Silly to be short here. No maturities of consequence until q4/24 and with rates likely coming down, shouldn't be onerous to refinance. Borrow cost on shorting the stock likely high, in addition to 8 percent div yield.
occupancy trends on the rise, which should drive operating leverage. Cost inflation also headed down, and negligible third party agency costs going fwd. Secular story for both ltc and retirement are good. Ltc is govt funded and inflation ind3xed (for the most part) and waiting list in the tens of thousands, Retirement caters to baby boomers who have little debt, many have legacy pensions, enjoyed 40 years of declin8ng rates and asset inflation. In other words, they have money to spend on a retirement suite.
Yes, they probably overpaid when they bought those assets from Exe but they did it within the sabra JV.
from 2016 to the point when COVID began, sienna traded between a 5 and 5.5 percent div yield. Now rates were lower then, but even if it trades down to a 7 percent div yield, that is about $13.15 in share price.
layup imo.