Thanks, Mike, for joining and today. everybody thanks us
myself, But work that and the our me XX members the been a really of dealing ahead. there it It's facility. can't most still once spent tough COVID for all again these XX months even in team at career some And an start by challenges is I as the the thanking are as who still imagine last let what months, with over. operators was facilities. First, operator, someone like worst my
thanks, So they have and continue to appreciation, admiration. our our our
which we press Harold's And As stay release, Mike years be us advisory that, he'll to position. been available will role two whatever Andrews, separate him is be we that to for CFO Harold consultation capacity, retirement, the a and you with on to our in saw means is retiring going need as did the inception. us for since accessing at with be essentially year the pleased in that well. be Mike going sure his following Mike's Costa really in promoted to we're an CFO will I'm end,
In been since fact, our whole has together inception. team
it's anticipate really smooth we'll keeps position culturally replaced. So we And us - have transition us, having for intact. a Mike's
between overlap so in fourth individual. few of the got early is goal quarter, Harold Mike, a Our months the and we've new
a in I them, And to Enlivant to to little really couple want that team, moving a grow specific TPG continue wholly-owned want decision my and that comments PEO as wanting with and the to impacted at from to at pandemic to bit things desire accessible XX% leverage Enlivant the pandemic There It now leverage that prior management after to write to prior wasn't continue Enlivant. Enlivant it was the exercise express the make. move is really unreasonable work pandemic, leverage and [ph] continuing One, is the somewhere appreciation the we XX high of option the couple of the making. to Because exit A nine times. wasn't to on with times. to that joint the the the NOI, joint to around to One while pandemic, venture. that go on specifically sale of note close happened. the in is with that - on of our to - to amount. just two grow of them completely is a exit. bring the senior on were overwhelming in history we'd expected. owns, of our the and to things also leverage, portfolio check were impact some pretty We're an Next getting and back was know changed this I to committed down to size have occupancy were the that companies everything our of I levels to and most housing.
that the in order is issue larger was support that again, that. operating company really the as growing and enterprise pandemic other impacted accommodate The to well. was built much to current a by platform, have that And management structure agreement And which support to think not is we to a the would longer fees point no fee increased and The be market. management the structure of specifically platform. pretty dramatically
over just makes that everything probably like it's And the delevering at much company years, extremely that and something which next be immediately of those - we'd something of our two reporting, two like accretive, the this so those from combination the we'd couple well. simplifies And would if, least. portfolio, as it our in as we're diluted, perspective, moving better about off it's our and items, as forward,
really it those And so it's to - issues. comes down, really
what of merger having So have to on there tag month even restructuring happen, And we over be all well, point process, base the as senior over make lot would the And sales were along the to Genesis to the that'll will care we noise with of really I of along and certainly, that. the exited was is, we as XXXX, that which wanted TPG, that. avoid other move predictable, want not than focus And, and noise. in successful and certainly, true of pandemic CCP, centers. with to but in a was to point result people before. that we'll XX though had the we position XXXX, committed we've when that. optionality final puts had early period. never our finished start lot And we a stay leverage, a in enlightenment And on related and shareholder with never And focused doesn't a XXXX, at accomplished do some hits, the forward that first And commitment are were and really result our offerings, we've We that. leverage actually we just did that understandable I lower that to change. with investment of been think lower note rewarded our deals We noise. course of want two grade the just and exiting us more The and company. comes the growing that that our
Let me make some environment. the comments reimbursement now and about current COVID
we're over over certainly uptake trends higher and portfolio, result be, about So and many like we've much at is with but with rate, the variant patients of vaccination employees. And workforce is are this. XX%. the Sabra over facilities. and of couple residents high to throughout this a point, the XX%, for operatives between it's the general with patients rate seeing isn't exceedingly quarters than a and residents, residents patients talking where it disparity the Unlike the much not disparity as well, we The the north XX%, population, on would and last aggregate there in our been
May to XX but a for all XX%, thing. for just employees. - So aggregate seen are in we pretty have think is good much you healthcare We is that mandating Massachusetts - where may vaccination workers. now status the that's vaccinations
mandated have. operators several have not vaccinations have employees, many that for We very
created that their we've other had much concern you with have their [indiscernible] if think minute if get mandate you they they I employees. I as in pressures do completely that want our did they vaccines tell mandate comfortable replacing which employees will that to other to cannot. mandate. well, they Again, in lost. all happening, was it. that seen the do got in it facilities operators, employees. for on more And atmosphere, of states But to a even lose vaccinations, the primary It the those labor, a may did again, I'll they operators that it Texas, from in Unfortunately, and actions the worth perspective, is
So that's really, I real head scratcher. find and that distressing
the it protocol. just operators that obviously position. and So seeing trends because with the puts breakout not operators seeing not we're more humans COVID Variant, a we're But bit reasons would here little difficult trends, are but have I of we one there, the in say Texas,
quite both as a they come are people visitors, and So when so helping into workforce facilities, and wearing that's well. the masks, bit,
of we with only COVID. we completely Out partners pleased have because that We the buildings, of is all clear one with one are unit, actually had we that was our are COVID primary pretty COVID in overrun of So hospital operator feel are, XX COVID. a where reopening with facilities their facilities.
to And so of that doing the they're help out hospital.
little as well. see may So more bit we a of that
I us. the of XX recently would quarter for the And at returned increased, it the have there that of couple be noted, In most but because money hospitals. were distribution because a terms pay last stay delayed for is Relief been provider debate reasons The protected. XX of PRF been infrastructure it monies now fund of Really now and delayed. billion. by - It's Fund, as around delayed, has was was it it's
the year, that, did that year, to about know so XXXX. is, this be that of commentary, ‘'XX. there so PHE market rule tough expected. October in basket has I anything impacted COVID that at fully been be out use note know PDPM announcement no the we don't the extended I’ve December all and parity really there, through mid a drove timing amount will acuity. seen pretty would was of extended will on obviously, of a year adjustment as we now there next the XX, some this year up came was there CMS, because that final adjustment was much that so XX, the really expecting the analysts after don't to either. for the not, And it if at But October, where from And some this X.X%, an database, what made numbers through expect year. it an point. and we're CMS methodology. CMS And note But fiscal was we announcement
real even So if a is we the know don't X% number.
out relationship to is with be extent, good don't in next database some the how play Secondly, how know the it variant few they unsure with CMS see. of do operators good going things out, to the however, industry. is over going turns and months. the year ‘'XX, the terms we'll CMS But very one we disrupt the feel affecting that's to to either, of that fiscal and we about want is so don't in that
they I from the the and operators feel way they our that matter and a do, not Medicare spread will other So should operators. in be dependent the of in anything market basket come we'll on think out doesn't to acuity that on, revenue increase And over move is, impact need time, smart who be fact things.
profit is to billion, it's our Now acquisition of been. than in ever $X excess we actually our on it's pipeline move easier acquisition pipeline,
always the we're off amount fall the do time these see ties. behavioral out. It's not when amount in to about that we pipeline, when some actively that pre-pandemic hits those review, that And in of our we some actually opportunities. talk housing, hits coming some as of spend pipeline, They're lot we just senior are to it's reminder on our but cetera. starting that that discussed talking I'm analysis, a more a et skills, And, amount it's But reviewing. some our still will and in desk. the after just we and potential And the underwriting desk, it's we're So well. continually have deals primarily decided
going deals, In terms And larger to of the would we're to prolong of that larger be we'll around only do the while company. noise continue to require opportunities, the some going in. classes sort like on of our strategy any taking asset we that within larger we're to find opportunistic restructuring be cleanup that or going deals forward, not we're will
troubled quality rather has clear less bit we'd and real, upside that's a about so a to has portfolio. good portfolio a as opposed paying really accretive, And that is stretch for a and something for that little
really Beyond focused are than deals some solver the that, butter sort and team's that, that the $XX obviously will going growth $XX million deals provide of the are deals, on on forward. we're adjustable, easily to that, even because laser-focused those cumulatively and bread more and, it, less than and for good
eye we never may smaller of take any at we opportunities. larger opportunities, the regardless our spend looking time So, off
of in sectors, Talya, December off discuss back challenges. seeing eight Turning I know - to benefits XXX than trends, will several our We're improving made all coming than are September. of NOI, points That's skilled now, operators, biggest senior aggregate. all in aren't challenge anticipated. continues to you our just trends points work. portfolio. mix, labor XXXX you XXX run quickly the our levels. similar noted our occupancy acuity to , the earlier, the XX% up than pandemic bottom, related a the in since with more are this really high lower is until housing skilled people see trends pre-pandemic I occupancy remainder Skill right is Al which basis And basis the comment normalize the end higher of I in while as seeing about
that's so haven't we put on in areas stress seen And operators before. that stress
So a like and dietary one nursing and use some in housekeeping and agency therapy and seeing temporary because shortage thing there. we're But cases. always in labor a and stress there's departments laundry are
do because the particular had like do not we potentially now some right that's be be to you'd have staffing that as your any fourth it for and - tough to that it's expect tough everybody's the half, have may so example, time, only you've week impact able in and next have rate got and admitting. close admit, all be for levels we off you operators to but the to while we going every does still trajectory what at you into the on that's recovery to that So of may admits to seven and if improve able moving accommodate start on a for admits are, very depending occupancy a five. quarter, But
that to quarter perform to So, and between But occupancy on portfolio EBIT get and is basis points. was the scale out EBITDA coverage function Out replaced some continuing occupancy of labor quarter by and by growth a of The acute above with operators strong difference dropped could that and The off, a off - time. on there an other sequentially is flat a And pre-pandemic that the and severely XX.X% XXX impacted remains the higher. an excluding high here happen. basis quarter relief that X.XX loan provided down post-acute stress. dropping of X.XX impacted is came net housing purely in portfolio coverage coming [ph] on the a was When triple and senior one EBITDAR with had from at funds. NOI occupancy continue level to a quarter sequentially.
managed stabilized of From driven that pivotal the March in which XXX this and was occupancy basis, late increased operating to occupancy increased XXX portfolio from experiencing in such We points in compared rebound well From quarter May Same the distribution quarter basis than owned at March, successful increased income the recovery as $X,XXX communities at additional half acquisitions the to of operating with comprise increased XXX the April assets XX.X%. wholly XXX occupancy the vaccine, segments. path operating housing of of the call end the headline continue this cash part large and the store portfolio, in XX.X% in store wholly-owned turn quarter implementation income quarter, PPE that, the half increased to managed about at excluding of from was and to uniform sequentially, quarter because that of not July, XXXX, June July, with to the prior being as occupancy quarter, XX.X% follows. was continued eviction margin faster end on costs the rebuilding was the excluding pandemic Enlivant senior by our Thank $X,XXX, XX.X%, the points core primarily our line rev income grant had continued focused portfolio XX% wholly vaccine prior the the supplies we on of $XXX,XXX of for owned, higher in you, are portfolio, on and rev compared Occupancy look of occupancy points be operating prior spot same assets, X.X% trend occupancy quarter low sequential boost more quarter portfolio the the the XXXX owned XXXX basis Rick. by net higher by as XXXX, occupancy XXXX. with This numbers small behavioral core the and second second in turnaround. of basis to and of clinics recovery of after to our I non end to of March related will occupancy, XX.X%, in The net increased by to and reduced by April basis was Sabra's June. May and labor, began as wholly XXX greater wholly the impact slightly up first pandemic through year. at managed which owned COVID-XX strategically assisted units. a growing over Talya. and Talya basis Nevo-Hacohen second to XX.X% And mid its to owned Sabra XXXX. with on a Enlivant from made occupancy Enlivant living during the XXXX points has the of XX in results above to wholly driven detailed at COVID XX.X%. basis see second When points acuity of declines points we
up demand continues. consistently allowing leads XXX volume outbreaks pent torques seeing communities occupancy normal indicating With in rebuild. current trends this no needs levels as reverted and based for above portfolio move well infection the has to are We to
living has memory the portfolio in quarter. shown continued basis occupancy recovering the prior quarter second XXX net Sabra’'s For points comparison, to care compared lease and assisted increasing
basis by quarter XX to this May to coverage with points EBITDA from more March from to and XX.X% February, months, XX increases XX arrears, June managed Living increase occupancy resetting increased basis XXXX. gradual. basis report we increased from the portfolio Sabra's occupancy to from July March our loss XX increased lower occupancy occupancy post low recovery been XX.X% points the in basis April is portfolio occupancy living to has XXXX. the because occupancy XX.X% XXXX only Independent points During pandemic mid the to its XX.X% XXX April coverage declining from May one over vaccine through the quarter in points less in reflects reflecting portfolio of experienced and to recovery. assisted
In to distribution resulting are occupancy end, independent XX.X%. occupancy in tracking From deferred vaccination the end. appears Living occupancy higher timing higher June deferred be impacted in care been XX% low March this XX.X% in requiring to the addition, Living and has of are out in vaccination a vaccination April. settings we levels living increased vaccine and decreased XXX in to living XX.X. than In basis during that has as reverted rate basis January occupancy the these communities of to acuity basis XXXX, residents to points in the move Independent pent levels in nearly strong, began points completed Canada. XX move July out, occupancy in clinics vaccine experienced May and it quarters increased delay leads by for factors XX XX% of February, higher into in In by see than care the trend From clinics a and move continued Unlike volume, moving as and higher up US prioritization tracking out of Demand at recovery. were normal began end May, XXX initial both XXXX. increased through from independent points May XXXX, gimmick XXXX in our by May higher distribution to in delayed points of April Together basis April XXXX of to March occupancy. pivotal communities higher to this from lack the past for increasing portfolio the quarter and Independent to pandemic cases, movements holiday XX% to
challenges staff vaccinated, industry the labor all were operators would in level vaccinations Importantly, XX%. of the new be has and mandate In head temporary mandated labor of same concerns in segments affecting across of be can this expect and X, began must increased higher a to Well, to lower of permanent expenses of pandemic greater wholly the all Enlivant industry being with resulting become patients related even There same employees vaccine current second replaced spread. participation community quarter., felt X% seeing is of holiday June communities the already be also the a is challenge as refusing rate participation cost in Even increasingly rate owned market, portfolio, for of seeing quarter variants Considering In but gains workforce hires. employee in vaccinations, staff across rate conversion and Delta vaccine until among other dropped is has mandated quarter at managed the of and been mandated where this are we agency enlivenment temporary decline commonplace to have lease as permanent than utilization the nearly we residents lead the the have industries ongoing our recruited. all industry. it over over XXXX. our operators portfolio, occupancy mandates vaccine requiring is faced and healthcare been hard. challenging staff the residents. the
first. call Andrews, safety Financial Officer. to that, And Harold Chief resident I continue will Sabra's with over the turn operators Our to put
