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Senior Housing Properties (SNH) Message Board

  • COOLREIT COOLREIT Jan 18, 2000 7:34 PM Flag

    Mariner announced their bancruptcy

    today but they received $150 million in debtor
    financing. That means there will be money to pay the SNH
    rent or lose their $15 million deposit. If Chase
    Manhattan came up with some of that money, I think they did
    some rigorous due diligence. I think Mariner will be
    around for some time to pay their rent. If they back out
    of lease they will lose their deposit.
    SNH did
    not trade down big time on this news. I think we are
    near a bottom on SNH price.

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    • where can I find that info on Mariner??.thanks.

    • <EOM>

    • in BK would SNH have unfettered access to $15
      million deposit in event of rent default...or would the
      BK judge hold it or consider it part of general
      assets available to creditors. I doubt the latter, but
      consider the former possible.
      Not an idle question
      since Mariner had substantial negative EBITDAR [Rent
      coverage]as of 6/99 qtr and I doubt it's gotten better since.

      • 1 Reply to BOBRGR
      • That's a very good question. I've always assumed
        it belongs to SNH. Why else would a landlord ask for
        security but for risk of leasing to a tenant. However, I'm
        not a lawyer - just married to one. Keep in mind,
        Mariner is up to date on rent despite being in BK - why
        else would they pay rent in BK but to preserve their
        deposit. I suspect that the deposit is subject to
        negotiations on how it will be used for further SNH protection
        into the next post BK lease. If we have a realestate
        lawyer on board maybe they could provide some insight.

    • just pointing out the similarities; both recently
      downgraded; both have tenants in bankruptcy; both have a
      questionable dividend level. Don't listen to anyone who tells
      you that SNH is a bargain at this price; it could be
      at $6 by the end of the month. My opinion only - and
      you are entitled to yours.

    • You obviously don't understand the differences
      between OHI and SNH. OHI's major problems are arising
      from being a mortgage lender to healthcare companies.
      Mortgages are treated entirely differently in bankruptcy.
      OHI has very high debt level, SNH has extremely low

      Oh... never mind. Believe what you want.
      I'm not going to waste my time educating someone who
      makes such outrageous statements without knowing the

      If anyone decides to listen to you about SNH, they
      shouldn't own SNH anyway, or any other stock for that
      matter. They, like you, should be invested in mutual

    • As I understand it, Integrated hasn't paid rent
      for at least 2 months and they only filed BK last
      week. They have no deposit to lose like Mariner. How do
      you see the negotiations proceeding with them. The
      dearth of info is killing SNH.

    • <<<As I understand it, Integrated hasn't
      paid rent for at least 2 months>>>

      frankly don't know what will happen. I don't know why
      they would be in arrears with their rent without SNH
      negotiating an agreement with them before they went Chapter
      11. Don't know if back rent is now considered a debt
      or if it will have to be paid to continue use of

      Guess results will depend on who is better negotiators.
      I'd lean on putting the squeze on integrated but SNH
      may be too afraid to do so. Maybe SNH or Integrated
      will let us know before too long.

    • open flame - a gas bag like you could explode and
      do serious mischief to anyone who happened to be
      standing around you. Your posturing and pronouncements
      about reits yielding 20%+ has done enough harm to
      anyone foolish enough to listen to them.

      I have
      read your posts on other boards and your idea of
      discussion is to immediately denigrate anyone who has an
      opinion different than yours. I am happy you decided not
      to educate me - I would not like to own the stocks
      (PZN, PRT, OHI, MT, CRRR, what else am I missing) that
      you have lost up to 75% of your capital with. Your
      type of education is where the saying "ignorance is
      bliss" came from.

      Please don't write another
      sanctimonious post about how you have 30 years of investment
      experience and people pay for your opinion. I think you have
      had 1 year of experience 30 times and suggest that
      you refund what ever money you sheared from the poor
      dupes putting them in your high yield

      For your own good, read the January 3, 2000
      Investment Quarterly, published by the Atlanta Journal
      Constitution where the author discusses 7 ways to make money
      and 7 ways to lose money with stocks. Your investment
      philosophy that you so generously spew in your postings
      incorporate 5 of the 7 ways to lose money.

      Have a nice

    • Well at least you are able to look at MY record
      of posts and know who I am and what I've said
      previously. I'm not a big balless COWARD who is so ahamed at
      my posts that I have to create new identies to hide
      my stupidity such as you have to do. You are a
      really a piece of work and an anathema to these boards.

      If you would use only one identity, at least
      everyone would know to ignore you and you posts
      completely. But, with your multiple identies, popping up a
      new one all the time, you don't even leave us that
      option. If knew who you were, I certainly wouldn't have
      to wasted my time responding to you.

      about a gas bag, saying SNH is heading toward $6.00
      shows you are short and a real slimebag who is trying
      to scare the readers here to sell out so you can
      make another dollar. How sorry a person is that. I'm
      sorry but your likes sicken me. You want to short, go
      ahead and do it. Post facts you deem support your
      position, but comeing in here yelling $6.00 is coming is
      not the way to do it.

      Here's one of your
      quotes from another board to another poster:
      "You act
      like you have some sort of crystal ball but you're
      just hyping. Why don't you stick to the facts?"

      Tsk, tsk, tsk... isn't that all I was asking you to
      do... to stop your crystal ball negative predictions
      and stick to the facts! Shame on me for saying so but
      you are a hypocrit or do you just dislike those with
      positive hype.

    • take your Ritalin and calm down. I have never
      posted on another board and I do not have multiple
      identities - I think you are being confused by your own
      schizo personality - humble and pompous.

      SHOULD BE ashamed of your posts and do try to hide your
      stupidity - it's very obvious.

      There are great
      similarities between SNH and OHI. Contrary to your previous
      statement OHI is NOT a mortgage reit. They hold some
      mortgages, but the majority of their assets are buildings
      that are leased to financially weak operators; like
      SNH. OHI cut their dividend and it's likely SNH will
      be forced to as well.

      By the way, if you
      truly think that anything posted on these boards has
      any effect on the stock price you are more delusional
      than I thought.

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