Summit Healthcare REIT on Thursday announced the promotion of two top executives to new posts.
President Kent Eikanas will now serve as CEO of the Lake Forest, Calif.-based real estate investment trust (REIT), which has holdings in both skilled nursing facilities and senior housing. Eikanas had held the title of president since September 2012, and had also previously served as Summitʼs chief operating oﬃcer.
Chief ﬁnancial oﬃcer Elizabeth Pagliarini will add chief operating oﬃcer to her title, having served as CFO since the fall of 2014.
“These promotions reﬂect the signiﬁcant contributions that both of these individuals have made in producing positive results for our company over the last ﬁ ve years.” Summit board chairman Steve Roush said in a statement announcing the move.
The REITʼs presence in the senior housing and care space has expanded rapidly over the last ﬁve years, when it pivoted from a more industrial portfolio. At the end of last year, Summit owned 27 SNFs through joint ventures and four outright, and earlier this year picked up 14 more in another JV deal valued at $125 million.
“I have a very positive outlook, otherwise we wouldn’t be moving in the direction we’re moving.
— Elizabeth Pagliarini, COO of Summit Healthcare REIT
Pagliarini sat down with Skilled Nursing News back in April to discuss her strategy when evaluating deals for the REIT, which she said rests heavily on the strength of the operating partners.
“Of course, youʼre looking at the physical plant just to see what that looks like, how itʼs been kept up, but again, the thing I like to look at is how the administrator, and the people that are in the building or the facilities, interact with the residents,” Pagliarini said.
She also expressed optimism about the future of the skilled nursing space, pointing to Summitʼs growing ﬁnancial interest in the asset class.
“I have a very positive outlook,” Pagliarini said. “Otherwise we wouldn’t be moving in the direction we’re moving. Most of our acquisitions over the past few years have been very heavy in skilled nursing, because we believe it’s a really good asset class to continue to acquire.”