January 13, 2026 – 60 Seconds with Ben Swett: Can SNF Supply Match Buyer Demand?
Deal activity surged in early 2026, following a record 2025 with 870+ transactions. Momentum is strongest in seniors housing as capital markets improve and more assets hit the market. Skilled nursing deals were flat year over year despite higher spend, likely due to a shortage of sellers, as buyers hold onto SNFs given strong fundamentals, ancillary revenues and improving reimbursement.
Transcript
We have been inundated with deals since January 1st, with more than 30 already made public, and the activity is coming on the heels of a record-breaking 2025 when we recorded more than 870 separate transactions. Phew. Based on many of our conversations throughout the last year, much of the momentum in the M&A market has centered around the seniors housing sector, as both distressed and higher-quality, performing properties were brought to market amid improving capital markets conditions.
Looking at U.S. skilled nursing deal activity, however, according to LevinPro LTC, transactions were relatively flat year over year, despite a higher overall spend. It’s true that the SNF market did not collapse as much as seniors housing during the capital markets crisis, from both an activity and value perspective, so it was starting from a higher basis.
But what may be at play is a relative lack of sellers in that market, despite plenty of buyers and soaring valuations. Many buyers have been voraciously acquiring SNFs in the last few years, drawn to the long-term fundamentals, additional ancillary revenues and improving reimbursement landscape. And they are usually not selling. I imagine anyone who is selling and attending eCap next month will be very popular there.
You’ve Got to be Kidding!
Trump’s pardon of Joseph Schwartz, the former Skyline Health owner who committed nearly $40 million in fraud and endangered thousands of nursing home residents, has sparked outrage. Critics argue he kept stolen money and escaped accountability, joining other senior-care executives previously pardoned. The decision raises concerns about ethics, the industry’s reputation, and why more people aren’t publicly condemning the move.
Record M&A Year, Again
The seniors housing and care sector has already surpassed last year’s record with 720+ deals, per LevinPro LTC. Pricing remains steady amid high rates, though “stupid” money may return as optimism grows. New and affordable senior housing is needed to meet demand and attract future residents.
October Smashes M&A Record
October shattered M&A records with 110+ deals — a 43% jump over the previous monthly high of 77. Nearly 100 buyers participated, led by Welltower, whose $4B in U.S. acquisitions may be even higher once full details emerge. Strong liquidity, improving operations, and limited new development are fueling this record-setting seniors housing deal surge to year-end.
