SALES AND MARKETING

In Q2’2021, our new resident leads increased from Q1 by 7%, which shows nice growth, however, the traffic quality increased dramatically. The community had 108 tours (+80% over Q1) and 25 sales (+127% over Q1), to bring our occupancy to 72% at the end of Q2. Referral agencies continue to be our main lead and sales source with digital ads as our secondary driver.

OPERATIONS

Community operating procedures have all returned to pre-COVID standards including resident visitation rights, amenity space access, group dining, and more. Food cost control continues to be a big goal for the operations
team and in Q2 we were able to reach our goal of $6.50 per resident per day in food raw cost. Resident and family satisfaction with the community and on-site team continues to be very positive, cementing our standing in La Vista as the leading senior care provider.

The following is one of our family member’s recent review of The Meriwether:

“I have personally toured almost all of the assisted living and skilled nursing facilities in the west metro area and asked the same set of questions at each facility to compare them. I encourage you to do the same! The choice was clear for where my loved one would reside. I am thankful for the Meriwether.”

INVESTMENT

With the project approaching a stabilized occupancy in Q3’2021, we will be working on refinancing the current construction loan with a new, longer term loan. The goal will be to pay off the existing debt and make distributions to all investors in accordance with the Operating Agreement. We will certainly keep everyone updated throughout this process. As we get a better idea of loan proceeds and exact timing, I will provide distribution amounts. We look forward to taking the next step with this project.