Headline reports this week falsely claimed that rapper 50 Cent sold his Connecticut home to a developer with plans to turn the estate into an assisted living facility. While those rumors sparked our attention here in the newsroom, we kept you in the know with the facts.
In the wake of earnings call season, senior housing executives and shareholders are making a lot of noise. This week, we let our readers in on the executive shakeup at Brookdale Senior Living (NYSE: BKD) and Senior Star’s latest initiative to push forth a sale from Five Star Quality Care Inc. (NYSE: FVE).
We also clued in readers that the senior care market reached an astounding $300 billion in 2015 and what executives at Capital Senior Living (NYSE: CSU) are saying about their position.
Brookdale President to Step Down in Latest Executive Shakeup—Brookdale announced that Mark Ohlendorf, the company’s president, and Kristin Ferge, the company’s executive vice president and former chief accounting officer and treasurer, will step down in the coming weeks. Andy Smith, CEO of Brookdale, will assume the role of president and CEO. Labeed Diab was recently hired to the chief operating officer position and Cinday Baier was hired as CFO.
Senior Star Intensifies Push for Five Star to Sell Portfolio—Senior Star has doubled down on its call for Five Star Quality Care Inc. to sell its 33 owned assets for $325 million as a means to unlock the company’s intrinsic value. Senior Star first publicly called for the sale of these assets in December, but Five Star responded that the assets were not for sale.
Senior Care Market Hits $300 Billion, Demand on the Rise—Last year, the senior care market reached a whopping $305 billion. The long-term care market is expected to continue growing over the net several years thanks to the ever-increasing demand from baby boomers and rising life expectancy, according to a report from health care market research firm Kalorama Information.
Capital Senior Living CEO Bullish on Company’s ‘Unique Position’—Capital Senior Living CEO Larry Cohen exuded confidence during a call with investors on Thursday, emphasizing the company’s strengths and its alignment with all shareholders—months after being publicly pressured to consider a sale. The Dallas-based company emphasized it does not share some of the same challenges as its competitors, has a size that puts its at a competitive advantage and is poised to benefit from “market dislocation.”
Around the Web
50 Cent’s Connecticut Mansion ’Not Sold’ to Assisted Living Facility, Rep Says—Earlier this week, reports surfaced that real estate developers had plans to turn the mega-estate of rapper 50 Cent into an assisted living facility. However, the 53-room mansion is still on the market, People magazine reported.
Google Thinks Self-Driving Cars Will Be Great for Stranded Seniors—Google is betting that with more than 43 million people in the U.S. age 65 and older, seniors will be a natural target market for self-driving vehicles, Bloomberg Businessweek reported. With a range of mobility needs—from getting to the doctor or the grocery store and visiting with friends and family—older people are going to be leaders in a technology-driven lifestyle throughout retirement when self-driving vehicles hit the market, technology experts predict.
Homestead ‘Cat Lady’ Charged; ALF Shutdown With 16 Dogs, 48 Cats—A South Florida woman, known as “the cat lady” in the Villages of Homestead, is set to be arraigned on felony charges after the assisted living facility she ran was found to be filthy and unsafe due to the multitude of animals living on the property.
She’s 96, but Celebrating Her 24th Birthday!—USA Today profiles Kathie Taylor, a 96-year-old woman whose birthday lands on Leap Day. A resident of Seabrook Village in Tinton Falls, New Jersey, Taylor jokes that she’s just 24 years old with her birthday falling on the 29th of February.
Written by Amy Baxter