Sunrise Senior Living Awaits A New Day On The Horizon

The Washington Post ran an article today entitled, Sunrise Hopes Dawn Is Near, on Sunrise Senior Living and talks about how the company got started and goes into an analysis of its debt position. The company has stated that it has enough cash to operate through the end of January and some analysts think that […]

How Fitch Rates CCRCs And Their Operations: Cliff Notes

Over the last 18 months, the ratings agencies have been criticized for the lack of transparency and more importantly, accuracy, in their ratings of mortgage backed securities. Fitch Ratings last week released its ratings guidelines for CCRCs to explain their logic and criteria for rating individual projects that are associated with their bond offerings. The […]

What Do 4.75% 30 Year Fixed Mortgage Rates Mean For Senior Housing?

Mortgage brokers and lenders have been busy this week. The good news is that borrowing is getting cheaper, unfortunately not easier. The same is true for developers that have existing, performing loans with lenders with the drop in the prime lending rate. With the 10 year treasury note around 2.10%, the market for conventional fixed […]

American Land Lease Agrees To Be Acquired By Private Equity Group

Earlier this week, American Land Lease Inc (ANL.N:)a real estate investment trust, agreed to be acquired by private equity investment firm Green Courte Partners LLC for $14.20 a share in cash – roughly a 200% percent premium to the stock’s closing price on Tuesday. Green Courte will acquire the company for $438 million, including assumption […]

Brookdale Senior Living Owners Liquidate Shares For Margin Calls

Fortress Investment Group, a 10% owner of of Brookdale Senior Living, liquidated a substantial portion of its equity holdings in order to meet its margin calls late last month. According to Brookdale Senior Living’s SEC Filings, Fortress and its affiliates sold over 100 million shares. Their 8-K stated that: On November 28, 2008, Fortress Investment […]

Sunrise Receives Proceeds from Venture Refinancing

Sunrise Assisted Living Inc (SRZ) announced last week the receipt of approximately $8.3 million of proceeds resulting from the refinancing of the existing debt of one of its joint ventures. As disclosed last week by Ventas, Inc., a venture owned 85 percent by Ventas and 15 percent by Sunrise closed eight first-mortgage loans with Freddie […]

Five Star (NYSE: FVE) Acquires Seven Senior Housing Facilities

Five Star Quality Care, Inc. (NYSE Alternext US: FVE) recently announced that it has purchased seven independent living, assisted living and Alzheimer’s care communities located in North Carolina (four communities) and South Carolina (three communities) for a purchase price of $44 million. Including these seven properties, Five Star currently operates nine senior living communities in […]

Does Five Star’s Settlement Make Its Earnings Any Prettier?

Five Star Quality Care, Inc. (NYSE Alternext US: FVE) recently announced that it has entered a settlement with UBS AG and its affiliates (“UBS”) regarding Five Star’s investments in auction rate securities made through UBS.  Under the terms of the settlement, UBS will purchase 100% of Five Star’s $74.8 million (face amount) of investments in […]

Can Senior Housing Stocks Continue to Deliver These Yields?

The Motley Fool posted an article discussing the attractive yields that many Senior Housing Stocks are providing to investors as of November 19: Health Care REIT (NYSE: HCN) – 7.6%, Senior Housing Properties (NYSE: SNH) – 9.7%, Medical Properties Trust (NYSE: MPW) – 18.8%, National Health Investors (NYSE: NHI) – 9.0%. The article ponders whether […]