The seniors housing industry is clearly at the top of its game.
Practically anything purchased three years ago – a facility of any type, a
share of publicly traded stock or of a REIT – that had seniors housing or
care associated with it rose in value, and did so dramatically. Despite
favorable demographics for the next 30 years, values may not be able to
continue their three-year rise, and it will have nothing to do with a
change in the strong industry fundamentals already in place.
All health care REIT stocks, as well as most publicly traded skilled
nursing and assisted living company stocks, peaked earlier this year in
what may be a sign of a market top. And the acquisition market, while
still strong, appears to be missing the same buzz that was unusually loud
in 2005 and 2006. The buyers may still be there, but the quantity of
portfolios seems to be smaller. The question then becomes, will the
current abundance of capital move on to the next best thing? Or is it here
to stay?
Here’s just some of what you’ll learn during this in-depth, 90-minute
audio conference:
| ● |
Can the seniors housing market get even
stronger, or has it peaked? |
| ● |
Are there enough high-quality portfolios
for sale to sustain the rally? |
| ● |
Will the capital market continue to
support the acquisition prices? |
| ● |
What do the dealmakers foresee for the
rest of the year, and beyond? |
| ● |
Exclusive mid-year stats on the senior
care M&A market. |
Featured Speakers:
Stephen M. Monroe, the audio conference moderator, is the managing
editor and a partner at Irving Levin Associates, Inc. Established in 1948,
Irving Levin Associates is a research and publishing firm that specializes
in the seniors housing and health care investment markets, with several
newsletters and acquisition reports. Mr. Monroe has been with the company
for 20 years and has published more than 50 articles dealing with various
aspects of investing in the health care and seniors housing arena. In
addition, he is the editor of The SeniorCare Investor, a monthly
newsletter, and The Senior Care Acquisition Report, an annual study of
acquisition trends in the senior care market. In 2007, he spearheaded the
launch of Senior Living Business, a monthly newsletter, and serves as its
executive editor. Prior to joining the company, Mr. Monroe was a vice
president of investment banking at Kidder, Peabody & Co. in New York City
where he completed a variety of public equity, bond and merger and
acquisition transactions.
Jon E. Santemma, Managing Director in the UBS Global Healthcare
Investment Banking Group, has responsibility for healthcare services and
has played a lead role in almost every senior housing transaction for UBS
in recent years. Mr. Santemma's primary focus is the alternate site
spectrum, including long term care, assisted living, long term acute care,
hospice, rehabilitation and related areas. In addition, Mr. Santemma has
responsibility for healthcare REITS. Prior to joining UBS in 1999, Mr.
Santemma was a senior health care services banker with Citigroup, having
joined Salomon Smith Barney in 1995. Prior to that, he was a corporate
attorney with the New York law firm of Skadden Arps Slate Meagher and Flom.
From 1999-2004 Mr. Santemma was based in London, with responsibility for
European specialty pharmaceuticals and healthcare services.
Jerry L. Doctrow, Managing Director and Analyst for Stifel,
Nicolaus & Co., leads Stifel’s health care provider and health care real
estate research team. Mr. Doctrow has more than 30 years experience in
public policy, finance, market analysis, consulting and equity research.
The Wall Street Journal selected him as the “Best on the Street” analyst
in both health care services and real estate for 2004. He joined Stifel in
connection with the firm’s acquisition of Legg Mason’s Capital Markets
Group in 2005. He previously served as the managing director in the Equity
Research Division of Legg Mason Wood Walker, Inc. and as president of Legg
Mason Realty Group, Inc., where he advised not-for-profit and corporate
clients on real estate matters, including the development of senior
housing, health facilities and other types of real estate. Mr. Doctrow has
served as an associate on the faculty of the Department of Health Policy
and Management at the Johns Hopkins University Bloomberg School of Public
Health. His publications include: “Private Pay Senior Housing – Rebounding
Fundamentals Offer Investment Opportunities.”
Randall J. Bufford, President and Chief Executive Officer of
Trilogy Health Services, has more than 24 years entrepreneurial experience
in the long-term care sector. Mr. Bufford has served as CEO of Trilogy
since founding the company in 1997. Prior to Trilogy, Mr. Bufford was
Executive Vice President – Business Development for Centennial HealthCare
Corporation. During his tenure with Centennial, he oversaw the operations
of Centennial’s ancillary service companies, participated in Centennial’s
initial public offering and coordinated acquisition efforts for the
company. Before joining Centennial, Mr. Bufford was the General Manager
and CEO of Transitional Health Services of Louisville, Kentucky. Mr.
Bufford formed Transitional in 1993 to acquire selected assets of the
Cardinal Group in a management-led buyout. From 1987, Mr. Bufford held
various positions with The Cardinal Group, including Chief Financial
Officer. He has also held positions with an HMO and started his career as
an auditor with Arthur Young & Co., CPAs.
Arnold Whitman, Chief Executive Officer and Co-Chairman of
Formation Capital, Inc., has been actively involved with investing in
senior housing and health care for the past 20 years. He created Formation
Capital in 2000 as an advisory and investment firm for senior housing and
health care, and to date the company has invested over $2 billion into the
senior housing industry. Mr. Whitman began his career in 1985 as Director
of Acquisitions for MediPlex and then joined Meditrust, a publicly traded
REIT, in 1986. In 1993, he formed Health Care Capital Finance, a private
debt provider, and the firm eventually merged into PRN Mortgage Capital,
where he acted as president. In addition, Mr. Whitman is a founder in
Prime Care Properties and a founding member and current executive board
member of Care Institute, a not-for-profit owner of senior housing and
care companies. He has been a featured speaker at national and
international senior living and care conferences, and has written articles
for many health care publications.
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