Mike Simanovsky

Founder, Conversant Capital. Problem solving with great real estate & related companies across public & private markets. Views are my own; not investment advice

[Joe Pohlen @joepohlen]

Current State of Senior Housing

The operating environment for senior housing continues to strengthen materially, and public market performance increasingly validates what we are seeing firsthand across the Cardinal portfolio.

[Mike Simanovsky @MikeSimanovsky]

At Conversant, we feel it’s important to have a clear capital allocation framework, and Sonida has now articulated its approach. We hope our residents, team members and shareholders hold us accountable.

Read the full Letter to Shareholders here: https://t.co/67MJVLMTn9

$SNDA

[Mike Simanovsky @MikeSimanovsky]

Yesterday, the CEO of Sonida and I published a Letter to Shareholders. The work of the past - stabilize the business, change the culture, and lay the foundation for long-term value creation - is now complete.

Now, we enter the next era: Phase 3 — Compounding

$SNDA

[Mike Simanovsky @MikeSimanovsky]

Sonida is both an operator and a capital allocator, an important distinction relative to other industry participants.

This letter reflects how we approach both operations and capital allocation: the combination of which drives durable value in the senior living sector.

$SNDA

[Andrew Reed @andrew__reed]

the way to build shareholder value is to build a workplace that brings out the best in people.

companies that focus excessively on might-be shareholders at the expense of their teams will bleed talent at the moment in time when talent matters the most.

it’s unfashionable to talk about culture, and near uncouth to bring up the “work environment”. while surely the cold-brew-on-tap office perks of the 2010s were useless, and stock comp may be frittered away in uneconomic ways, the returns to building camaraderie and a winning locker room have never been higher than they are today.

the best CEOs are building their companies both for their customers and for their teams. the shareholders will take care of themselves.

[Luke Constable @l_constable]

@MikeSimanovsky Great message!

Learning about athletes like Gary Hall was incredibly heartening when I found out I was T1D too.

Love to see people highlight this

[Mike Simanovsky @MikeSimanovsky]

Really cool to see two athletes with T1D playing in the Super Bowl this year! One of our sons has T1D… really special!

Let’s go!

#T1D

[Fastbreak Hoops @FastbreakHoops5]

Michael Jordan teaching Darrick Martin a lesson 🐐

[Joe Pohlen @joepohlen]

An extra special Merry Christmas to all those in healthcare working today and tomorrow.

You’re still a hero in my book.

[Mike Simanovsky @MikeSimanovsky]

Read the full press release here:

https://t.co/AaIyf86T8w

[Mike Simanovsky @MikeSimanovsky]

Today, we announced a partnership with Newbond Holdings for the acquisition of two iconic San Francisco’s hotels: Hilton San Francisco Union Square and Parc 55 San Francisco. Together, these landmark Hilton properties represent nearly 3,000 rooms in the heart of Union Square.

[Mike Simanovsky @MikeSimanovsky]

Through this investment, including a planned $200 million capital improvement program, we’re committed to revitalizing these assets, further supporting San Francisco’s resurgence and aligning with the Mayor’s initiatives.

[Jawad Mian @jsmian]

“Judgment begins,” writes Timothy Gallwey in The Inner Game of Tennis, one of the best books I’ve ever read, “when the serve is labeled ‘bad,’ causing interference when a reaction of anger, frustration, or discouragement follows. If judgment could stop at the label and not spiral into ego reactions, interference would be minimal.”

The same applies to trading. Instead of labeling a trade as a “failure,” simply see it as a result. What did the market tell you? What can you adjust? By releasing judgment, you free yourself to focus on what truly matters: the next opportunity.

[Mike Simanovsky @MikeSimanovsky]

$SNDA

https://t.co/v7KoXQ3rYY

[Mike Simanovsky @MikeSimanovsky]

“Since Conversant’s initial investment in Sonida in November 2021, we have worked diligently with the management team along three key initiatives – improving operations, strengthening the balance sheet and growing the business.”

$SNDA

[Mike Simanovsky @MikeSimanovsky]

“With continued accelerating momentum, we are thrilled to increase our equity investment. This reflects our continued commitment to Sonida and confidence in the Company and its management team’s ability to create value…”

[John Mihaljevic @mihaljevic]

Near every major regime change in investing (value vs growth, tech vs commodities), the underperforming style (or sector or asset class) was thought of as permanently impaired. It’s the same with value investing today.