Seniors Housing M&A Mid-Year Review and Outlook: Will Housing Market Woes and Medicare Cuts Keep Activity Down?

Thursday, September 8, 2011 at 1:00 – 2:30 pm (Eastern)

From the summer of 2010 through the first quarter of 2011, the seniors housing and care merger and acquisition market produced the highest level of activity ever in a nine-month period, posting more than $20 billion in transactions. Most of the dollar volume came from several large REIT acquisitions, but the transaction volume increased substantially as more buyers came back into the market and the supply of capital increased. Initially, it seemed as though M&A activity in 2011 would continue at this record-setting pace, but a host of developments have created a unique situation that is challenging the surge seen since the summer of 2010. Slow occupancy growth caused by the weak housing market and a stagnant economy, plus the looming 11.1% cut in overall Medicare reimbursement, are all threatening an impasse in the investment market.

 

ONLINE CONFERENCE
AT A GLANCE

DATE:
Thursday, September 8, 2011

TIME:
1:00-2:30 p.m. Eastern (Can’t make the call? Your order includes both a recording and transcript of the event. On-demand access to the conference will be available through the end of the month.)

PLACE:
Your office either online or by telephone

COST:
$297 per dial-in site. Unlimited attendance per dial-in site. Your order includes a recording and transcript of the event—this represents a $150 savings!

REGISTERING IS EASY:

1.
Online. Submit the registration form below or print and fax to: 1-203-846-8300

2.
Call toll-free: 1-800-248-1668

NOTE: Your registration fee must be paid prior to the conference to access the conference. For guaranteed access, register with your credit card.

 
REGISTER TODAY for this unique online conference and learn vital details about state of the seniors housing and care M&A market from our panel of leading industry experts—without ever having to leave your desk:


Can providers overcome these market and reimbursement challenges?


Will the near-term horizon result in a pull-back in buyer interest and values?


Are health care REITS satiated with their more than $20 billion of acquisitions in the last year? Or will they be back in the market taking advantage of their low cost of capital and lack of competition for large transactions? 


Can private equity compete with health care REITs?


Who will be completing the smaller transactions?


PLUS…your chance to ask our panel of experts your questions on the seniors housing acquisition market.

Panel of Experts:
  
Pat Mulloy, President and CEO, Elmcroft Senior Living (formerly Senior Care, Inc.). Mr. Mulloy has led three successful senior housing companies in his career. In 2005, Mr. Mulloy and his partner, Tim Wesley, joined with Canadian senior housing investors, Barry Reichmann and Manfred Walt, to create Senior Care, Inc. That process involved acquiring and integrating four different senior housing companies. Senior Care, Inc. closed its capital structure in a lease transaction with Ventas, Inc. in November 2006. The company is headquartered in Kentucky and operates in twenty states. 
In 2000, Mr. Mulloy was recruited by Morgan Stanley Capital Partners to lead their venture backed senior housing company, LifeTrust America, Inc. In late 2004, Mr. Mulloy led the effort to sell and merge LifeTrust into Five Star Quality Care, Inc., a large national, publicly traded provider of senior housing services.
From 1996 through early 2000, Mr. Mulloy served as President and Chief Executive Officer of Atria Senior Living, Inc., a large national provider of retirement, assisted living and dementia care services. Mr. Mulloy led Atria as both a private and public entity and led the successful sale of Atria to Lazard Freres Real Estate Investments. 
Prior to 1996, Mr. Mulloy practiced law for nearly 20 years and also served as Secretary of Finance to the Governor of Kentucky. Mr. Mulloy holds undergraduate and law degrees from Vanderbilt University and is licensed to practice law in New York and Kentucky. Mr. Mulloy currently serves as a member of the board of directors of the ALFA and is Vice Chair of the NIC Owner Operator Advisory Board. Mr. Mulloy has served as an officer of the American Senior Housing Association. He also is currently the Chairman of the Vanderbilt University Law School Board of Advisors and Chairman of the Board of Trustees of Bellarmine University.

Mark Ordan, Chief Executive Officer, Sunrise Senior Living Inc.Mr. Ordan was named chief executive officer of Sunrise in November 2008 after joining the Company in March 2008 as the chief administrative and investment officer. He also serves on the Company’s board of directors.
Prior to joining Sunrise, Mr. Ordan was the chief executive officer and a director of The Mills Corporation. Previously, he founded and was chief executive officer of Fresh Fields Markets, served as chief executive officer for Balduccis, and also sat on the board of Federal Realty Investment Trust for ten years, serving as non-executive chairman for five years. He began his career after business school in the equities division of Goldman Sachs.
Mr. Ordan is a graduate and former board member of Vassar College and received his MBA from Harvard Business School.

Stephanie Anderson, Chief Acquisitions Officer-Seniors Housing, Health Care REIT, Inc. Ms. Anderson joined Health Care REIT in 2010, and implements and contributes to the achievement of the company’s senior housing investment and growth objectives.
Ms. Anderson has nearly 20 years of experience in the health care real estate industry. Prior to joining the company, she was Managing Director, Real Estate for GE Capital – Health Care Financial Services, where she led acquisitions of health care properties. Ms. Anderson has served on the NIC Board of Directors and the ASHA Executive Board.
Ms. Anderson holds a BS from Auburn University and an MBA from Georgia State University.
 
Patrick Hurst, is the national director of Houlihan Lokey’s Healthcare Group and a Managing Director in the firm’s Chicago office. He has managed a wide variety of corporate finance and financial restructuring engagements in the healthcare industry.  He has been involved in numerous transactions involving nursing homes, hospitals, managed care companies, home care agencies and other healthcare providers as well as medical product manufacturers. 
 
Mr. Hurst is also involved in the firm’s investment banking activities including private placements of debt and equity capital and structuring shareholder liquidity and other recapitalization transactions.
 
Before joining Houlihan Lokey, Mr. Hurst worked in the Consulting Group of Ernst & Young as well as a national consulting firm.  He is a frequent speaker on subjects of mergers and acquisitions, financing and restructurings in the healthcare industry. 
 
Mr. Hurst earned a B.A. in business administration from Marquette University and an M.B.A. in finance from the University of Wisconsin-Madison.  He is registered with FINRA as a General Securities Principal (Series 7, 24 and 63) and a Limited Representative – Investment Banking (Series 79).

Boyd P. Gentry, President and CEO, AdCare Health Systems Inc., is a seasoned healthcare executive who brings more than 25 years of experience to AdCare. He has extensive experience and knowledge in acquisition and divestiture pursuits as well as financing and capital markets activities. Boyd received his Bachelors of Arts in Economics from Knox College in Galesburg, Illinois, and earned his MBA in Finance and Accounting from Southern Methodist University in Dallas, Texas.
 

Stephen M. Monroe is a respected and often quoted industry leader. He is the managing editor and partner at Irving Levin Associates, Inc., a research and publishing firm founded in 1948. The firm specializes in the seniors housing and health care investment markets and delivers timely market intelligence to subscribers through financial newsletters, acquisition reports and databases. Mr. Monroe is the editor of The SeniorCare Investor, the leading industry newsletter, and The Senior Care Acquisition Report, an often quoted annual study of acquisition trends in the senior care market, and executive editor of Senior Living Business. These publications have won numerous industry awards.
 
Register below or call 1-800-248-1668.

 

 

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Seniors Housing M&A Mid-Year Review and Outlook:
Will Housing Market Woes and Medicare Cuts Keep Activity Down?
 
Thursday, September 8, 2011 at 1:00p-2:30p ET 
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