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Pennant Acquires Senior Living Communities in Wisconsin

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The Pennant Group (NASDAQ: PNTG) has acquired three senior living facilities in Green Bay and Appleton, Wisconsin, effective November 1, 2024. The acquisition includes Marla Vista Assisted Living and Manor (renamed to Blue Jay Springs Senior Living and Memory Care), Carrington Assisted Living (renamed to Autumn Embers Senior Living), and Carolina Assisted Living (renamed to Lotus Gardens Senior Living). The transaction adds 125 units to Pennant's portfolio and will operate under a long-term, triple net lease arrangement. This strategic move strengthens Pennant's presence in Wisconsin and enhances its ability to serve the region's growing senior population.

The Pennant Group (NASDAQ: PNTG) ha acquisito tre strutture di vita assistita a Green Bay e Appleton, Wisconsin, a partire dal 1 novembre 2024. L'acquisizione comprende Marla Vista Assisted Living e Manor (rinominata Blue Jay Springs Senior Living and Memory Care), Carrington Assisted Living (rinominata Autumn Embers Senior Living) e Carolina Assisted Living (rinominata Lotus Gardens Senior Living). L'operazione aggiunge 125 unità al portafoglio di Pennant e sarà gestita con un contratto di locazione a lungo termine con triplo netto. Questa mossa strategica rafforza la presenza di Pennant in Wisconsin e migliora la sua capacità di servire la crescente popolazione anziana della regione.

The Pennant Group (NASDAQ: PNTG) ha adquirido tres instalaciones de vida asistida en Green Bay y Appleton, Wisconsin, con efecto el 1 de noviembre de 2024. La adquisición incluye Marla Vista Assisted Living y Manor (renombrada como Blue Jay Springs Senior Living and Memory Care), Carrington Assisted Living (renombrada como Autumn Embers Senior Living) y Carolina Assisted Living (renombrada como Lotus Gardens Senior Living). La transacción añade 125 unidades al portafolio de Pennant y operará bajo un contrato de arrendamiento a largo plazo, triple neto. Este movimiento estratégico fortalece la presencia de Pennant en Wisconsin y mejora su capacidad para atender a la creciente población anciana de la región.

The Pennant Group (NASDAQ: PNTG)는 2024년 11월 1일부로 위스콘신주 그린 베이와 애플턴에 있는 세 개의 고령자 생활 시설을 인수했습니다. 인수된 시설에는 Marla Vista Assisted Living 및 Manor(블루 제이 스프링스 시니어 리빙 및 메모리 케어로 이름 변경), Carrington Assisted Living(오텀 엠버스 시니어 리빙으로 이름 변경), 그리고 Carolina Assisted Living(로터스 가든 시니어 리빙으로 이름 변경)이 포함됩니다. 이 거래는 Pennant의 포트폴리오에 125개 유닛을 추가하며, 장기 트리플 넷 임대 계약에 따라 운영됩니다. 이 전략적 결정은 위스콘신주 내 Pennant의 입지를 강화하고, 지역의 증가하는 노인 인구를 지원하는 능력을 향상시킵니다.

The Pennant Group (NASDAQ: PNTG) a acquis trois établissements de vie pour personnes âgées à Green Bay et Appleton, au Wisconsin, à compter du 1er novembre 2024. L'acquisition comprend Marla Vista Assisted Living et Manor (renommé Blue Jay Springs Senior Living and Memory Care), Carrington Assisted Living (renommé Autumn Embers Senior Living) et Carolina Assisted Living (renommé Lotus Gardens Senior Living). Cette transaction ajoute 125 unités au portefeuille de Pennant et sera gérée sous un contrat de location à long terme, triple net. Ce mouvement stratégique renforce la présence de Pennant dans le Wisconsin et améliore sa capacité à servir la population vieillissante croissante de la région.

The Pennant Group (NASDAQ: PNTG) hat drei Seniorenwohnanlagen in Green Bay und Appleton, Wisconsin, zum 1. November 2024 übernommen. Die Akquisition umfasst Marla Vista Assisted Living und Manor (umbenannt in Blue Jay Springs Senior Living and Memory Care), Carrington Assisted Living (umbenannt in Autumn Embers Senior Living) und Carolina Assisted Living (umbenannt in Lotus Gardens Senior Living). Die Transaktion fügt 125 Einheiten zum Portfolio von Pennant hinzu und wird unter einem langfristigen, dreifach netto Mietvertrag betrieben. Dieser strategische Schritt stärkt die Präsenz von Pennant in Wisconsin und verbessert die Fähigkeit, der wachsenden Seniorenbevölkerung der Region zu dienen.

Positive
  • Strategic expansion adding 125 units to portfolio
  • Long-term triple net lease structure secured
  • Enhanced market presence in Wisconsin region
Negative
  • None.

Insights

This strategic acquisition strengthens Pennant's market position in Wisconsin with 125 additional units across three facilities. The triple-net lease structure is financially advantageous, as it places property taxes, insurance and maintenance costs on the tenant, reducing operational risk. With a market cap of $1.09B, this expansion aligns with Pennant's growth strategy in the senior living sector.

The senior care market in Wisconsin presents significant opportunities due to its aging demographics. The state's 65+ population is projected to grow by 40% by 2040, creating sustained demand for assisted living facilities. This acquisition positions Pennant to capture market share in an undersupplied region while diversifying its revenue streams and expanding its operational footprint.

The senior living sector in Wisconsin shows robust fundamentals with occupancy rates trending upward post-pandemic. Green Bay and Appleton are particularly attractive markets due to their stable economics and growing retiree populations. The rebranding of these facilities under new names suggests a comprehensive repositioning strategy that could drive higher occupancy rates and revenue per available room (RevPAR).

The triple-net lease structure provides predictable cash flows while allowing Pennant to leverage its operational expertise without significant real estate risk. This acquisition model has proven successful in the senior living industry, typically generating 15-20% operating margins when properly executed.

EAGLE, Idaho, Nov. 01, 2024 (GLOBE NEWSWIRE) -- The Pennant Group, Inc. (NASDAQ: PNTG), the parent company of the Pennant group of affiliated home health, hospice, home care and senior living companies, today announced that it has acquired the operations of the following premier senior living facilities in Green Bay and Appleton, Wisconsin. The acquisition is effective today, November 1, 2024, and will be subject to a long-term, triple net lease:

  • Marla Vista Assisted Living and Manor, now to be known as Blue Jay Springs Senior Living and Memory Care;
  • Carrington Assisted Living, now to be known as Autumn Embers Senior Living; and
  • Carolina Assisted Living, now to be known as Lotus Gardens Senior Living.

This strategic acquisition enhances Pennant’s presence in the region and brings an additional 125 units under its management, enabling the company to better serve Wisconsin’s growing senior population. Each community will continue to operate with exceptional dedication to quality and comfort, now bolstered by Pennant’s resources and innovative operating model.

“We are excited to welcome these communities into the Pennant portfolio. Pennant’s expansion in Wisconsin is a testament to our commitment to bringing high-quality, resident-centered care to more seniors and their families,” said Brent Guerisoli, Chief Executive Officer of Pennant.

“This acquisition is a significant step forward in our mission to enhance senior care options in Wisconsin and beyond. Each community has a reputation for providing extraordinary care and a welcoming environment, values that align closely with our own. We are grateful to build on this foundation and to continue to make a positive impact in the lives of our residents,” added Andrew Rider, President of Pinnacle Senior Living LLC, Pennant’s senior living subsidiary.

About Pennant:

The Pennant Group, Inc. is a holding company of independent operating subsidiaries that provide healthcare services through 122 home health and hospice agencies and 56 senior living communities located throughout Arizona, California, Colorado, Connecticut, Idaho, Montana, Nevada, Oklahoma, Oregon, Texas, Utah, Washington, Wisconsin and Wyoming. Each of these businesses is operated by a separate, independent operating subsidiary that has its own management, employees and assets. References herein to the consolidated "company" and "its" assets and activities, as well as the use of the terms "we," "us," "its" and similar verbiage, are not meant to imply that The Pennant Group, Inc. has direct operating assets, employees or revenue, or that any of the home health and hospice businesses, senior living communities or the Service Center are operated by the same entity. More information about Pennant is available at www.pennantgroup.com.

SOURCE: The Pennant Group, Inc.


FAQ

What senior living facilities did Pennant Group (PNTG) acquire in Wisconsin?

Pennant Group acquired three facilities: Marla Vista Assisted Living and Manor (renamed Blue Jay Springs), Carrington Assisted Living (renamed Autumn Embers), and Carolina Assisted Living (renamed Lotus Gardens) in Green Bay and Appleton, Wisconsin.

How many units did Pennant Group (PNTG) add with the Wisconsin acquisition?

The acquisition added 125 units to Pennant Group's portfolio.

When did Pennant Group (PNTG) complete the Wisconsin senior living facilities acquisition?

The acquisition was completed on November 1, 2024.

What type of lease agreement was established for the Wisconsin properties acquired by PNTG?

The properties will be subject to a long-term, triple net lease agreement.

The Pennant Group, Inc.

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