Seniors Housing Business

OCT-NOV 2017

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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Page 22 of 47 23 October-November 2017 n Seniors Housing Business Hutchinson. As examples of post- storm challenges, he cited the dif- ficulty of finding diesel fuel for generators and workers unable to navigate impassable roads to reach the communities. Many seniors housing workers from neighboring states were able to travel to the Sunshine State to offer a helping hand as a result of Florida's willingness to grant licensing exceptions. This deci- sion allowed workers, particularly in the skilled nursing segment of seniors housing, to cross the bor- der without receiving a second, Florida-specific license. "Our state officials were able to work with Medicaid and FEMA to get waivers on a lot of items to make sure that services were able to be brought to those affected in Florida," says Susan Anderson, Florida Argentum's vice president of public policy. Texas operators saw similar results. Two major healthcare REITs — HCP Inc. (NYSE: HCP) and Care- Trust REIT Inc. (NASDAQ: CTRE) — separately announced that none of their properties in Texas received any significant damage from Hurricane Harvey. HCP's assessment indicated "either no or limited damage due to Hurricane Harvey." The com- pany did evacuate three seniors housing communities due to some water intrusion. Remediation work began immediately, and the properties were reopened within days. HCP also noted that all dam- age to its properties will be cov- ered by insurance. "Our thoughts go out to the many people impacted by this devastating storm," said Tom Her- zog, HCP's president and CEO, in the immediate aftermath of Har- vey. "Brookdale and our other operating partners, along with our on-site teams, were well-prepared and continue to work diligently to ensure the safety of our residents and tenants." CareTrust reported that its seven properties in the Houston area experienced no damage, but did evacuate The Courtyard Rehabili- tation and Healthcare Center in Victoria, Texas, due to power out- ages in the area. The community's 48 residents were moved to four other properties in San Antonio operated by the same company (The Ensign Group). Preparing for next time Both Hutchinson and Argentum note that despite the well-executed response overall, there are still many lessons to take away. For example, Hutchinson notes that plans called for having a healthy limit on credit cards for emer- gency supplies. However, during power outages, the stores couldn't process credit cards anyway. For future emergencies, Discovery plans to have ample petty cash funds available as well. "Like everybody else, we're doing an after-action review. We need to learn our lessons, update and prepare for the next one," says Hutchinson. "Hopefully we can do as well then as we did for Irma." The negative press is espe- cially damaging for the indus- try because, generally speaking, seniors are much safer in a seniors housing community than at home, notes Hutchinson. Most seniors housing communities have the necessary infrastructure, supplies and trained staff on hand to help residents during an emergency. "Our industry demonstrated why we're a great option for seniors," says Hutchinson. "We talk a lot about lifestyle. But it's also about safety and security, the ability to have professionals there during crises. As a whole, the seniors housing industry stepped up and answered the bell." At M&T Realty Capital Corporation, we understand that speed and certainty of closing complicated transactions is important for commercial real estate clients. We have more than 160 years of experience building relationships, providing seamless execution, and tailoring financing solutions to meet your unique needs. With $3.4 billion in commercial and multifamily loans closed in 2016 alone, M&T Realty Capital Corporation offers the know-how and experience you need to close deals with confidence. To find out how we can deliver for you, call 1-800-737-2344 or visit Equal Housing Lender. ©2017 M&T Realty Capital Corporation. M&T Realty Capital Corporation is a wholly owned subsidiary of M&T Bank. Understanding what's important. Delivering the deal.

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