This week, Senior Housing News readers were interested to hear about Enlivant’s growth plans from the company’s CEO, Jack Callison. Readers were also keen to learn how REITs will be impacted by the current headwinds in the skilled nursing sector, and why the senior housing industry is poised for “unprecedented” growth. SHN’s “In the Pipeline” post also piqued readers’ interest.
This Week in Review
Department of Justice Launches 10 Regional Elder Justice Task Forces—The U.S. Department of Justice announced Wednesday the launch of 10 regional Elder Justice Task Forces, intended to bring together federal, state and local prosecutors, law enforcement, and agencies that provide services to seniors. The teams will coordinate and enhance efforts to pursue skilled nursing facilities that provide grossly substandard care to their residents.
“Millions of seniors count on nursing homes to provide them with quality care and to treat them with dignity and respect when they are most vulnerable,” said Acting Associate Attorney General Stuart F. Delery. “Yet, all too often we have found nursing home owners or operators who put their own economic gain before the needs of their residents. These task forces will help ensure that we are working closely with all relevant parties to protect the elderly.”
Soaring Demand Should Make Senior Housing Catnip for Investors—Senior housing real estate is one of five major investment opportunities created by aging populations, with demand for new senior housing units in the United States set to surge through 2030, a major global investment management firm has declared. In fact, the U.S. senior housing industry is poised for “unprecedented” growth, according to a recently released report from PGIM, the new name for the global investment management businesses of Prudential Financial Inc.
In the Pipeline: Senior Housing Construction Projects (3/24/16)—Senior Housing News rounds up the latest senior housing construction projects nationwide.
Enlivant CEO: Provider to ‘Double Down’ with Growth in Core Markets—Chicago-based owner and operator Enlivant recently announced it closed on two senior housing communities in Georgia, bringing the company’s acquisition total up to 19 communities over the last 15 months. The addition of the two most recent assets in Georgia, which were acquired for $10 million, underscore the acquisition strategy that has been in play for the last few years, according to CEO Jack Callison.
REITs Sheltered from Skilled Nursing Headwinds—For Now—Meaningful headwinds are currently impacting skilled nursing facility operators, with little chance of abating any time soon. Still, there’s scarce reason to expect sector-wide bankruptcies, as occurred less than 20 years ago. Most health care real estate investment trusts remain fairly protected from a rating perspective, according to a new report from Fitch Ratings.
A New Spin on Senior Living—“Affinity group” senior living communities, such as those established by and for members of particular religious, ethnic and interest groups, are growing in popularity, according to this New York Times article. Communities for specific ethnic groups have appeared more recently, and National Investment Center for Seniors Housing and Care CEO Robert Kramer predicts there will soon be more of them. “We’re such a polyglot culture,” he says.
Assisted Living Resident, 96, Becomes Honorary Delta Flight Attendant—Clem Ferguson, a 96-year-old who lives in an assisted living community in the Atlanta area, became a Delta flight attendant for a day. Delta allowed Ferguson to “train” alongside its new hire flight attendants, helping to fulfill her teenage dream of becoming a flight attendant.
Written by Mary Kate Nelson