Sabra CEO: 11-Property Former Enlivant Portfolio Has ‘Significant Upside’ After Operator Transition

Sabra Healthcare REIT (Nasdaq: SRBA) now sees “significant upside” in the 11 communities that were previously part of its Enlivant joint-venture after transitioning the properties to a new operator earlier this year. Sabra transferred management of 11 assisted living and memory care communities to McLean, Virginia-based senior living operator Inspirit Senior Living. With historic occupancy […]

Despite Fears of ‘Death Spiral’ for Small Buildings, Seasoned Operators See Promise in Enlivant Portfolio

Earlier this spring, I received a LinkedIn message related to the future of the TPG/Sabra Healthcare REIT (Nasdaq: SBRA) joint venture senior living portfolio, operated by Enlivant. The message was from a relative of a resident, sharing a letter stating that a new operator would soon be taking over. I eventually learned the future operator […]

After Default Notice, Enlivant JV Negotiating Financial Restructuring Amid Going Concern Doubts

The joint venture company of TPG Real Estate and Sabra Health Care REIT (Nasdaq: SBRA), which involves more than 150 senior living communities operated by Enlivant, is in the process of negotiating with lenders to restructure its financing, following certain failures to meet financial covenants and a notice of default. That is according to amended […]

Ventas Gathers Momentum, But Proxy Fight Highlights Gaps Left to Close

Activist shareholder Land & Buildings has picked another battle with a major senior living company, with the news breaking this week of a proxy fight with Ventas (NYSE: VTR). This latest battle comes after Land & Buildings in 2019 was at loggerheads with Brookdale (NYSE: BKD), unsuccessfully pushing a board nominee and a real estate […]

Eclipse Senior Living Closure Shows Covid is Casting Long Shadow Over Industry

The impending closure of Eclipse Senior Living and the transition of its 90 communities to eight other operators is the latest upheaval to the industry, after nearly 20 months of pandemic-related disruption. Lake Oswego, Oregon-based Eclipse’s closure is obviously bad news, with 171 employees losing their jobs and shares of its real estate investment trust […]

Sabra Remains ‘Committed’ to Senior Housing, Names Costa New CFO

Sabra Healthcare REIT’s (Nasdaq: SBRA) decision to exit its Enlivant joint venture with private equity firm TPG has not soured the company on the operator, nor lessened its appetite for senior housing. With the wheels already turning on a sale of its 49% stake in the 159-community portfolio, Sabra is turning its attention to growing […]

Sabra Officially to Exit Enlivant JV, Reports $164 Million Impairment Charge

Sabra Health Care REIT (Nasdaq: SBRA) will exit its joint venture with private equity firm TPG in 159 senior housing communities operated by Enlivant, bringing a nearly two-year saga close to its endgame. The Irvine, California-based health care REIT announced its intentions on Wednesday, ahead of its Q2 2021 earnings call. However, CEO Rick Matros […]

Enlivant Reaches Crossroads With New CEO, Ownership Uncertainty

Enlivant — the 11th-largest U.S. senior living provider in 2020 — is at a crossroads, with new CEO Dan Guill officially taking the reins this week, while questions about the company’s future ownership remain to be settled. With the CEO change, the story is largely one of continuity. Guill has been with the company since […]