Latest news with #seniorshousing
Yahoo
4 days ago
- Business
- Yahoo
Digby affordable housing project on hold as federal funding dries up
A plan by a Digby, N.S., non-profit to build affordable housing on the site of a former downtown motel is at a standstill as the group awaits word on federal funding. The Digby & Area Housing Coalition Society purchased the former Siesta Motel in 2022 with an aim to turn the existing building into affordable housing, coalition chair Nancy Robinson said. Subsequently, it was decided that it would be more cost efficient to demolish the motel and build 34 units on the site. The units would serve seniors and other vulnerable people facing Digby's severe housing shortage. Robinson said the units would be genuinely affordable, with tenants spending no more than 30 per cent of their income on rent, including utilities. She said they already have many applicants for the units. After securing $300,000 in funding including provincial grants for design work and municipal approvals, the $11.2-million project was construction-ready this spring and awaiting the release of federal funds. After waiting for the outcome of the federal election, Robinson said the group was told the Canada Mortgage and Housing Corporation's affordable housing fund, their expected funding source, had been depleted. 'That's a lot of money' CMHC said in an email to CBC that it's affordable housing fund "has attracted significant interest and success, resulting in numerous high-quality applications," but did not indicate if and when it will be replenished. Robinson said the devastating news has left the project in limbo. "That's a lot of money and it's very difficult to make that up," she said. "It's nerve-racking, not just because of the number of people that are waiting for housing, desperately waiting for housing, and Digby where there's really basically nothing available and certainly nothing affordable." Robinson said the delay leaves the volunteer organization having to cover significant costs, including the $2,600-monthly mortgage payment on the vacant property. The delay couldn't come at worse time for Digby, she said. The community's housing shortage has reached emergency levels. She said the funding issue appears linked to broader changes in federal housing policy. While Ottawa works to implement its new housing plan, she said existing programs like the affordable housing fund have been allowed to lapse. Robinson said she understands the need for systemic reform, but immediate action is needed to help people in desperate need of appropriate housing. The coalition has launched a local fundraising campaign and is exploring alternative financing options. Chris D'Entremont, the Conservative MP for Acadie-Annapolis, which includes Digby, said it was strange the program was still taking applications even though it said its funds have been depleted. He said billions of dollars have gone into the fund, which has existed since 2018. "We're hoping that as the fall rolls around, of course, there's going to be a budget coming," he told CBC Radio's Information Morning Nova Scotia. Finance Minister François-Philippe Champagne "has said that there will be a program coming, that there should be funding. So we're hoping it will be topping this off." With demolition delayed from its planned May 2025 start, Robinson said completion could now slip to late 2026. Meanwhile, for the applicants the wait continues with no clear resolution in sight. "They are desperate. It's palpable. It's tragic, really," Robinson said. MORE TOP STORIES
CBC
4 days ago
- Business
- CBC
Digby affordable housing project on hold as federal funding dries up
A plan by a Digby, N.S., non-profit to build affordable housing on the site of a former downtown motel is at a standstill as the group awaits word on federal funding. The Digby & Area Housing Coalition Society purchased the former Siesta Motel in 2022 with an aim to turn the existing building into affordable housing, coalition chair Nancy Robinson said. Subsequently, it was decided that it would be more cost efficient to demolish the motel and build 34 units on the site. The units would serve seniors and other vulnerable people facing Digby's severe housing shortage. Robinson said the units would be genuinely affordable, with tenants spending no more than 30 per cent of their income on rent, including utilities. She said they already have many applicants for the units. After securing $300,000 in funding including provincial grants for design work and municipal approvals, the $11.2-million project was construction-ready this spring and awaiting the release of federal funds. After waiting for the outcome of the federal election, Robinson said the group was told the Canada Mortgage and Housing Corporation's affordable housing fund, their expected funding source, had been depleted. 'That's a lot of money' CMHC said in an email to CBC that it's affordable housing fund "has attracted significant interest and success, resulting in numerous high-quality applications," but did not indicate if and when it will be replenished. Robinson said the devastating news has left the project in limbo. "That's a lot of money and it's very difficult to make that up," she said. "It's nerve-racking, not just because of the number of people that are waiting for housing, desperately waiting for housing, and Digby where there's really basically nothing available and certainly nothing affordable." Robinson said the delay leaves the volunteer organization having to cover significant costs, including the $2,600-monthly mortgage payment on the vacant property. The delay couldn't come at worse time for Digby, she said. The community's housing shortage has reached emergency levels. She said the funding issue appears linked to broader changes in federal housing policy. While Ottawa works to implement its new housing plan, she said existing programs like the affordable housing fund have been allowed to lapse. Robinson said she understands the need for systemic reform, but immediate action is needed to help people in desperate need of appropriate housing. The coalition has launched a local fundraising campaign and is exploring alternative financing options. Chris D'Entremont, the Conservative MP for Acadie-Annapolis, which includes Digby, said it was strange the program was still taking applications even though it said its funds have been depleted. He said billions of dollars have gone into the fund, which has existed since 2018. "We're hoping that as the fall rolls around, of course, there's going to be a budget coming," he told CBC Radio's Information Morning Nova Scotia. Finance Minister François-Philippe Champagne "has said that there will be a program coming, that there should be funding. So we're hoping it will be topping this off." With demolition delayed from its planned May 2025 start, Robinson said completion could now slip to late 2026. Meanwhile, for the applicants the wait continues with no clear resolution in sight. "They are desperate. It's palpable. It's tragic, really," Robinson said.
Yahoo
15-07-2025
- Business
- Yahoo
What to Expect From Welltower's Q2 2025 Earnings Report
Toledo, Ohio-based Welltower Inc. (WELL) operates as a REIT and engages in investments with seniors housing operators, post-acute providers, and health systems. With a market cap of $101.5 billion, Welltower's portfolio is concentrated in major, high-growth markets in the U.S., Canada, and the U.K. The real estate giant is expected to release its Q2 results after the market closes on Monday, Jul. 28. Ahead of the event, analysts expect Welltower to report normalized funds from operations (NFFO) of $1.22 per share, up 16.2% from $1.05 per share reported in the year-ago quarter. Moreover, the company has surpassed Wall Street's NFFO projections in each of the past four quarters. Palantir Just Launched Warp Speed for Warships. Does That Make PLTR Stock a Buy? This Analyst Just Doubled His Price Target on AMD Stock How High Can Nvidia Stock Go as Jensen Huang Heads to China? Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! For the full fiscal 2025, analysts expect WELL to deliver an NFFO of $5.02 per share, marking a 16.2% increase from $4.32 per share reported in fiscal 2024. In fiscal 2026, its NFFO is expected to grow 13.8% year-over-year to $5.71 per share. WELL stock has soared 51.7% over the past 52 weeks, significantly outperforming the S&P 500 Index's ($SPX) 11.6% gains and the Real Estate Select Sector SPDR Fund's (XLRE) 4.7% returns during the same time frame. Shares of Welltower gained 1.6% in the trading session following the release of its impressive Q1 results on Apr. 28. Driven by solid growth in resident fees and services, the company's total revenues for the quarter surged 30.3% year-over-year to $2.4 billion. Supported by 21.7% growth in comparable NOI in its seniors housing, its overall comparable NOI grew by 12.9%. Furthermore, its normalized funds from operations soared 34.5% year-over-year to $787.2 million, and its NFFO per share of $1.20 surpassed the consensus estimates by 4.4%. Moreover, the stock maintains a consensus 'Strong Buy' rating. Of the 18 analysts covering the WELL stock, opinions include 13 'Strong Buys,' two 'Moderate Buys,' and three 'Holds.' Its mean price target of $170.65 suggests a modest 8% upside potential from current price levels. On the date of publication, Aditya Sarawgi did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
Globe and Mail
10-07-2025
- Business
- Globe and Mail
LTC Operator Files for Bankruptcy
LTC Properties Inc. (NYSE: LTC) ('LTC' or the 'Company'), a real estate investment trust that primarily invests in seniors housing and health care properties, learned yesterday that Genesis Healthcare, Inc. ('Genesis') filed for Chapter 11 bankruptcy. Affiliates of Genesis lease six skilled nursing centers in New Mexico (five) and Alabama (one) with a total of 782 beds under a master lease with LTC. The master lease matures on April 30, 2026 and provides three 5-year renewal options. On June 3, 2025, LTC received Genesis' written notice of its exercise of a 5-year extension option, which would extend the term of the lease to April 30, 2031. Annualized revenue and annualized contractual cash revenue from Genesis were $8.4 million and $9.5 million, respectively, representing 4.5% and 5.1% of LTC's annualized revenue and annualized contractual cash revenue, respectively, as of March 31, 2025. Genesis has paid their contractual rent through July 2025. LTC holds $4.7 million of security from Genesis as required by the master lease in a letter of credit. About LTC Properties LTC is a real estate investment trust (REIT) focused on seniors housing and health care properties, investing through RIDEA, triple-net leases, joint ventures, and structured finance solutions. The Company's portfolio includes nearly 200 properties across approximately 25 states, operated by 25+ partners. Based on gross real estate investments, assets are evenly balanced between seniors housing and skilled nursing centers. Learn more at Forward Looking Statements This press release includes statements that are not purely historical and are 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future. All statements other than historical facts contained in this press release are forward looking statements. These forward-looking statements involve a number of risks and uncertainties. All forward looking statements included in this press release are based on information available to the Company on the date hereof, and the Company assumes no obligation to update such forward looking statements. Although the Company's management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. The actual results achieved by the Company may differ materially from any forward‑looking statements due to the risks and uncertainties of such statements.
CBC
02-06-2025
- Business
- CBC
Alberta developer faces Consumer Protection Act charges over return of life lease fees
Social Sharing The head of an Edmonton property development company that owes hundreds of seniors money from life lease contracts is now facing charges under Alberta's Consumer Protection Act. Court records show that Greg Christenson, president of Christenson Group of Companies, has been charged with two counts of failing to return a life lease entrance fee within 180 days — alleged violations of new rules introduced in Alberta last year. According to court information, the charges stem from alleged failure to return two people's life lease fees between roughly the beginning of 2025 and the end of April. The life lease model is often used for seniors' housing. It sees residents pay a large lump sum upfront, plus monthly operating costs, to occupy a unit for the remainder of their life. If they die or they have to move out, their initial investment is returned, minus a percentage that the housing operator uses to refurbish the unit. As of the end of 2024, the Christenson Group, which owns nine retirement homes in Edmonton and central Alberta that previously offered life leases, had yet to repay more than 200 seniors or the family members now managing their estates. Christenson was charged May 7 "for allegedly failing to repay two private loans," lawyers Ian Mahood and William Kenny told CBC News in a statement. "These charges are without merit. At all times, Mr. Christenson has abided by all relevant and applicable laws," the statement says. "Mr. Christenson looks forward to clearing his name in court, and further looks forward to defending his contracts under which the monies in question were lent." Alberta's changes to life-lease rules Some of the former retirement residents in Christenson Group buildings have been waiting three years or more for hundreds of thousands of dollars they put toward a life-lease unit. The company owed about $75 million, in total, by the end of 2024. People are waiting because the Christenson Group's life-lease contracts include a provision for a repayment queue that kicks in if more than six per cent of the life lease holders in a building terminate their lease at the same time. It's a common feature of this type of housing agreement, but experts say the lengthy wait for the return of so many entrance fees is an outlier across the country. The provincial government brought life leases under the jurisdiction of the Consumer Protection Act last year, setting approximately six months as the time limit for life lease operators to repay former residents. Potential penalties for offences under the act include fines up to $300,000 or as much as two years in jail. The rules apply only to contracts terminated after the legislation took effect in mid-2024, and don't cover anyone who entered a life lease queue before that, even if they have been waiting longer than six months. Christenson has previously told CBC the root of the long queues is the COVID-19 pandemic, which hit seniors' care and housing hard, and prevented his company from moving in new life lease residents for a long period of time. He has said the company intends to repay everyone, and they're working on a remortgaging plan, with a new rental-only model, to make that possible. The company is not offering any new life leases, but there are still many residents who live in life-lease units, and will be expecting the return of their entrance fee when they terminate their contracts. A group of current and former life lease residents, as well as their family members, are advocating for a solution through a non-profit, the Alberta Life Lease Protection Society.
