This week on Senior Housing News, our readers learned about the unrealistic salary expectations of new senior living workers, as well as the nation’s largest homebuilder taking advantage of the senior housing opportunity. Otherwise, readers followed along with our coverage of second quarter earnings results, including Brookdale Senior Living’s (NYSE: BKD) targeted plan to improve its operations and NHI’s approach to convert its portfolio with Bickford Senior Living from a RIDEA structure to triple net lease.
Here in the newsroom, we’ve been obsessing over the Rio 2016 Olympic Games, so we loved to see Ryan Lochte’s grandmother showing her support at her skilled nursing facility and other communities hosting celebrations of their own.
New Senior Living Workers Have Unrealistic Salary Expectations—For college students in programs that relate to senior living, salary expectations are a little high for most entry-level positions in the industry. This finding, from a recent Senior Housing News survey conducted in April and May of 124 students, highlights how important it is for senior housing companies to manage entry-level workers’ expectations in this area.
Nation’s Biggest Homebuilder Seizes on Senior Housing Opportunity—The nation’s biggest homebuilder has expanded its business to offer affordable age-restricted housing for adults who want to remain at home as they age. While D.R. Horton, Inc. (NYSE: DHI) is not overtly positioning itself as a competitor to senior living communities, the move signals another company seizing a business opportunity in helping people stay in single-family dwellings as they get older—which the vast majority of adults state is their preference.
Brookdale’s 3-Part Plan to Sharpen Its Operations—Turning the nation’s largest senior living company from struggling to stellar may not be as easy as one, two, three, but leaders at Brookdale are putting forward an easily digestible plan to move forward on operational improvement. Brookdale executives, for the most part, say they are pleased with how the company has evolved. Still, leaders at the nation’s largest senior living provider recognize the areas where the company must improve further—and say Brookdale has some tricks up its sleeve to speed up the process.
NHI Converts 32-Property Bickford Portfolio from RIDEA to Triple Net—National Health Investors, Inc. (NYSE: NHI), a senior housing real estate investment trust (REIT), is converting a 32-property portfolio with Bickford Senior Living from a RIDEA structure to triple net lease, the company announced ahead of the release of its second quarter earnings results. Under the agreement, NHI will purchase Bickford’s 15% interest in the real estate underlying the joint venture (JV) for $25.1 million. Bickford will pay NHI $8.1 million to purchase its non-controlling 85% interest in the senior housing operations in the JV. The deal will improve predictable cash flow for NHI, boost Bickford’s balance sheet and offer a simplified relationship between NHI and its partner moving forward, executives said during an earnings call with analysts.
Around the Web
Ryan Lochte’s Grandmother Wheeling Around With a Construction-Paper Torch Is All the Olympic Spirit You Need—U.S. swimmer Ryan Lochte posted a video to Twitter of his 95-year-old gradmother wheeling around her nursing home carrying a homemade Olympic torch. Needless to say, it warmed our hearts here at SHN.
Pokemon GO Inspires Seniors Who Knit For Charity—Members of a yarn craft group at an Upper West Side senior residence are making hats in the shape of Pikachu and other animated creatures from the smartphone game Pokemon GO for children hospitalized with cancer at Mount Sinai West in Hell’s Kitchen.
Friendship Leads a Trojan To Fight For Independence Of Elders—Jon Pynoos’ intergenerational friendship with his 73-year-old neighbor in the 1960s inspired him to launch a career in advocating for aging in place and facilitating the independence of seniors as long as possible.
Nursing Home Lets College Kids Live Rent-Free In Exchange For Some Quality Time—A Dutch nursing home has developed a program allowing college students to live rent-free in exchange for time spent with elderly residents in an attempt to reduce some of the negative connotations surrounding senior living.
For Your Viewing Pleasure
A New Jersey Nursing Home Held Their Own 2016 Olympics—Residents at Spring Hills Cherry Hill Assisted Living hosted their very own 2016 Olympic Games, complete with an opening ceremony and a discussion about Rio de Janeiro and this year’s Olympics there.
Written by Kourtney Liepelt