Recent local news reports suggest that Toledo, Ohio-based real estate investment trust Welltower (NYSE: WELL) has sold its stake in all 10 communities in its senior housing operating portfolio operated by Seattle-based Merrill Gardens. Public records in Santa Clara County, California, show that Welltower recently sold a Merrill Gardens community located in San Jose and […]
New Senior Investment Group
When the novel coronavirus first swept the United States in late March and April, the pandemic raised fears about vulnerabilities for independent living, but this part of the senior housing continuum has so far proven resilient. In the early days of Covid-19, the better health, mobility and independent nature of residents made social distancing and […]
New Senior Investment Group (NYSE: SNR) was able to cut its operating expenses by 4.5% in the second quarter of 2020, despite also losing about 250 basis points of occupancy during that time. Susan Givens, CEO of the New York City-based real estate investment trust (REIT), attributed the operating expense decline to two main things: […]
New Senior Investment Group (NYSE: SNR) saw Covid-related occupancy declines in its senior housing assets in the first quarter of 2019. Compared to other publicly traded owners, however, recent moves such as its $385 million sale of 26 assisted living communities to ReNew REIT and Merrill Gardens allowed it to mitigate the extent of the […]
Compared to assisted living and memory care, independent living and active adult communities can be harder to secure during the coronavirus pandemic. The better health, mobility and independent nature of their census can make social distancing a bigger ask, and the leaner staffing necessary to operate these communities means residents have less support in the […]
Columbia Pacific sells Canadian portfolio for $177M Columbia Pacific Advisors is selling a six-property Canadian senior housing portfolio to Singapore Press Holdings for $176.6 million (C$232.9 million). The properties total 717 units and include: Heritage Meadows Gracious Retirement Living, an independent living community in Cambridge, Ontario The Bradley Gracious Retirement Living, an independent living community […]
Now unburdened by a troubled assisted living portfolio, executives with New Senior Investment Group (NYSE: SNR) believe that the company is on better footing. New Senior is currently focused on managing its operator concentration, strengthening its balance sheet and growing. The company believes that its independent living portfolio is well-positioned to serve the private-pay middle […]
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New Senior completes $385M AL/MC Portfolio sale New Senior Investment Group (NYSE: SNR) completed the $385 million sale of its entire assisted living and memory care portfolio for a gross sale price of $385 million (the “Transaction”). Proceeds from the transaction, which was first announced last November, were used to reduce debt by approximately $360 […]
Merrill Gardens will go into 2020 a larger company with a new capital partner, thanks to a joint venture with ReNew REIT to acquire a 26-property portfolio of assisted living and memory care communities. The portfolio previously was owned by New Senior Investment Group (NYSE: SNR). On Nov. 1, the New York City-based REIT announced […]
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