Operating highlights for the communities include:

• Senior living occupancy for the second quarter of 2010 was 86.2% compared to 86.5% for the same period last year and 86.2% for the first quarter of 2010.

• Senior living average daily rate for the second quarter of 2010 increased by 1.7% to $148.67 from $146.13 in the same period last year.
• The percentage of senior living revenue derived from private and sources other than Medicare and Medicaid for the second quarter of 2010 increased to 70.1% from 69.1% for the same period last year.
• For those senior living communities that we have operated continuously since April 1, 2009 (comparable communities), occupancy for the second quarter of 2010 was 86.1% compared to 86.5% for the same period last year.
• The average daily rate at comparable communities for the second quarter of 2010 increased by 1.9% to $148.87 from $146.13 in the same period last year.

For the full details, visit the 8-K.

"We have navigated through a particularly tough time in our sector with only a slight reduction in normalized adjusted EBITDAR and EBITDA. As we get closer to the Oct. 1 effective date for changes in Medicare reimbursement, which include the implementation of RUGs IV, restrictions on concurrent therapy and elimination of the lookback period, we are bullish on the growth opportunities that these changes provide. We still anticipate top line softness and no growth in Medicaid rates in 2011, given the continued budget pressures that exist in many states in which we operate. However, we expect Medicare growth in both pricing and acuity, a decided improvement over what we have experienced in 2010 coming off the Medicare rate reduction in October 2009. The previously announced separation of our operating assets and our real estate assets and the creation of the REIT are proceeding as planned," said Richard K. Matros, Sun’s chairman and chief executive officer.

See the full 8-K for Q2 2010

As part of the settlement, The SEC is not seeking civil penalties against Sunrise and the settlement will reflect the cooperation provided by Sunrise during the investigation.  Two former officers of the Sunrise, Larry E. Hulse and Kenneth J. Abod, also reached settlements with the SEC without admitting or denying the allegations against them in the complaint. 

"We are very pleased to put this matter behind us," said Mark Ordan, Sunrise’s chief executive officer. "This is another very positive step in rebuilding the organization."

For the full details visit the 8-K.

Preliminary second quarter 2010 financial highlights include:

• Total net revenues of approximately $297 million, an increase of 4% compared to $284.8 million for the quarter ended June 28, 2009. Net revenues included home health episodic revenues of $229 million and hospice revenues of $21 million, increases of approximately 7% and 14%, respectively, as compared to the 2009 second quarter.

• Adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) of approximately $43.2 million, an increase of about 23% compared to $35.0 million for the second quarter of 2009. Adjusted EBITDA as a percentage of total net revenues was approximately 14.5% for the 2010 second quarter, compared to 12.3% in the year-ago period.

• Adjusted income from continuing operations of approximately $22.6 million compared to $17.9 million for the second quarter of 2009, an increase of approximately 26%.

For the full earnings release, visit:  Gentiva Health Services Q2 2010 Earnings

Earnings Release for Equity Lifestyle Properties Inc. Q2 2010

For more details, visit the 8-K.

Since the early 1990′s Senior Star has operated retirement communities in both Toledo and Dublin, Ohio and the Kenwood will be the third time Health Care REIT and Senior Star work together.

"We’re looking forward to meeting our new residents at The Kenwood," remarked Senior Star’s Mr. Robert Thomas. "They will find we have one immediate and long-term focus: surpassing their expectations by doing our very best to recognize unspoken needs and meeting those needs when ever possible."

The purchase and lease back of the assisted living communities, two of which were built in 1998 and one in 2005, total 102 units and attract 100% private payment for services. The purchase price was funded from NHI’s revolving credit facility and the three facilities are being leased to Bickford over 15 years at an initial lease amount of $1,035,000 plus annual fixed escalators. The purchase of the three facilities brings the master lease with Bickford to a total of eight facilities.

Justin Hutchens, NHI President and COO, stated, “NHI is excited to add three more high-quality assisted living facilities to our portfolio while expanding our relationship with Bickford Senior Living."

Five Star Quality Care, Inc. (NYSE Amex: FVE) announced that it has exercised its right to sell $68.4 million of auction rate securities (ARS) to UBS AG and its affiliates (UBS) at par. This transaction nets Five Star $32.1 million of cash after the repayment of $36.3 million of debt which was secured by the ARS. This transaction was completed on June 30, 2010.

In November 2008, Five Star entered into a settlement with UBS regarding its ARS. The settlement was made in connection with UBS’s settlement with the Securities and Exchange Commission, the New York Attorney General and other state agencies related to UBS’s sale and marketing of ARS. Under the terms of the settlement, Five Star obtained the right to require UBS to repurchase its ARS at 100% of par value at Five Star’s option during the period beginning June 30, 2010 and ending July 2, 2012. In connection with the settlement, UBS also provided Five Star with a non-recourse credit facility secured by Five Star’s investments in ARS. The credit facility was retired in connection with this transaction.

Health Care REIT, Inc. Announces Gross Investments of $292.9 Million for Second Quarter 2010

Health Care REIT, Inc. (NYSE:HCN) announced that it completed $292.9 million of gross investments during the second quarter of 2010. During the quarter, the company had dispositions of $14.6 million, resulting in net new investments of $278.3 million. For the six months ended June 30, 2010, the company completed $877.6 million of gross investments, offset by $47.5 million of asset sales and loan payoffs, which generated $830.1 million of net new investments. More details…

Cambridge Closes 4 Midwest Transactions

Cambridge Realty Capital recently announced four financing transactions totaling over $16 million in FHA-insured HUD loans for senior housing facilities in the Midwest.  Cambridge closed an 11.6 million refinance with a FHA-insured HUD Lean loan to Orchard Villa I, a 164-bed skilled- care nursing facility in Oregon, Ohio and a $4.68 million FHA-insured HUD LEAN loan for Transcendent Healthcare of Boonville, a 72-bed skilled nursing home in Boonville, Indiana.  The company also announced financing for a $1.39 million FHA-insured first mortgage loan to refinance McGill Terrace Apartments, a 48-unit apartment complex at 821-829 49^th Street in Chicago, Illinois and for a 12 month construction to perm loan of $8.46 million for Alden Estates in Skokie, Illinois.

Kisco Senior Living Closes Escrow on Villa de San Antonio in Texas

KSL Texas Communities SA LLC, an affiliate of national owner and operator Kisco Senior Living, has closed escrow, as of Friday, June 11, 2010, on the purchase of Villa de San Antonio (VSA), a senior living community located in San Antonio. The VSA community provides 114 independent living apartments, 55 assisted living apartments and 24 cottage homes.

According to Andy Kohlberg, president and founder of Kisco Senior Living, “We’ve identified Texas as a growth area and are pleased to become part of the San Antonio community.” Kohlberg, who along with members of Kisco’s Leadership Services team, recently set out on a discovery process with existing residents and associates at VSA. “We feel it is important to listen to the community members’ preferences as well as understanding their desires for the future,” he says.

AdCare Health Systems Proposes Offering of Common Stock

AdCare Health Systems, Inc., an Ohio-based long-term care, home care and management company, announced that intends to offer shares of its common stock in an underwritten public offering. C.K. Cooper & Company is acting as the sole manager for the public offering.  The net proceeds from the secondary offering would be used for acquisition purposes, working capital and general corporate purposes.

The jury assessed the maximum amount of damages allowed by California statute that mandates that nursing homes maintain 3.2 nursing hours per-patient per-day. The total damages were assessed at a rate of $500 per-patient per-day that the 22 nursing facilities involved in the suit were in violation of the law.

"We are deeply disappointed in the verdict, and continue to firmly believe that our facilities are appropriately staffed and that our caregivers work hard every day to provide the care and services our residents need and deserve," said Boyd Hendrickson, Chairman and Chief Executive Officer of Skilled Healthcare Group, Inc. "We strongly disagree with the outcome of this legal matter, and we intend to vigorously challenge it."

SKH plans to pursue various post-trial motion and possibly appeal the verdict.  In order to satisfy bonding requirements for a appealing a judgment, SKH would need to post 150% of the final judgment amount.  Skilled Healthcare announced that it has $94 million of borrowing capacity under its $100 million revolving credit facility. However, the Company’s ability to draw on its credit facility is limited by the covenants of that facility.  SKH also stated in the press release announcing the verdict that it’s primary professional liability insurance coverage has been exhausted for the policy year applicable to this case and that the excess insurance carrier issued its reservation of rights to preserve an assertion of non-coverage for this case due to the lack of any allegation of injury or harm to the plaintiffs.

“We believe this transaction is very strategic and will create tremendous value for our shareholders by increasing the Company’s CFFO by approximately $2.3 million or $0.09 per share,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “Upon closing the transaction, the Company will operate a significantly larger platform in Texas and benefit from the clustering of communities. The portfolio is extremely complementary to our existing footprint and provides additional opportunities to achieve operating leverage and synergies. Furthermore, we are pleased to complete our third transaction with HCN and continue to strengthen our relationship.”

Ventas, Inc. (NYSE: VTR) announced Thursday that it has entered into a definitive agreement to acquire 100 percent of Lillibridge Healthcare Services, Inc. and real estate interests in 95 medical office buildings and ambulatory facilities (“MOBs”). Lillibridge, a Chicago-based, fully-integrated healthcare real estate company, owns, develops and manages MOBs, and offers , financial and operational real estate advisory services. The purchase price for Lillbridge is estimated between $300 million and $400 million and will grow Ventas’s MOB portfolio to 8.4 million square feet.  Ventas will operate the MOB business under the Lillibridge name with its existing Chicago-based leadership, including Chief Executive Officer Todd Lillibridge, the company’s founder. Lillibridge will be named Ventas’s Executive Vice President, Medical Properties, reporting to the CEO.  Ventas expects the acquisition to be completed in the third quarter of 2010.

“This strategic acquisition of Lillibridge represents an important breakthrough for Ventas in our goal to be a national leader in the growing area of MOBs and ambulatory facilities – a market estimated at $173 billion and expected to grow over 30 percent in the coming years,” Ventas Chairman, President and Chief Executive Officer Debra A. Cafaro said. “The powerful combination of our strong balance sheet and access to capital, with Lillibridge’s leading operating platform that provides a full complement of development, construction, management and advisory services to highly rated healthcare systems, offers a compelling solution for hospitals as they expand, consolidate and evolve to meet increasing demand for medical care.”

Details of the transaction include:

• Ventas will acquire a 100 percent interest in 37 MOBs comprising 1.9 million square feet of space; and
• a 20 percent joint venture interest in 24 MOBs comprising 1.5 million square feet and a 5 percent joint venture interest in 34 MOBs comprising 2.3 million square feet. Ventas will be the managing member of these joint ventures and the property manager for the properties. An institutional third party holds the remaining property interests, and Ventas will have a right of first offer on those interests.

“With Ventas’s strong balance sheet and access to capital, we will be able to meet all the real estate needs of our clients – leading not-for-profit, highly rated healthcare and hospital systems – and also expand our franchise,” Lillibridge said. “We believe Ventas is the right fit for our clients, employees and our business as we move into our third decade of healthcare real estate. We are excited about growing our business by delivering comprehensive capital and real estate solutions to our hospital partners.”

For more information on the transaction, visit: www.ventasreit.com/lillibridge.