Artis Senior Living finds itself with fuller pockets after a $40 million equity raise this week. The move comes about six weeks after CEO Josh Krull announced on LinkedIn that he would be taking the reins as the chief executive.
The news of the equity raised is according to a filing with the Securities and Exchange Commission obtained by Senior Housing News.
The equity injection is the first major move from the organization under Krull’s leadership. He is listed in the SEC filing along with Artis CFO Joseph Smith and Artis manager Stewart Bainum, currently the chairman of Choice Hotels International (NYSE: CHH).
Krull joined Artis after three years as CEO with Elegance Senior Living and prior to that served as Senior VP, Operations Chief of Staff for Atria Senior Living.
Krull declined to comment at this time, beyond what was in the SEC filing.
As for Artis’ plans in 2023, the McLean, Virginia-based operator started the year with cautious optimism and a focus on improving sales in the company. To do this, it upped its spend on digital advertising and implemented automated marketing campaigns.
Artis in 2019 opened Artis Senior Living of Lakeview – the first community in the company’s portfolio to offer assisted living. At the time, six-year-old Artis operated a portfolio consisting solely of standalone memory care communities. It was also the company’s first foray into Ilinois, kicking off a period of expansion into new states and new care types.
Since then, Artis has grown from 13 communities to 27 in 11 states: Massachusetts, New York, New Jersey, Minnesota, Illinois, Florida, Maryland, Pennsylvania, Ohio and Virginia.
Artis has deep roots in the senior living and care industry, as Stewart Bainum Sr. founded ManorCare in 1959. ManorCare became HCR ManorCare after the 1998 merger with Health Care and Retirement Corp. The Bainum family founded Artis Senior Living in 2012.
Needs-based senior living is driving growth for a number of communities with a portfolio of mixed care-segment units. And, fourth-quarter data from the National Investment Center for Seniors Housing & Care (NIC) showed that memory care is the care segment that recovered occupancy lost during the Covid-19 pandemic the fastest.