Covid-19 took United Methodist Communities on a wild ride with regard to occupancy, but CFO Bob Peterson expects to be moving in the right direction in 2021.. He compared occupancy trends to a roller coaster: rates fell with the initial outbreak wave in the spring of 2020; rebounded somewhat in late summer through fall, then […]
The pace of nonprofit affiliations accelerated in recent years, and the drivers behind consolidation are expected to grow in a post-pandemic landscape. Those drivers include single-site providers benefiting from scale offered by larger providers, including through improved health care services and reimbursements, access to capital for campus expansions and capital expenditures, and as a solution […]
With a reconstituted executive team in place, financial restructuring of one life plan community complete, and occupancy beginning to recover from 2020 lows, Lifespace Communities is now turning its attention to growth. Diversifying service lines and affiliating with smaller providers may be part of its strategy. The West Des Moines, Iowa-based nonprofit affiliated with Senior […]
With communities in New Jersey and Delaware, Springpoint Senior Living was at the epicenter of the first wave of Covid-19 last spring — and the challenges came fast and furious. “It was like drinking from a fire hose,” CFO Garrett Midgett told Senior Housing News. Labor costs skyrocketed, and occupancy dropped significantly from mid-March through […]
Like many nonprofit providers, Westminster Communities of Florida is balancing stability amidst Covid-19 pressures with maintaining its bond rating. And that may prove to be a greater challenge in 2021, even as there are signs that pandemic-related pressures felt by the industry could soon ease. Fitch Ratings, the New York City bond rating agency, is […]
Like many nonprofit providers, United Church Homes offset operational and occupancy pressures stemming from Covid-19 by diversifying its service offerings. The Marion, Ohio-based provider is in the midst of a concerted effort to expand its independent living and assisted living offerings, including a sustained push into middle-market senior housing through acquisitions, Senior Vice President of […]
Presbyterian Senior Living (PSL) CFO Dyan McAlister has experienced several challenging moments during her 22 years at the Dillsburg, Pennsylvania-based nonprofit operator. But none of those – not even the 2008 financial crisis – compares to the coronavirus pandemic. But the financial team proved to be nimble during the pandemic, and made adjustments to its […]
About 60 days ago, leaders at Cedarhurst Senior Living came to a realization, causing them to shift from crisis response to restarting enterprise growth on a foundation of operational stability. “We need to embrace the world we’re in and figure out how to operate within it, or fall behind and lose opportunities,” CFO Stephen Wertman […]
The Pennant Group (Nasdaq: PNTG) was already contending with transitional headwinds related to its spinoff from the Ensign Group (Nasdaq: ENSG) when the coronavirus pandemic added further pressures to operations and liquidity. Compared to other operators, however, the Eagle, Idaho-based provider was able to ride out occupancy declines in the outbreak’s early weeks and reported […]
KeyBank secures $84M financing for 11-property Midwest Health portfolio. A KeyBank Real Estate Capital team led by Vice President Lee Delaveris secured an $84 financing package through Fannie Mae for an 11-property portfolio consisting of independent living and assisted living facilities owned and operated by Midwest Health. The portfolio comprises 584 units with properties located […]
