The SeniorCare Investor Audio Conference on Senior Care M&A: September 2004

Senior Market Audio Conferences

Rising from the Ashes:

A Mid-Year Look at the Senior Care Investment Market

Recorded: September 22, 2004

Featured Speakers:

Stephen M. Monroe,
(moderator) Editor of The SeniorCare Investor and The Senior Care Acquisition Report

Jim Pieczynski,
CapitalSource

David Rothschild,
CB Richard Ellis

Brad Hollinger,
The Hollinger Group & Highmark Healthcare, LLC

Debra Cafaro,
Ventas

A year ago, it was apparent that the senior care investment market had hit bottom and was on the way back up. Skilled nursing per-bed prices were at their lowest levels in 10 years, but new investors were taking a look at a sector that seemed poised to finally rebound from the worst investment period in its history. Meanwhile, the assisted living market was already rebounding from a period of mostly distressed sales of both new and old properties and independent living community prices were heading back toward their highs of 2000 and 2001.

Through the first half of 2004, however, there have been mixed signals as to where the market is heading. Acquisition volume is down from the first half of 2003, but pricing appears to be stronger. Not all of the institutional money that was expected to be invested in the senior care market has materialized, but two of the biggest transactions of the past several years have already been announced by financial buyers in 2004.

What will happen for the remainder of the year? Listen to this 90-minute audioconference and hear what leading senior care dealmakers have to say about the prognosis for the rest of the year:

●	Has the market really changed much from a year ago?
●	Is capital more plentiful, or is it just for the higher quality assets?
●	Is the Mariner Health deal a sign of renewed strength and interest in the skilled nursing market, or has the market already forgotten the 1990s?
●	Will a change in the White House impact Medicare and Medicaid, and values, or is it irrelevant?
●	Why has the fill-up for non-stabilized assisted living facilities been slower than expected the past two years, and what does this tell us about future values?

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