Equity LifeStyle Properties, Inc. (NYSE: ELS) (the “Company”) announced results earlier this week for the the 3rd quarter of 2009 that showed increases in Core property operating revenues of approximately 2.7 percent and Core property operating expenses decreased approximately 1.5 percent. The results showed net income available to common stockholders totaled $11.1 million, or $0.37 [...]
Erickson Retirement Communities, LLC filed for Chapter 11 bankruptcy protection on Monday night. As part of its filing in the U.S. Bankruptcy Court for the Northern District of Texas, Erickson agreed to sell its assets to Redwood Capital, LLC. Erickson listed estimated assets and liabilities over $1 billion and stated in part of its filing [...]
The National Consumer Law Center recently released a report titled “Subprime Revisited: How the Rise of the Reverse Mortgage Lending Industry Puts Older Homeowners at Risk” that highlights abuses from the subprime mortgage market have begun showing up in the reverse mortgage industry. The report notes that some of players have turned their attention to [...]
AdCare Health Systems, Inc. (NYSE AMEX: ADK), an Ohio-based long term care, home care and management company, recently announced that Chris Brogdon joined the firm as Vice Chairman and Chief Acquisitions Officer. Brogdon, age 60, is AdCare’s largest individual stockholder. In addition to his duties as Vice Chairman of the Board, Brogdon will manage the [...]
The National Center for Assisted Living (NCAL) recently released a comprehensive report entitled “State Medicaid Reimbursement Policies and Practices in Assisted Living,” that details the wide variation in how states determine Medicaid payment levels for assisted living communities and other related policy issues. The findings reveal that the number of people receiving Medicaid coverage in [...]
Sunrise Senior Living, Inc. (NYSE: SRZ) announced that it has entered into a 13th Amendment to its credit agreement with its bank group extending the maturity date of its credit facility to December 2, 2010. As part of the extension, the requisite lenders under the credit facility consented to the previously disclosed sale of 21 [...]
Presbyterian Villages of Michigan (PVM) and Canterbury Healthcare, Inc., celebrated the opening of The Village of St. Martha’s at the end of the September 2009. With the grand opening, Presbyterian Villages of Michigan has completed six senior living communities in the Detroit area since 1997. The Village of St. Martha’s, which sits on 16 acres, [...]
Welsh Construction and Genesis Architecture recently announced completion of Highview Hills by Walker, a 242,000-square-foot senior living community located in Lakeville, Minnesota. The facility, a 153-unit senior living community located on six acres, opened on October 1, 2009 and the construction of the project was completed in just over 12 months. The three-story building includes [...]
For the first time since 1975, more than 57 million Americans will not automatically get a Cost-of-Living Adjustment (COLA) for monthly Social Security and Supplemental Security Income benefits for increase for 2010. The Social Security Act provides that Social Security and Supplemental Security Income benefits increase automatically each year if there is an increase in [...]
