Covid-19 News Bulletin: Ventas, Brookdale Draw on Credit; More Cases Crop Up in Senior Living

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As a massive government stimulus package came together Tuesday, the stock market rebounded, but the Covid-19 crisis continued to deepen across the country. More senior living communities have reported cases, including two owned by Welltower (NYSE: WELL), the REIT disclosed as part of a coronavirus update. Ventas (NYSE: VTR) and Brookdale Senior Living (NYSE: BKD) also provided updates on Tuesday, including sharing the news that they have drawn on their revolving credit to shore up liquidity.

Here’s what you need to know for Tuesday, March 17, 2020:

• Ventas drew $2.75B from revolving line of credit, withdrew 2020 guidance.
• Welltower announced two Covid-19 diagnoses in its senior housing portfolio; CEO Tom DeRosa touted senior living as a key setting for keeping coronavirus patients out of hospitals to maintain bed availability.  
• Brookdale has drawn on its full revolving line of credit, stopped its share repurchasing program and halted some capex projects as expenses have grown due to Covid-19.
• The first cases of coronavirus in senior living in the state of Georgia were reported, involving three residents and an employee of a Phoenix Senior Living building. 
• CMS updated guidance for PACE programs.

Here’s what you need to know for Monday, March 16, 2020:

• Two more senior living communities in Kirkland, Washington, have reported cases of Covid-19. A Life Care Centers community here was hit in the early days of the U.S. outbreak and has lost more than two-dozen residents to the virus.
• The Dow plummeted nearly 3,000 points on Monday after plunging late last week. Senior housing related stocks continued to be affected, with the “Big 3” REITs all down more than 20% and Brookdale Senior Living (NYSE: BKD) trading down nearly 36% at the close.
• Irvine, California-based Healthpeak (NYSE: PEAK) — one of the Big 3 REITs — issued a Covid-19 update. The company expects a deterioration in performance relative to expectations at least for the next few months.
• Industry associations Argentum and ASHA urged Congress to exempt senior living providers from certain provisions of the Families First Coronavirus Response Act that they argued would “decimate” providers’ workforces.
• Personal care aides are among the workers most at-risk from Covid-19, according to a New York Times analysis.
• Covid-19 infections continue to spread among health care professionals generally, with workers in five states testing positive over the weekend.
• Testing for an experimental coronavirus vaccine got underway Monday, with the first volunteer receiving the shot in Seattle.

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