Senior Living News Wire

HUNT VALLEY, Md. –(Business Wire)– Omega Healthcare Investors, Inc. (NYSE:OHI) today announced its results of operations for the quarter and fiscal year ended December 31, 2009. The Company also reported Funds From Operations (“FFO”) available to …

Aegis of Bellevue celebrated its grand opening with celebrity guest Naomi Judd earlier this month for the newly constructed Aegis of Bellevue.  Bellevue is the 12th Aegis community in the Puget Sound region and offers 68 assisted living apartments and 18 Life’s Neighborhood TM apartments to serve those living with memory care issues.  Aegis Living purchased the property in August 2008.  Judd was at the event signing her book, Naomi’s Guide to Aging Gratefully: Facts, Myths, and Good News for Boomers.

“I am extremely pleased to have been a part of the grand opening festivities for Aegis of Bellevue. This community is truly wonderful, from the residents that I met to the incredible staff and beautiful new building it is a place worthy of calling home,” said Judd.

“We are extremely proud of our 34th community. The building, location and staff offer the best in senior living here on the Eastside,² says Dwayne J. Clark, chairman and CEO of Aegis Living. “Between the views, proximity to the nearby waterfront and the downtown Bellevue shopping district residents could not ask for a better place. And we are very excited to offer our exclusive and new Living 4 Life program, for our Aegis of Bellevue residents. We offer more than a place to live, we offer seniors a better way of life.”

The National Investment Center for the Seniors Housing & Care Industry (NIC) data for the third quarter of 2009 showed that occupancy rates in independent living and assisted living remained relatively flat and that rent growth and construction starts slowed, suggesting that seniors housing occupancy may be reaching bottom. NIC’s research data showed some of the following trends:

• During 3Q09, year-over-year rent growth slowed considerably for seniors housing. The average rent growth for independent living and assisted living units was 1.8% for 3Q09. This compared to 3.3% in 3Q08 and 4.0% in 3Q07.
• Between 2Q09 and 3Q09, the average occupancy rate rose by 0.1 percentage point to 88.5% for independent living properties or continuing care retirement communities with a majority of independent living units.  This was the first time in nine consecutive quarters – since 1Q07 – that independent living occupancy rates did not decline.

• During the third quarter, 2,002 independent living units were absorbed, outpacing inventory growth of 1,950 units. This was the highest absorption level since 1Q08, when it was 2,269 units.
• Assisted living properties or continuing care retirement communities with a majority of assisted living units – the average occupancy rate in the third quarter of 2009 increased 60 basis points to 88.3% compared to the previous quarter
• Negative occupancy [and absorption trends] continued for skilled nursing facilities. In 3Q09, the average occupancy rate fell to 89.1% from 89.2% in 2Q09.
• For independent living construction starts, trailing-twelve month (TTM) activity was 0.7%, which compared to 2.6% in 3Q08. Construction starts for assisted living slowed to 0.8%, which was down from 2.0% in 3Q08.

"The lack of available construction financing is fueling this slowdown and will continue to impact construction starts for many months to come," noted Michael Hargrave, vice president – NIC MAP^®. "On the flip side, once financing becomes available, pent-up demand for seniors housing will create many opportunities for developers."

For the full release, visit:  https://www.nic.org/news/Feb9.aspx

The Ensign Group, Inc. (Nasdaq: ENSG), the parent company of the Ensign(TM) group of skilled nursing, rehabilitative care services, hospice care and assisted living companies, reported its results for the fourth quarter and full year 2009 last week and highlights include:

• Total revenue was a record $542.0 million for the year and $146.6 million for the quarter, up 15.5% and 18.3% over the comparable periods in 2008;
• Same-store skilled mix by revenue increased to 50.8% for 2009 from 50.0% in the prior year;
• Consolidated net income for the year climbed 18.1% to $32.5 million; and
• Adjusted net income for the year was $33.4 million, or $1.60 per diluted share.
• Management issued 2010 annual guidance, projecting revenues of $605 million to $615 million, and net income of $1.75 to $1.79 per diluted share for the year.

For full details, visit the Ensign Group 10-K

TOLEDO, Ohio–(BUSINESS WIRE)– Health Care REIT, Inc. (NYSE:HCN) announced today that it has formed a $668 million joint venture with Forest City Enterprises (NYSE:FCE.A and FCE.B). Health Care REIT will acquire a 49% interest in a seven-building …

Romero will get a chance to hone the leadership skills that serve his passion. He has been selected for a yearlong fellowship in a leadership development program conducted by the American Association of Homes and Services for the Aging (AAHSA) that involves seminars and tours of senior housing around the nation. The 32 Leadership AAHSA fellows meet by phone and in person at different sites.

The Lodi Planning Commission took the first step toward building 80 one-bedroom units in a low-income senior housing complex. Eden Housing, a non-profit developer based in Hayward, will secure the financing, construct the project and then manage it …

Advanced dementia patients are more likely to receive feeding tubes if they are taken from nursing homes to acute care hospitals, according to a new report. This occurs despite mounting evidence that using feeding tubes on these patients is not beneficial.

A snowstorm that pummeled the East Coast this week has delayed the Senate’s consideration of a jobs bill that would extend the Medicare Part B therapy caps exceptions process and prevent a pay cut for Medicare physicians, according to reports from Washington.

Alzheimer’s Reading Room: Communicating in Alzheimer’s World After repeatedly correcting my mother, telling her she just ate, and watching her get frustrated or angry, I finally realized something had to change — this something was me. I had to change………

The Legislative Analyst’s Office, a non partisan group in California, released a report that examined costs and benefits of the cuts last year to the state’s home care service for the elderly.  The report found that Governor Arnold Schwarzenegger’s cuts, while painful, were recommended by the LAO and the LAO suggested that the state look at other alternative programs that offer similar services.  The report notes that the program is cost-effective for the sickest patients and that keeping those patients in their homes offers substantial savings.  The cuts have yet to be officially made due to pending lawsuits in the court.  The Governor is also considering either cutting the programs by almost 90% or eliminating it all together in next year’s budget.

http://www.lao.ca.gov/reports/2010/hlth/health_brief/health_brief_012210.aspx

Representatives from Cedar Rapids, Iowa and the surrounding areas celebrated the groundbreaking of the Cedar Crest Apartments last week.  The newly constructed community of 45 homes for seniors age 55 or older is located on a 2.1 acre site that features the redevelopment of a three-story historic farmhouse into community space for residents with a retained layout and historic millwork. The new apartment building will integrate the exterior design and character of the existing home and will include underground parking for all residents. The development will be completed in the fall of 2010.

The $8.8 million development was financed with $3.84 million in Low-Income Housing Tax Credit equity investment from Enterprise, and support from the Iowa Finance Authority, the city of Cedar Rapids, the Iowa Department of Economic Development and Blackridge Bank.

The Obama administration’s budget proposal for the Department of Veterans Affairs in 2011 is seeking $250 million to strengthen access to health care for 3.2 million Veterans enrolled in VA’s medical system who live in rural areas. This push for rural outreach includes expanded use of home-based primary care and mental health through the department’s “telehealth” program.  The system links patients and health care providers by telephones and includes telephone-based data transmission, enabling daily monitoring of patients with chronic problems.  The budget provides an increase of $42 million for VA’s home “telehealth” program.  The effort already cares for 35,000 patients and is the largest program of its kind in the world.

“Our budget proposal provides the resources necessary to continue our aggressive pursuit of President Obama’s two over-arching goals for Veterans,” said Secretary of Veterans Affairs Eric K. Shinseki. “First, the requested budget will help transform VA into a 21^st century organization.  And second, it will ensure that we approach Veterans’ care as a lifetime initiative, from the day they take their oaths until the day they are laid to rest.”

Skilled Healthcare Group, Inc. (NYSE:SKH) announced higher revenues for its full year 2009 results and a net loss of $133.2 million on a non-cash goodwill impairment charge of $170.6 million that was recorded in the fourth quarter.  SKH recorded the goodwill impairment charge at the long-term care reporting unit (for all the details on the goodwill impairment, see page 56-57 of SKH’s 10-Q).  Prior to the goodwill impairment charge, adjusted net income(1) for the fourth quarter and full year of 2009 were $9.3 million and $37.4 million, respectively, or $0.25 per diluted share and $1.01 per diluted share, respectively. This compares to net income for the fourth quarter and full year of 2008 of $9.3 million and $34.1 million, respectively, or $0.25 per diluted share and $0.92 per diluted share, respectively. During the fourth quarter,  was recorded. Including this charge, the net loss for the quarter ended December 31, 2009 was $161.3 million, or $4.37 per diluted share. For the full year ended December 31, 2009, the Company reported a , or $3.61 per diluted share.

Boyd Hendrickson, Chairman and Chief Executive Officer, commented on the long-term care services results stating, "2009 was one of the most challenging economic and operational environments I have encountered during my long tenure in long-term care. It was also a period of great uncertainty within the healthcare industry. In our long-term care services segment, we experienced pressure on our occupancy rates and skilled mix as we endured these challenging times. However, in the fourth quarter, we saw improved occupancy rates California, Kansas and Missouri on a sequential and year-over-year basis. In addition, January 2010 occupancy rates have improved to 83.4% and skilled mix has risen to 22.8%."

"It is important to understand that a write-down of goodwill is a non-cash charge to our consolidated statement of income which does not impact our cash flows," noted Boyd Hendrickson, Chairman and Chief Executive Officer. "Additionally, the goodwill impairment charge does not affect our operations."

For the full earnings release, visit their 8-K or the 10-Q.

SCOTTSDALE, Ariz., Feb. 10 /PRNewswire … medical office buildings, six hospitals, nine skilled nursing and assisted living facilities and four other office buildings located in 21 states, including: Arizona, California, Colorado, Florida, Georgia …