HRPT Properties Trust (NYSE: HRP) recently announced that it has entered into a series of agreements to sell 48 medical office, clinic and biotech laboratory buildings (2.2 million sq. ft.) for $565 million. The purchaser of these properties is Senior Housing Properties Trust (NYSE: SNH). SNH will pay an aggregate of approximately $554 million in […]
Category: Stocks
Late last week the associated press ran an article on how senior housing and assisted living operators were lowering their guidance and forecasts as housing prices continue to fall and sales stagnate. These baby boomers and many retirees are choosing to remain in their homes and stick it out rather than selling for a lesser […]
Assisted Living Concepts (NYSE:ALC) reported net income of $4.1 million dollars in the first quarter of 2008. The most interesting part of the press release is the quote from the President and CEO of ALC, Laurie Bebo. “Despite lower same store overall occupancy, we improved revenues and adjusted EBITDA through strategic acquisitions and cost reductions […]
The front page headline of today’s Wall Street Journal proclaims “American’s Delay Retirement As Housing, Stock Swoon“. Senior’s largest net asset as a percentage of net wealth has traditionally and statistically been dominated by home equity. The article profiles one couple’s struggle to sell their $250,000 home after many months and this is after a […]
Sunrise Senior Living finally filed its 2006 annual report that restated earning from $80 million dollars to approximately $20 million. With the filing, Sunrise avoided having its common stock listing suspended by the New York Stock Exchange. The restatement of earnings dates back to 1996 corrects aggressive accounting practices with respect to its reimbursable contract […]
On Tuesday, Sunrise Senior Living (NYSE:SRZ) announced that its expects to take additional pre-tax charges of $22.8 million dollars in the 1st quarter of 2008 and also expect to book an impairment charge of $50 million dollars associated with its hospice line of business. This announcement follows the the company’s suspension of most of its […]
For the most part, it’s a safe bet to be long on senior housing according to an article in Barron’s this weekend. For those of you who don’t subscribe to Barron’s Weekly, there was an article in the paper over the weekend touching on the theme that anything housing-related has taken a beating in the […]