Proven Track Record of Superior Results: OTPP Management Contract
In 2009, the Ontario Teachers’ Pension Plan (OTPP) was losing $4 million dollars per year on a portfolio of 5 retirement properties located in Quebec and Alberta (Canada). In order to turn around these struggling assets, OTPP chose Symphony Senior Living as their partner. Over the next 5 years, Symphony successfully managed all aspects of operations resulting in NOI profitability of over $12 million dollars per year in 2015, with projections to grow this number even further in subsequent years. Recently selling for more than $300 million, the total value of the portfolio was substantially increased under Symphony’s management, resulting in a very profitable return for OTPP.
How did Symphony achieve these results?
- A passionate, experienced and hands-on senior management team
- Detailed market evaluations that resulted in strategic re-branding and re-positioning of all 5 properties
- Implementation of solid operating structures, accounting systems and procedures
- Successful execution of Symphony IL / AL operating programs that drove occupancy and revenues
- Implementation and execution of the Symphony Moments ® Memory Care program at 4 of the 5 properties
- Use of our proprietary staffing model that ensured the resident’s needs were met, while at the same time tightly controlling and monitoring labour costs
- Timely, detailed and accurate financial and sales reporting, enabling us to proactively adjust strategies, adhere to budgets and maximize Net Operating Income
- Successful labour negotiations
- On-going sales training and coaching resulted in significant increases in occupancy
- Complete management of all capital projects and physical asset management