Senior Living News Wire

Emeritus Corporation (NYSE: ESC) and Seattle-based Columbia Pacific Advisors (CPA) have entered into a memorandum of understanding to begin exploring the potential to develop senior housing in China.  As part of the agreement, CPA will conduct due diligence with respect to senior living development opportunities in China and if projects emerge Emeritus will have the opportunity to participate in the venture up to 50%.

“We believe there is huge opportunity for senior housing and senior living services in China. The prospect of partnering with Dan and his team at Columbia Pacific, who have successfully been developing hospitals in Asia for 15 years, is very exciting for Emeritus. Our arrangement enables the Company to participate in the growth of China, with minimal financial risk and resources required at this point in time,” said Granger Cobb, Emeritus Chief Executive Officer.

Columbia Pacific Advisors manages investment funds and has international experience developing hospitals throughout Asia, particularly in India and Malaysia through Columbia Asia, an affiliated company of CPA.  Dan Baty serves as Chairman of Emeritus and he is a founder of Columbia Pacific Advisors.

“The potential for senior housing in China is staggering,” Mr. Baty said. “China has more than 167 million people age 60 or over. It is forecasted that this will approach a half a billion by the year 2050. The need is great and the industry is still in its infancy. In many ways China is where the U.S. was in the 1960’s when we first began to develop a senior housing industry for aging Americans,” said Baty.

Northwest Care Management, Inc. (NWC) announced last week that it has entered into a joint venture agreement with Chicago-based investment management firm, Heitman, LLC.  The venture will utilize approximately $125 million to acquire, reposition and renovate existing senior housing communities in Washington, Oregon, and California.  During December 2010, NWC purchased Faerland Terrace, a 99-unit assisted living and memory care community in Seattle, for $24 million.

“We are extremely excited about the joint venture with Heitman,” said Tom Johnston, Founder and Chief Executive Officer of Northwest Care Management. “This opportunity allows us to take a very aggressive approach to purchasing a number of stabilized, upscale communities in more urban areas along the West Coast. We’ve already identified and acquired one property in Washington State and will continue to closely examine Oregon and California – specifically, Portland, Sacramento, San Francisco, Los Angeles, and San Diego.”

The George Mason University Department of Health Administration & Policy has expanded its annual Quality Improvement Awards to include a category for Senior Housing/Long Term Care providers.  The national awards program has previously recognized team-based contributions in quality improvement for health care organizations including hospitals, outpatient/ambulatory medicine, and managed care, among others. The addition of a category for Senior Housing/Long Term Care recognizes the growth of the senior housing and care industry.  The Department is additionally home to the nation’s only academic Program in Assisted Living/Senior Housing Administration.

Organizations may nominate a team oriented program or service that can provide documented improvement in quality of life for seniors in Independent Living, Assisted Living, Alzheimer’s Assisted Living, Skilled Nursing, Continuing Care Retirement Community, or related long term care service provider.  Examples may include programs for falls reduction, medications management, cognition, socialization, nutrition, overall wellness, the use of technology, or for programs that improve operational efficiency and/or improve overall quality of care in senior housing environments.

Nominations must be submitted by April 1, 2011.  Awards will be announced and presented  at the Annual Awards Ceremony on April 21, 2011 at the Fairview Park Marriott, 3111 Fairview Park Drive, Falls Church, VA 22042-4550.  All nominees will be able to attend and have an opportunity to showcase their projects with poster presentations at the Awards Ceremony.

For additional information, or to submit a nomination visit:
http://chhs.gmu.edu/quality-award/application

Pacific Retirement Services, Inc. (PRS), a national leader in the senior housing and care industry announced that new members were elected to the board of its affiliate, Capitol Lakes®, a Continuing Care Retirement Community and the only retirement community in cultural downtown Madison, Wisconsin.

Pacific Retirement Services, Inc. (PRS), a national leader in the senior housing and care industry announced that new members were elected to the board of its affiliate, Capitol Lakes®, a Continuing Care Retirement Community and the only retirement community in cultural downtown Madison, Wisconsin.

Austerity was the most searched word on the Merriam-Webster online dictionary during 2010. In case you’ve been living under a rock the past two years, the word means ‘enforced or extreme economy’. Quite different than luxury or other indulgent phrases that led up to the recession of the last few years. As you peruse this year’s trends in senior housing, keep the word ‘austerity’ in mind but contemplate a new bifurcated mindset: one for the wealthy, well prepared and another for everyone else. This bifurcation in the 55+ demographic will be more pronounced during the next two years but the world will have to deal with the larger majority, which we feel to be in the “everybody else” category. Housing for the masses may not be as sexy as luxury housing on Lake Shore Drive in Chicago or a CCRC in Manhattan, but it’s more critical to the future of aging in America and around the world.  If austerity was the word for 2010, let’s hope the word that defines 2011 is pragmatism.  Now for our look at senior housing trends in 2011….

1. Economics 101 – Supply Decreases, Demand Increases….News Flash: Prices will go up for Independent Living, Assisted Living and Nursing Care

Declining supply and increased demand based upon demographics as well as higher labor and material costs will start to drive senior housing prices up in 2011 at a faster rate. As supply has remained relatively flat during the past few years with a lack of new construction and rehab in facilities and communities, the natural growth of the elderly population will provide a steady stream of increased demand. We think the real wake call on supply realities and increase in prices will come in 2012. The question is at what pace and rise in prices can be passed along until customers opt to remain in place despite their needs?

Choices of venue for senior housing will take greater importance as seniors will need to exist on fixed incomes. Since senior housing choices are predominantly a local decision driven by economics, where will the price point be to avoid sticker shock and where?

The economics of the senior housing solution will continue to further expand the notion of multigenerational and small group housing in the coming year. See our architectural comments for more insight on multi-gen housing.

2. 3 – R’s of Senior Housing – Rehab, Renovate, Repurpose

New home construction and new senior living projects (independent living, assisted living, nursing homes, CCRCs) will slowly start to accelerate during the second half 2011. Home renovation is expected to rise significant in 2011 according to the Harvard Joint Center for Housing Studies and have double digit growth during the year. We feel this is right on par with conversations and observations we’ve had with various industry participants. The upfront costs for renovating a single family home or installing a monitoring system may be more palatable if it allows a consumer to defer entry into assisted or skilled care for a certain period of time. While the decision is based on a probable return on investment if they can accurately predict how much longer they would age in place. The most difficult part is calculating the intangible value of happiness of remaining in the local home and community for a longer period of time. We can see it now, if you rehab your kitchen to be senior friendly, will you get 70% of your money back at the time of resale?

3. Technology – Monitoring Networks, Apps, Devices and Systems Integrators

Ladies and Gentlemen, start your monitoring …..through gadgets, apps, networks and the cloud! During 2010, a trickle of vendors released new monitoring systems and delivery options. The flood gates are going to bust open as the economy heals and companies are looking to invest and expand into high growth markets. Look for continued announcements and product offerings from old and new technology companies as well as acquisitions and roll ups of related products and services for the senior care market. Some products will be “me too” products that will provide additional market choices but few, real new features. Who will win? We’re betting on well designed products that are simple without feature overload at reasonable prices.

One of the areas that will start to accelerate in 2011 is systems integrators working in local markets to deploy various monitoring systems that employ industry standards. If vendors work within established standards, the costs for deployment and support have a higher probability of being adopted faster than those that are built upon proprietary technology. These systems integrators will need to provide better service than the Geek Squad but also know about concepts on senior living design and general contracting besides the technical nature of deployment of these networks. What are we forgetting? The most important features: selling and servicing seniors and their children. How many local GC’s are ready for this? If you said very little, you’re probably being generous. The costs of a design and tech make-over may make your stomach turn at first but if amortized over an additional 5 years in the home versus assisted or skilled care, it will seem like a bargain.  In a society of instant gratification, that will be a hard sell.

4. Campus Extensions and Home Healthcare

Many CCRCs, assisted living facilities and even nursing homes have started rolling out extended campus models as a means to augment their current revenues as well as provide a consistent marketing pipeline for new residents who are comfortable in their campus settings. The concept of extended campus will begin to gain traction as companies look to either to enter this realm with build or buy decisions with home care providers. Given the highly fragmented market of in-home senior care providers, a localized roll up strategy may make sense in some cases dependent upon local operations and reputation. Home healthcare and senior care franchises fall into this spectrum and were one of the most prolific franchise stories during 2010.

5. Finance & Capital Markets – Chicken or the Egg

Banks

When will those bankers open their checkbooks for those aren’t perfect 10s? Banks continue to press operators for new loans but with the caveats of:

1. Capital
2. Liquidity
3. Management Experience

Risk based price will need to return for thinly capitalized projects or less than experienced developers in various markets but with continued questions about long-term funding scenarios for Medicare/Medicaid and entitlement reforms. In 2011, we are predicting more of the same of 2010. As a banker told us, “Just because you believe that if you build it they will come does not mean that the Bank feels the same way no matter what your ”

Government Financing

Funding from the government is still the cheapest and most attractive vehicle for debt capital in the senior housing market for small and medium sized operators. The role of government financing will take on greater importance during 2011 with the changes rolled out in the Section 202 reform bill passed at the end of the year. What’s the catch? Time and effort. Most developers cite the processing and underwriting times as unattractive to meet their needs to bring to market product quickly. If the government wants to get the economy started, it should put a full court press on making sure that government agencies that support senior housing development are fully staffed with competent new hires to augment existing staff.

6. Government -Healthcare & Entitlement Reform

Healthcare & entitlement reform will become (if it hasn’t already) a key news and social topic at the national, state and local levels as government (as a whole) is strapped for cash. Pension obligations and a decline in real estate tax revenues will lead to tax increases, most likely in local real estate taxes and other taxes in your area. Painful conversations, choices and consequences.  Cuts in local funding will occur almost everywhere from jobs, pensions and benefits.  What does this mean for senior housing and retirement choices? Three overly simplistic statements/questions come to mind:

1. Assuming there is limited or no cash flow other than savings and minimal retirement income for the vast majority of retiring Americans, how much cash flow will come from social security and how much of that will go to pay for the dwelling unit?
2. On top of living expenses and money needed for housing, how much will consumers spend on healthcare outside government provided care?
3. What’s really left after housing and healthcare? Probably not as much as you thought.

7. Home Prices – Lending Constraints and Mortgage Interest Deduction

Double Dip in home prices? We think so (but did we ever really stop?) but the knife will stop falling in 2011. Why? In order to have a floor established in the housing market, the cessation of job losses and start of job growth will provide a firmer base for the economy that will solidify the housing bottom. We don’t expect home prices to show any substantial recovery but the return of the possibility of jobs in 2011 will provide more confidence about having a job to pay the mortgage.

Additionally, the reform process for Fannie Mae and Freddie Mac will attract significant attention in 2011 will provide additional support to home prices whatever the solution. Word is on Capitol Hill that a plan is in the works for some significant changes but reflects the underlying need for government support of long-term housing finance. Look for evolution rather than revolution with a focus on keeping long-term, fixed rate financing alive and a return to affordable, multifamily housing solution for low to moderate income citizens, which includes senior housing. This certainty over a portion of the mortgage finance market will spur banks and non-banks to get into private lending programs. Dare we say that bankers will take greater risk and be compensated for that additional risk through higher down payments and rates. Sub-prime lending? Probably not like it was but solutions will provide more options for borrowers who are less than perfect and/or fail to meet agency standards. Look for a return to sub-prime lending circa 1995 and 1996….40% down and 2 year adjustable rates at 9+ percent.

The other home related topic that will cause some downward pressure at certain price levels maybe the conversation around proposed changes to the home mortgage interest deduction through tax reform proposed released in late 2010 by the Federal Deficit Commission. While many lobbyists have cried foul over this suggestion, there is buzz around limiting the deduction at certain levels in home prices or mortgage debt and even eliminating the deduction for those with second homes. As Congress and the Administration wrestle with the deficit, healthcare and entitlement reform, look for this to be part of the possible solution not by eliminating the deduction completely but limiting it which will bring in additional tax revenue from those fortunate enough to live in large homes or have second homes.

8. Local is Cool – Local, Face-to-face social networks make a comeback

Fact: Social media will continue to grow in 2011 in the Baby Boomer and senior demographic. Our thought is that while technology adoption and use through social media will continue to grow rapidly, but we feel there will be push back at some point for a more human connection in the senior and Baby Boomer market. Bridge on a IPAD is certainly not as social as with a deck of cards, close friends and a glass of wine. Is social media going to decline in the 55+ segment anytime soon? Absolutely not but the social values of Boomers and seniors were founded on pressing the palm versus checking in on Foursquare.

What’s  your real social network? It’s probably a 5-10 mile radius from the home. Local communities matter. Look for growth in local community centers for senior activities and solutions for those seniors who need places to live as part of the need to meet the needs of low and moderate income consumers. HUD and other federal agencies will continue to pump funding into these local organizations which will drive services and offerings for the local market to bloom.

9. Architecture & Design

Architects and designers will be in high demand in 2011 as plans and demand for development and rehabilitation makes as comeback as the economy and finance markets heal.  In 2011, Green reaches ubiquity. Every architect, developer and PR person loves their roofs, gardens, parks, rainwater recycling, permeable landscape and passive solar power. Some of the conversations we’ve had with leading senior housing architects that look at the near future note include:

• The “in-law” suite becomes the Granny suite and opens itself up for renovation and remodeling
• Simpler design in new construction and rehab projects
• Prefab & Detached Housing – hear the word granny pod or our favorite granny shack? Some Americans think that putting mom and dad in the back yard is the future way to keep them close at a reasonable  price point. Next thing we expect is Home Depot to start having classes on options to make the home more ‘senior friendly’. Why not just park an Airstream in the backyard? Tacky, maybe. But a whole lot classier than a 10 x 12 barn with some drywall, an outhouse and a house for bathing.
• Blank interior spaces, user designs the space to meet their needs. Senior apartments or dwelling units as a blank canvas.
• Continued growth of small housing clusters, greenhouse, villages.
• Continued development of wellness centers, spas and better exercise facilities
• Single story homes and apartments that are not specifically part of an age-restricted community are old “new” trend in 2011 for seniors in downsizing strategies.

10. Go Long Grannie Stocks

If there has been one very bright spot in the stock market during the past 12 months, it has been senior housing REITs. The REITs have been able to consistently access the capital markets to fuel ‘move the needle’ transactions in the billions during the year. If the cost of capital remains low as it has been during 2010, look for 2011 to be another banner year.

For managers and operators, 2011 will be dependent on their success during the past two years on restructuring their balance sheets. Litigation, healthcare reform and headline risk will hold back some of their growth. Will operators rise again as attractive investments in the eyes of the public market? We think the answer is yes but will not be fully realized until 2012 until there is more certainty over the future of entitlements in America.

* SHN Editors and staff writers do not own any senior housing REITs or other senior housing related stocks

While we’ve not mentioned international opportunities in our top 10 for 2011, those trends are similar but challenges will be more country specific with added complexity on access to local capital, regulation and infrastructure.   Some of the more interesting research and trends may originate from Japan, China and other Asian countries during the next decade as their aging population dwarfs America’s elderly population statistics.  More on international senior housing in the coming months.

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Village Shalom recently honored staff members for outstanding service to the continuing-care retirement community. The 2010 employee recognition award recipients were announced at Village Shalom’s year-end employee holiday celebration.

The American Health Care Association (AHCA) and the National Center for Assisted Living (NCAL) recently released its fourth briefing as part of a series examining the current status of assisted living and long-term care to raise awareness and coincide with President Obama’s State of the Union address.  The brief reveals that there are almost 1 million people living in approximately 38,000 assisted living communities in the US and highlights the profile of assisted living residents that show:

• the average age of residents is approximately 87 years with almost 75% being women
• residents have a median annual income of $19,000
• residents need assistance with almost two activities of daily living that include 64% percent require assistance with bathing and 39% need assistance with dressing
• one-third of residents have a diagnosis of Alzheimer’s disease or another form of dementia
• 87% of residents report needing help with meal preparation and 81% need help managing their medication
• 75% of the residents, either pay themselves or have family members as the primary payers
• 131,000 low income Americans are receiving Medicaid coverage for services in assisted living.

“For many Americans who are making decisions about long term care, assisted living is often their first exposure to our world,” stated Governor Mark Parkinson, President and CEO of AHCA/NCAL. “As we enter 2011, we now have more long term care options than ever before. That speaks directly to the strong state of our profession and how we are meeting residents needs every day.”

Having trouble with your new years resolutions about finding a new job?  Not so much for this week’s group which shows that people are moving and positioning for 2011.  Looking for those new opportunities in your neck of the woods?  Visit the new and improved Senior Housing Jobs site for a plethora of opportunities. 

Got staffing announcements?  Email them to us at movers-shakers@seniorhousingnews.com

Sun Healthcare Group, Inc. Announces New President of SunBridge Healthcare, LLC

Sun Healthcare Group, Inc. (NASDAQ: SUNH) announced the recent promotion of Logan Sexton to president of SunBridge Healthcare, LLC, Sun’s inpatient subsidiary.  Sexton joined SunBridge in 2008 as the senior vice president of operations in the southeast division. Prior to joining SunBridge, he served as president and CEO for Shoreline Healthcare Management LLC/Centennial Health Properties LLC overseeing 59 locations in 16 states. He was also the president for the Landmark Division of Tandem Healthcare, Inc. from 2002 to 2006. He held region and division leadership positions with nationally-recognized nursing home chains spanning his entire career which began in 1975 as a licensed nursing home administrator. Sexton received his bachelor’s degree from Cleveland State University. Sexton replaces William A. Mathies, who was appointed chairman and chief executive officer of Sun in November 2010 and who served as president of SunBridge since March 2002.

Mirador Names Elissa Johnson as Move-In Coordinator

Mirador, an all-inclusive life care senior living community now under construction in Corpus Christi, Texas, has named Elissa Johnson as move-in coordinator. Prior to joining the Mirador team, Johnson worked for Forest Pharmaceuticals.  She has more than three years experience in sales and marketing, during which time she earned many national sales awards. Johnson graduated from Texas A&M in Corpus Christi and holds a degree in Communications and a minor in Public Relations.

Erickson Living Names Chip Warner the Executive Director of Riderwood

Erickson Living has named Chip Warner the  Executive Director of Riderwood, a continuing care retirement community with nearly 3,000 residents in Silver Spring, MD.  Warner will be responsible for daily management of all aspects of the community.  Warner served previously as the Vice President of Operations at Erickson’s Corporate headquarters in Catonsville, MD,  providing executive support for community-based General Services, Dining Services , Resident Life, and Philanthropy teams across the enterprise.  Warner, who joined Erickson in 2004, served first as the Associate Executive Director and then Executive Director  at Cedar Crest, and Erickson managed community in Pompton Plains, NJ.  Warner holds a BS from the United States  Naval Academy, an MA from the University of Maryland and an MBA from  Harvard University.

SQLC Names Dr. Wayne Holtzman to SQLC Charitable Foundation Board of Directors

Senior Quality Lifestyles Corporation (SQLC) has named Dr. Wayne Holtzman to the board of directors of the SQLC Charitable Foundation. Dr. Holtzman is a resident at Querencia and upon retirement served as president and member of multiple boards and organizations.  A long time faculty member of The University of Texas at Austin, Dr. Holtzman is currently Hogg Professor Emeritus of Psychology and Education.  During his tenure with the school, he held positions as president of the Hogg Foundation for Mental Health, dean of the College of Education, chairman of the university’s Faculty Computer Committee and chairman of the Laboratory for Computer-Assisted Instruction.

Dr. Holtzman’s distinguished career also allowed him to serve as president of the Interamerican Society of Psychology, the Texas Psychological Association and International Union of Psychological Science.  He was chairman of the board of The Menninger Clinic and has been a trustee of The Menninger Foundation since 1982.  He was also director of the World health Organizations’ Texas-Mexico Collaborating Center in Mental Health.  Dr. Holtzman is the author of over 210 articles in scientific journals and served as editor of the Journal of Educational Psychology.

Emeritus Announces Appointment of Granger Cobb as Chief Executive Officer

Emeritus Corporation (NYSE: ESC) has announced the appointment of Mr. Granger Cobb as its President and sole Chief Executive Officer effective January 13, 2011. Mr. Cobb previously served as the Company’s President and Co-CEO.  Mr. Dan Baty will continue in his capacity as Chairman of the Board. In addition, the Company has entered into a Shared Opportunities Agreement with Mr. Baty, providing the Company with potential growth opportunities in conjunction with Mr. Baty’s pursuits outside Emeritus.

Mr. Cobb stated, “While I am honored to be appointed as sole CEO of Emeritus, this is really a subtle change – Dan’s continued focus on the Company’s growth opportunities will allow us to realize the maximum benefit of his knowledge and experience as we continue building value for our shareholders.”

Robin Gliboff Named as Executive Director of Greenspring

Robin Gliboff has been named Executive Director of Greenspring, a continuing care retirement community  located in Springfield, Virginia.  Gliboff most recently served as the Associate Executive Director (2006 to 2010) of Greenspring. Prior to that, she served as Greenspring’s Director of Resident Life (2004-2006) and Senior Resident Services Manager (2003-2004).  Before joining Erickson, Gliboff served as the Director of Clinical Services at HCA Dominion Hospital, Regional Director of Program Operations for Behavioral Management Associates, LLC and Program Director at the George Washington University Medical Center.  Gliboff has a Masters of Social Work from Virginia Commonwealth University and a Bachelor of Science in Social Work from Syracuse University.

Real Estate Equities Development, LLC has named Steve Jahnke as Director of Sales & Marketing

Real Estate Equities Development, LLC (REE), St Paul, MN has named Steve Jahnke as Director of Sales & Marketing.  Mr. Jahnke has over 20 years of experience in sales, marketing, national account & vendor management and customer service.  He has been involved in the residential real estate market since 1996.  He has specialized in single family homes, new construction and land.  Prior to coming to Real Estate Equities, he was a Director and Sales Manager at Hans Hagen Homes, a Realtor with Edina Realty, and a National Account Manager with Weisman Enterprises.  Mr. Jahnke is responsible for the sales and marketing activities with the Village Cooperative arm of REE.  Additional oversight includes leadership and training of the Village Cooperative Sales & Marketing Coordinators which is an age 55+ senior housing option.

Cornerstone Healthcare Plus REIT recently announced the acquisition of Carriage Court of Hilliard in Ohio for $17.5 million.  The 70,000 square foot facility has a total of 102 units of which 64 are dedicated to assisted living and 38 are focused on memory care.  The transaction is the second acquisition between Cornerstone Healthcare Plus REIT and Good Neighbor Care.

“Being able to partner with the best operators and care providers is critical to success when investing in senior living real estate. I’m encouraged that this transaction, as well as our other transaction with Good Neighbor Care, is simply the start of a relationship that will continue well into the future and provide considerable value to the Cornerstone Healthcare Plus REIT and its shareholders,” said Terry Roussel, President and CEO of the Cornerstone Healthcare Plus REIT.

It’s no secret that foreclosures hurt home values in the neighborhood but how much will the stabilization of home prices help retirement planning?  According to a new paper by the Center for Retirement Research at Boston College, elderly households will be facing increased housing distress during the next two years due to declining home values, high mortgage payments, and interrupted income.

The paper identifies that almost 7% of elderly households surveyed have children or other relatives who are also experiencing housing distress that eliminates a support mechanism for payments that may fall into arrears.  If a significant portion of wealth is in housing assets, government officials need to focus on creating a more stable housing environment to assist in liquidity for retirees so that downsizing is a real option rather than spending down assets.  Near-term solutions for home price stabilization may help younger seniors and Baby Boomers fortify their retirement assets and should be considered as part of the Obama Administration’s plan to help all Americans prepare for some hard fiscal choices and consequences about Social Security and Medicare/Medicaid changes in the coming years.

For the full paper, visit:  What is the Impact of Foreclosures on Retirement Security?

The Ensign Group, Inc. (Nasdaq: ENSG) recently announced that it has agreed to purchase CHRISTUS St. Joseph Villa, a continuing care retirement community located in Salt Lake City, Utah, and the CHRISTUS Marian Center, a behavioral health center operated within St. Joseph Villa.  CHRISTUS St. Joseph Villa is a full-service senior care campus with 221 skilled nursing beds, 48 assisted living units and 60 independent living apartments. It also includes the CHRISTUS Marian Center which is a long-term inpatient acute psychiatric program with its 12 psychiatric beds.  The sale is expected to be complete as of February 1, 2011 and the facility will be operated by a subsidiary of Milestone Healthcare, Inc., Ensign’s Utah-based portfolio subsidiary.

"We are honored that CHRISTUS has entrusted us with this important stewardship, and we are committed to continuing the mission of CHRISTUS and the sisters who founded St. Joseph Villa," said Matt Church, a longtime Ensign operational leader who will assume the helm of the expansive continuing care campus. "We admire the wonderful work they’ve done here over the past 63 years, and pledge to build on their great legacy to meet and exceed the clinical, emotional, social and spiritual needs of each resident, staff member and family," he added.

The U.S. Department of Housing and Urban Development (HUD) has announced awards for $1.41 billion in funding for nearly 7,000 local homeless assistance programs.  The awards are part of the Obama Administration’s Opening Doors strategy to prevent and end homelessness.  The plan puts the country on a path to end veterans and chronic homelessness by 2015 which includes significant amount of elderly Americans.  HUD statistics counted 643,000 homeless people during a given night in January 2009 and found that during 2009, 1.54 million people used emergency or transitional housing programs.  The renewed funding comes from HUD’s Continuum of Care programs the provide assistance to existing local organizations.

“There is a tremendous need on our streets and in our shelters among those experiencing both long-term homelessness as well as families confronting a sudden economic crisis,” said Secretary Shaun Donovan. “These grants are the life blood for thousands of local housing and service programs that are doing the heavy lifting to meet President Obama’s goal of ending homelessness.”

Find more information on HUD’s Continuum of Care grants

Equity LifeStyle Properties (NYSE: ELS) reported its fourth quarter results which showed funds from operations of $25.8 million during the quarter which is down from $27.2 million for the same period in 2009.  The Chicago based real estate investment trust saw revenues of $121 million but took a $3.6 million write-off associated with goodwill during the fourth quarter.  Net income for Equity LIfeStyle came in at $5.74 million or .18 per share which is a decrease from Q4 2009 results that showed net income of $6.3 million or .21 per share.

As part of ELS’s earnings release, ELS announced that CEO Thomas Heneghan will retake the role of president of the company, in addition to his current role.  Joe McAdams, the current president, will assume operations of a subsidiary of the company as part of his desire to reduce his day-to-day operational involvement.

For the full earning release, visit: ELS Q4 2010 Earnings

Senior Living Investment Brokerage (SLIB) recently announced the sale of a portfolio of four assisted living facilities located in the Florida panhandle.  The communities were all constructed in 1999 and have a total of 39 units in each community with additional land for expansion at each site.  The purchaser is a joint venture between Nationwide Health Properties (NHP), a publically traded REIT and Veritas InCare a regional operator.  Veritas InCare, the operator has an existing relationship with NHP and presence in the Southeast.  According to Ryan Saul of SLIB, purchaser is examining expansion of some of the facilities to include memory care and feels that rent increases are a possibility given the current and historical census.

“The Alliance portfolio is an example of where the market is headed.  This acquisition provides in-place cash flow for the buyer.  With growing demand for memory care, the new owner will expand each campus to provide a dedicated, secure memory care unit.  Sellers are getting top dollar, while buyers are purchasing facilities with upside through additional services or expansion,” said Bradley Clousing of Senior Living Investment Brokerage, Inc.