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NEWS | Companies BusinessBriefs Loan performance, cap rates take hit in third quarter: NIC » Sun Healthcare Group Inc. and Skilled Healthcare Group shares got a boost in late January after an analyst predicted that reimbursement rates would not change much this year. Gary Taylor of Citi Invest- By Liza Berger 2008, up from 12% in 2007. ment Research said he does not believe that The troubled economy and O t her i nd icator s a l so the Centers for Medicare & Medicaid Ser- rocky credit markets appear to revealed softening in the sec- vices will significantly alter Medicare rates for be catching up with long-term tor. Loan volume has fallen nursing homes and rehab care providers at a care, according to a new report since the first quarter of 2007 meeting next month. Sun shares have fallen from the National Investment when it reached $2.28 billion, significantly since September. Center for the Seniors Hous- according to NIC. The amount ing & Care Industry. Loan placed in the third quarter of » Care Foundation of America, a not- performance and capitaliza- 2008 was $1.01 billion. That Photo: NIC for-profit charity, has sued National Health tion rates both suffered in the compares with $1.55 billion Investors Inc. of Murfreesboro, TN, claiming third quarter of 2008. NIC President Robert Kramer in the second quarter. it was overcharged when it purchased six “Although loan perfor- says loan performance deteriora- Occupa ncy rates were tion can be expected. nursing homes in Florida for about $33 mil- mance held up well during flat to slightly higher in the lion nearly 10 years ago. It sued in conjunc- the third quarter, it did fall such, we may see some dete- seniors housing sector when tion with a bankruptcy filing, which occurred below 99 percent for the first rioration in loan performance compared to the previous prior to a deadline to pay National Health time since 2005,” said Robert during the next 18 months.” quarter. Skilled nursing—at the remaining $23.2 million it owes. Kramer, president of NIC, in Loan performance decreased 84%—remained the same. a statement. to 98.9% in the third quarter “Occupancy rates, as mea- » Capital Senior Living Corp.’s board “We'll need to see how from 99.5% in the second quar- sured for the major metro authorized a stock repurchase program of up this unfolds,” he added. ter. Meanwhile, capitalization markets by our NIC MAP to $10 million of its common stock. “Given “Since there is likely a good rates–ratios used to estimate data service and nationwide the current market conditions, we believe this amount of debt that needs to the value of income-producing by the KFIs, have declined stock repurchase program is a prudent use of be refinanced over the next properties–rose for skilled nurs- from their peaks in late 2006 our capital and demonstrates our confidence few years, and considering the ing last year. and early 2007,” said Lawrence in the long-term value of Capital Senior Liv-
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