CASE STUDIES

Ivy Ridge Case Study

2013 Q4 Acquisition

Ivy Ridge is a standalone MC facility in a desirable market that was underperforming but had great potential for turnaround and growth.

Statistics at acquisition:
-Occupancy: 50%
-Average Rate: $3,700 / month / resident
-Negative NOI at acquisition

Execution / Reposition

Leadership changes, focused sales & marketing programs and expense control initiatives were identified as key drivers to reposition of Ivy Ridge.

After 24 months of Validus leadership:
-Occupancy: 92%
-Average Rate: $4,200 / month / resident
-Operating Margin: ~18%

Currently (2017 YTD):
-Occupancy: 96%+
-Average Rate: $4,500 / month / resident
-Operating Margin: ~26%
-Current NOI: ~$800K / annum

Tampa Case Study

Inspired Living at Tampa

The Tampa facility leased-up in 22 months, 2 months ahead of initial projections.

With strong leadership and performance, the Company tapped into an underserved market and forged key community relationships to drive the lease-up process.

-REVPOR exceeded original underwriting by 5% at $5,305 / month / resident
-Current NOI: ~$1.1MM / annum
-Operating Margin: ~30%

Palm Bay Case Study

Inspired Living at Palm Bay

The Palm Bay facility leased-up in 18 months, 6 months ahead of initial projections

Under strong leadership and a focused sales team, Palm Bay established itself as a premier memory care building in its market

The facility is currently at 100% occupancy, and has a waitlist for potential new residents

-REVPOR is ahead of plan at $5,350 / month / resident
-Current NOI: ~$1.1MM / annum
-Operating Marin: ~30%

Ocoee Case Study

Inspired Living at Ocoee

The Ocoee facility is currently 36 residents ahead of plan and 6 months ahead of schedule

As of July 31, 2017, the community has 107 residents and has averaged 9.7 move-ins a month (3.2 over planned 6.5 per month)

-REVPOR: $5,515 / month / resident (1.5% increase over projection)

Kenner Case Study

Inspired Living at Kenner

The Kenner facility is currently 13 move-ins ahead of plan after opening in April 2017

As of July 31, 2017, the community has 48 residents and has averaged 12 move-ins per month (3.25 move-ins over planned 8.75 per month)

Actual lease-up is 2-3 months ahead of plan, averaging 3 residents more than anticipated REVPOR: $5,712 / month / resident

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