This week, Senior Housing News readers were among the first to know that Brookdale Senior Living (NYSE: BKD) sold a 44-property seniors housing portfolio for about $253 million. Readers also learned about an owner of multiple home health and senior living facilities who committed $1 billion in fraud, Atria Senior Living’s new Atria Hospitality venture, and Senior Star’s latest criticism of Five Star Quality Care (Nasdaq: FVE).
Here in the newsroom, we enjoyed stories about senior living residents riding Harley-Davidson motorcycles and celebrating the historic nomination of a woman for President of the United States.
Brookdale Sells 44-Property Portfolio for $253 Million—Brookdale Senior Living entered into an agreement to sell a portfolio of 44 communities for an aggregate price of $252.5 million. “It’s a clean-up sale for Brookdale,” Kevin Tyler, an analyst with Green Street Advisors, told Senior Housing News. “Portfolio occupancy is 900 basis points below the industry average, sale price per unit is also below average, and the cap rate could be as high as 9% assuming operating margins of 25%.”
Senior Living Owner Arrested in $1 Billion Billings Scam—An owner of multiple health care facilities in the Miami area, including senior living communities, has been charged in the largest single fraud scam of its kind in history, totaling more than $1 billion, according to the Department of Justice. The owner, Phillip Esformes, 47, was charged with conspiracy, obstruction, money laundering and health care fraud for his role in numerous schemes across the facilities, which included skilled nursing and assisted living facilities.
Introducing Atria Hospitality: Taking Dining Outside Senior Living Walls—Louisville-based Atria Senior Living is informally piloting Atria Hospitality, a project that involves expanding some of the premium hospitality offerings that Atria has developed, specifically in its culinary operations, into the greater community. The branding play has already demonstrated benefits for referrals and staff engagement for the provider. “I haven’t heard of anything else like Atria Hospitality,” says Chad Welch, the company’s director of culinary development. “For me, it really just expresses how our focus in the culinary department is providing an exceptional experience.”
Senior Star Blasts Five Star’s Cozy REIT Relationship—Senior Star is once again calling out the actions of Five Star Quality Care, this time criticizing multiple elements of its close relationship with real estate investment trust Senior Housing Properties Trust (Nasdaq: SNH). “A multitude of concerns should surround any governance structure that promotes long-term interdependency between closely held companies where the benefits to one party could be compromised for the benefit of another,” Senior Star wrote in a letter published July 25.
Can This Brain Exercise Put off Dementia?—Speed training—computer exercises that train users to visually process information more quickly—can help stave off dementia, a new, 10-year study shows. Researchers discovered that a total of 11 to 14 hours of speed training has the potential to reduce the risk of developing dementia 10 years later by as much as 48%, The Wall Street Journal reported.
Harley-Davidson Dealer Hosts Senior Living Ride—A Harley-Davidson dealership in Georgia recently visited a senior living community and offered residents free motorcycle rides. The oldest resident who took the bikers up on their offer was 94 years old, PowerSports Business reported.
For Your Viewing Pleasure
Both Democratic and Republican residents of the Spirit Wood assisted living community in Issaquah, Washington, celebrated Hillary Clinton’s historic night Thursday as the first official female presidential nominee from a major political party. “Often parents thought, well, we’ll send John to college and after all she can get a husband, whatever their daughter’s name might be,” Sandie Hagan, a 72-year-old resident, told the local Fox television affiliate. “We don’t have to just be moms.”
Written by Mary Kate Nelson