This week, Senior Housing News readers learned how distress in the health care industry overall might impact senior housing, why National Health Investors Inc. (NYSE: NHI) is keen on skilled nursing, and delved into the mind of Marquis Companies President and CEO Phil Fogg.
This Week in Review
California’s Largest Nonprofit Senior Living Provider Announces Leadership Team
California-based American Baptist Homes of the West (ABHOW) and be.group, which received state approval for affiliation in May, are now unified under a parent company, Cornerstone Affiliates. On Wednesday, Cornerstone announced its new leadership team.
Cornerstone, California’s largest nonprofit provider of senior housing and services, will be led by President and CEO John H. Cochrane III, who previously served as president and CEO of be.group.
Additionally, Pam Claassen will serve as chief financial officer, Dan Hutson will serve as chief strategy officer, Terese Juntz will serve as chief administration officer, Dan Ogus will serve as chief operating officer and Louise Rankin will serve as general counsel.
Jeff Glaze, meanwhile, will act as Cornerstone’s president of philanthropy, and Ancel Romero will serve as the president of Beacon Communities, Inc., which manages and develops affordable housing.
ABHOW and be.group announced affiliation plans in July 2015, citing the growing health care and housing needs of the senior population and increasing competition as factors that resulted in the decision to merge. The newly unified company provides assisted living, continuing care, affordable housing, skilled nursing and memory support to almost 10,000 residents in 84 communities across California, Nevada, Arizona, Washington, Idaho and Oklahoma.
In addition to be.group and ABHOW, the organization created under the Cornerstone umbrella includes Seniority, Inc., a for-profit management, sales and consulting company, and Beacon Communities, a developer and operator of affordable housing communities.
Record Health Care Bankruptcies Spell Distress for Senior Housing—The number of health care companies, some senior housing organizations among them, that filed for Chapter 11 bankruptcy jumped dramatically in the first quarter of 2016, hitting record post-recession levels. And it may get worse before it gets better, according to Jeremy Johnson, a restructuring attorney in the New York office of Kansas City, Missouri-based firm Polsinelli.
NHI on the Hunt for Skilled Nursing as Other REITs Flee—Tennessee-based National Health Investors Inc. is distinguishing itself among its industry peers by underscoring its best-in-class skilled nursing operators. “Our two skilled nursing tenants, Ensign and NHC… I would characterize them as the exact opposites of ManorCare,” NHI President and CEO Eric Mendelsohn said during a presentation at National Association of Real Estate Investment Trust’s (NAREIT) REITWeek.
Marquis CEO: Building a Business for ‘New World’ of Senior Care—Senior Housing News interviewed Marquis Companies President and CEO Phil Fogg about his company’s goal of aligning with the direction of health care generally. The Milwaukee, Oregon-based organization offers home health care, post-acute rehabilitation, independent and assisted living, memory care, and other services in five western states.
House Has Students, Seniors Living Together—A recently renovated historic home in Minnesota is being reserved for the first time for cohabitation by one senior and two college students or recent graduates. It’s part of a pilot program run by the senior housing nonprofit Augustana Care, which hopes the three roommates will go grocery shopping together and share meals, all while learning from someone at the opposite end of the age spectrum, the Star-Tribune reports.
‘Voice’ Contestant Drops by Tulsa Assisted Living to Surprise Residents with Performance—Kata Hay, who appeared on “The Voice” during season 10, surprised residents at Tulsa Assisted Living and Memory Care with a musical performance.
Couple in Their 90s Exchanges Marriage Vows at Colorado Retirement Home—Ninety-year-old Connie Palmes-Sanchez and 89-year-old Claude Sanchez tied the knot after meeting at a senior living community in Colorado Springs, Colorado, eight months ago. Palmes-Sanchez waited a week after Sanchez’s proposal to say yes. “It took me that long to decide what I wanted,” Palmes-Sanchez told the Colorado Springs Gazette. “I knew I was pretty old, but it didn’t matter after a while.”
For Your Viewing Pleasure
In this touching video, men and women diagnosed with Alzheimer’s share the memories they never want to lose.
Written by Mary Kate Nelson