's IPO confirmed that investor
demand remains quite strong. The 40% gain in less than two weeks helped
other sector stocks as well.
November 2005
The Skilled Nursing Market Rides Again
Although it has been long neglected, perhaps
too long, investors are taking a second look at the skilled nursing market
and the higher returns it can provide.
October 2005
Not So Fast... And Other News From The Corridors Of Gossip
It is only fitting that a record number of
attendees flocked to the NIC Conference, amid record-setting prices and
unprecedented M&A volume. See what we learned in the sessions and late at
night.
September 2005
Beverly Going Private - Third Major SNF Chain To Do So
With bids and counter-bids in late August,
North American Senior Care came out on top in the auction for Beverly
Enterprises. What remains to be seen is what is done with the company.
August 2005
The Canadians Are Coming, But Not
For Medical Care
As the seniors housing market continues to be hot, Canadian institutional
investors are snapping up portfolios at impressive prices.
July 2005
Unprecedented Supply, Surpassed Only By Demand
Because of the strong market
conditions, we are seeing an unusual number of facilities and portfolios
come to market. The demand, especially for the high quality properties,
seems to be insatiable. Two jumbo deals closed at the end of June.
June 2005
Going, Going, Gone... Sold To The Lucky Bidder?
The bidding is getting intense, and
the pricing is getting richer and richer, but is the market getting just a
bit too frothy?
May
2005
REITs Are Up, SNFs Down And ALFs Are On
Cruise Control
While it can’t be called the perfect
storm, during April all health care REIT stocks rose, all SNF stocks
dropped, and the four remaining AL/IL stocks received a little jump.
April 2005
Dissecting The Stats: What Buyers Want
(And Pay For)
The acquisition market is getting
frothy, but there is a big difference between what buyers will pay for
stabilized versus non-stabilized properties. This holds true for assisted
living facilities as well as skilled nursing facilities.
March 2005
Average Bed And Unit Prices Soar, Beating
Expectations
The past is finally behind us, at
least according to preliminary statistics for the 2004 senior care
acquisition market. Average skilled nursing bed prices jumped by 40% from
2003, but a more modest 16% from 2002’s levels. Assisted living per-unit
prices also jumped to new levels as higher quality facilities entered the
market amid strong demand and declining cap rates.
February 2005
Timing Is Everything, And For Beverly, The Time Is Right
Beverly Enterprises is in the
sights of an equity group put together by Formation Capital. This could be
the battle of the year, if not the decade, for a company that has seen its
ups and downs over the years.
January 2005
The Best of Times... For Now
Stock prices were up significantly
for the second year in a row, the acquisition market came alive in the
last half of the year, cap rates are declining and values are rising and
interest rates remain relatively low. What’s not to like about this market
environment? Nothing, except a little bit of caution would be healthy.
December 2004
The Anatomy of a Deal: Taking The Bid
Higher...And Higher
Sometimes when deals are announced, it
looks as if there was a simple negotiation between buyer and seller. But a
lot goes on behind the scenes, and in the largest deal of November, the
sale of Assisted Living Concepts, just weeks before the transaction was
announced, it looked like another buyer was going to be the winning
bidder.
November 2004
For Sale: The Market Revs Up, With More Buyers Willing To Pay Top Dollar
After a slow start this year in the
acquisition market, more deals and larger deals are finally getting done.
But it is the pricing of the higher quality transactions that is raising a
few eyebrows.
October
2004
Two Regional Companies Cash Out, But More
Are Expected
Five Star Quality Care is the winning
bidder for LifeTrust America, and Benchmark Assisted Living quietly
negotiates a family-friendly acquisition of a large New England assisted
living company. Both deals are valued over $100 million, and we expect to
see more of the same over the next 12 months.
September 2004
Getting Back To Basics With The Ownership
of Real Estate
For several years, the trend has been
away from real estate ownership. But this may have reduced the financial
flexibility of many companies, as well as lower investment value. Will the
senior care industry reverse the trend and get back to basics?
August 2004
After Slow Start, Senior Care M&A
Activity is Picking Up
While we may never again see the volume
of the mid-1990s, M&A activity in the senior care market is finally
beginning to pick up some steam this year, with a large jump in activity
from the first quarter and a fast start to the third quarter.
July 2004
Mariner Health Sets Sail, But Wind
Direction Unknown
The largest deal of the year is finally
announced, sending Mariner Health’s shares soaring, something they should
have been doing before the announcement.
June 2004
War of the Words, And Other Alien Attacks
With unusual timing, two major
newspapers came out with a series of articles during the last week of May
that were very critical of the quality of care and oversight in a number
of assisted living facilities. We take issue with some of the research
done for the articles, especially the approach of The Washington Post.
May 2004
Where’s The Beef? Acquisition Volume
Stalls in 2004
The stage has been set, but acquisition
activity in the senior care market has dropped significantly from the
levels of last year. Perhaps this is a good thing.
April 2004
When The Market Picks Up Steam, Prices Will Rise
Statistics are important, but in the
assisted living sector, with the widest range in values, it is important
to get behind the numbers and compare stabilized with non-stabilized
transactions, and arm’s length with non-arm’s length deals.
March 2004
SNF Prices Drop, ALF and
IL Prices Rise In 2003
In what many hope was the last
transition year for the senior care industry, skilled nursing bed prices
sharply declined to their lowest level in 10 years, but assisted living
and independent living unit prices rebounded from their recent slump.
February 2004
CNL Retirement Properties
And The Role Of Capital
During 2003, the
quasi-private REIT, CNL Retirement Properties, purchased more than $1.0
billion of senior care assets, often at prices that raised eyebrows among
many market participants. New information filed with the SEC allows us to
take a closer look at the four largest deals, and try to figure out what
CNL is up to, and whether the capital market for seniors housing
communities is changing.
January 2004
As Industry’s Prospects Improve,
Equity Investors Cheer
Never have senior care stocks recorded
a year like 2003, with the average return a whopping 152%. But if they
started the year undervalued, the fear is that investors over did it in
2003, and disappointment may follow in 2004.
December 2003
Year-End Rush Is On: Spin-offs,
Mergers, Divestitures
As the end of the year nears, everyone
is trying to get things done for a fresh start in 2004. While there were
no real surprises, some significant industry events have recently taken
place, all beneficial to the senior care market.
November 2003
Senior Care Deals Lead M&A Market
(Again)
The third quarter results are in, and
the senior care sector leads all health care services segments in terms of
number of announced transactions. The fourth quarter is off to a strong
start as well.
October 2003
Health Care REITs: Ready To
Fund The Rebound?
Health care REITs have been relatively
quiet in the senior care market after fueling the explosive growth of the
1990s. This slumbering giant in the financing market is about to wake up.
September 2003
The Skilled Nursing Market:
Coming Back To Life
While statistics for the first half of
2003 show nursing home
per-bed prices declining from last year, the stage is set for
the sector to finally emerge from its troubled recent past.
August 2003
Senior Care Dominates Health
Services M&A Market
For the third quarter in a row, senior
care leads all health care services in merger and acquisition activity.
With 52 publicly announced deals in the first two quarters of 2003, senior
care may have the most activity this year since 1998. Topping July’s
transactions is Emeritus Assisted Living’s winning bid for Alterra.
July 2003
Going, Going .... Gone?
Sizzling Summer Sales
The fate of Alterra
Healthcare, Centennial Healthcare and Integrated Health may be known by
summer’s end. It is not a time to be getting away from it all.
June 2003
Nursing Home Stocks Soar, M&A Volume Jumps
Nursing home stocks jumped in price
during May, ranging from a 7% increase to a 90% increase for those
companies trading above $1.00 per share. Loosening Medicaid and Medicare
purse strings caused investors to take another look at the beleaguered
sector.
May 2003
Acquisition Market
Heats Up, ALFs Continue To Dominate
Senior care sales in the first
quarter were tops in the health care services M&A market, and the trend
continues into the second quarter, but just a few are stabilized
facilities.
April
2003
Sunrise Closes Marriott Deal, Sells More Facilities
With the acquisition of Marriott Senior Living Services, Sunrise Senior Living is entering a new phase of its corporate life. Management will be under a microscope as the industry watches to see how successfully it can integrate the two cultures.
March
2003
Assisted Living Prices Slump; Skilled Nursing Prices Flat
Although not a surprise, assisted living acquisition prices dropped significantly last year as a result of an abundance of distressed sales. A similar result occurred in the independent living market, while skilled nursing prices remained little changed from 2001.
February
2003
Broken Deals, Complex Deals And Little Deals
Just when it looked like Trans Healthcare would take over the Integrated Health nursing home assets, another buyer stepped in with a higher bid. Plus, Genesis Health exits Florida and completes a large SNF sale in Illinois.
January
2003
The Year In Review; Bleak Forecast For 2003
Last year was more difficult than expected, and 2003 does not look any better. Although a few companies posted
positive returns to shareholders in 2002, nursing home stocks continue to suffer.
December 2002
Sunrise And Marriott: Bumps In The Road To The Altar?
After months of rumors, Sunrise Assisted Living finally reveals that it is in discussions to buy Marriott’s senior living business. But a brewing legal battle may reduce the size of the portfolio.
November
2002
After a slow start this year in the merger and acquisition market, activity is picking up in the fourth quarter. But with many pending large deals and others that are just beginning, 2003 promises to be a banner deal year.
October
2002
It May Still Be Bad, But Is It Better Than It Looks?
The 12th annual NIC Conference convenes in two weeks, and participants will be looking for some soothing words. Is a new set of lenders and investors going to have to be educated about the senior care business, or will the more experienced ones return to the fold? Come to the nation’s capital and find out.
September
2002
American Retirement Corp.: A New Beginning?
For five months we have been waiting for the details on a proposed financing for American Retirement Corp. that would enable the company to pay off its maturing convertible bonds. Health Care Property Investors is the lender/investor, but the market’s reaction has not been overly favorable. The problem is that the dynamics of ACR may not be understood, but investors may have no other choice.
August
2002
Change Is In The Air: Marriott And Genesis Shift Gears
The turmoil of the past few years has caused some companies to reevaluate their direction in the senior care market. Marriott International has decided to concentrate on its hospitality business, while Genesis Health Ventures is expanding in the institutional pharmacy business.
July
2002
When Cash Is King: So What Else Is New?
Deals continue to get done in the assisted living sector, but when you bring cash to the table, sellers start to listen.
June
2002
SNFs At The Cliff, While ALFs Move On
With just four months to go before Medicare rates are set to decline, skilled nursing facilities are anxiously awaiting a determination from Congress. The uncertainty has put a cloud over the SNF acquisition market, and Mike Walker has left Genesis Health Ventures to lobby full-time for the industry.
May
2002
Acquisition Market Surges In Late April
After a relatively few quiet months in the acquisition market, activity surged in late April. Most of the activity was in the assisted living and retirement housing sectors, and we hear of strong activity in the coming months.
April
2002
In Search Of The Financing Grail: Has ACR Found It?
After completing a series of refinancing transactions, ACR discloses that it may have found a source of funds to redeem its outstanding convertible bonds that could have put the company into bankruptcy.
March
2002
Acquisition Prices
Stabilize in 2001, But Future Is Cloudy
After a significant decline in nursing home prices in 2000, the average price paid in 2001 increased by 4% to just over $38,000. Average per unit prices for assisted and independent living units nudged up a bit, but their median prices soared.
February
2002
Is Liquidity Returning To A Recently Spurned Market?
Two large transactions were completed in early January while two separate equity firms teamed up with operators to buy up to $200 million of senior housing assets each. Are these signs that liquidity is returning to the once limping
acquisition market?
January
2002
Senior Care: Rounding The Corner In 2002?
The senior care industry has been through its worst slump ever in the past few years, but with a recovery already under way in the skilled nursing segment, Is the assisted living side of the business ready to turn the corner?
December 2001
Strong Deal Flow Continues, With More to Come
With the end of the year looming, buyers and sellers are trying to get their deals done. While not as heavy as during October, the deal flow remains above average.
November 2001
Regional Players Dominate Growing Acquisition Market
After two years of financial turmoil, bankruptcies, crashing stock prices and a shrinking supply of capital, the senior care merger and acquisition market is poised to take off. If the activity of October is any indication of the pent-up demand to get deals done, the industry will see a record number of properties changing hands over the next 18 months.
October 2001
One In, One Out: The Bankruptcy Train Rolls On
The senior care bankruptcy saga continues, as Assisted Living Concepts finally succumbed to Chapter 11 bankruptcy protection, while Genesis Health Ventures, together with 100% owned The Multicare Companies, emerged from bankruptcy protection with a public market valuation of $900 million.
September 2001
As Summer Ends, Will Patience Wither?
The air is beginning to clear in the senior care market, and many lenders, investors and operators believe that a resurgence in activity and values is just around the corner. But is patience with the industry running thin? The proof will be in the 2002 pudding.
August 2001
Do Beverly, Sunrise Deals Imply Renewed Market Strength?
Beverly Enterprises finally signs a deal to sell its Florida nursing facilities and Sunrise facilities top $200,000 per unit in another deal. Two institutional investors have now made their first foray into the senior care market. Will this pave the way for others to follow?
July 2001
Genesis, Multicare and "Baby Mariner" File Reorg Plans
Genesis Health Ventures and The Multicare Companies have filed a joint plan of reorganization, with Multicare to become a wholly-owned subsidiary of Genesis. Meanwhile, the senior creditors of Mariner Health Group, the subsidiary of Mariner Post-Acute Network, have filed their own plan of reorganization.
June 2001
Is Time Running Out For Some Financially Troubled Providers?
Assisted Living Concepts is trying to negotiate a pre-packaged plan of reorganization with convertible debenture holders before a Chapter 11 filing, while Alterra Healthcare is trying to obtain concessions without a bankruptcy filing. First quarter earnings results show some signs of improvement, but will it be enough?
May 2001
Merger And Acquisition Market Explodes With Activity
After months in the doldrums, the M&A market for senior care properties is active once again, with deals being completed in all sectors and a few large transactions in the works.
April 2001
SNF Prices Hit Six-Year
Low, Assisted Living Rises Modestly
After four
years of staying above $40,000 per bed, skilled nursing prices dropped 10%
in 2000. Assisted living and independent living facility per unit prices,
on the other hand, rose to record levels.
March 2001
Alterra
Healthcare: Taking The
First Step?
Alterra
Healthcare notifies lenders and lessors that the company wants to defer
some lease and loan payments to give it a little breathing room. Will they
negotiate, or is the first step toward a Chapter 11 bankruptcy filing?
February 2001
Industry
Consolidation Play Or Opportunistic
Investing?
After
getting involved in the Alterra Healthcare financial restructuring last
year, Bill Colson and Dan Baty team up again with investments in American
Retirement Corp. Partnering with Lehman Brothers, what are they up to this
time?
January 2001
After 2000, Is It Time To Start All Over Again?
After a
disastrous 1999, only five senior care stocks posted positive returns in
2000. Beverly Enterprises was at the top, but too many companies dwelled
in the cellar. |
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