Latest news with #PESP
Yahoo
29-05-2025
- Business
- Yahoo
One-tenth of US apartments owned by private equity
This story was originally published on Multifamily Dive. To receive daily news and insights, subscribe to our free daily Multifamily Dive newsletter. At a minimum, private equity firms own over 2.2 million apartment units at 8,200 properties across the country, including projects in development but not yet occupied — roughly 10% of the entire U.S. apartment stock, according to an analysis of property data from the Chicago-based Private Equity Stakeholder Project. Out of 121 firms included in the analysis, New York City-based Blackstone is the largest private equity apartment owner, with over 230,000 apartment units owned. The company accounts for over one-tenth of total private equity ownership in the U.S., according to the PESP. According to the report, Charleston, South Carolina-based Greystar is in second place with over 138,000 units. The most recent NMHC Top 50 report lists the company as the No. 1 multifamily owner in the country, with 122,545 units owned in 2025. Greystar declined to comment on the PESP report. In terms of location, more than half, or 55%, of the units owned by private equity are located in five states — Texas, Florida, California, Georgia and North Carolina. Texas has the highest number of units at over 440,000, and one in five apartment units in Georgia and North Carolina are private equity-owned. At the metro level, Dallas has the highest share of private equity-owned apartments at over 192,000 across 591 properties. More than 40% of private equity-owned units — 928,000 — are located in the top 10 metropolitan areas with the largest supply, led by Denver, Atlanta and Houston. In Atlanta; Denver; Austin, Texas; and Charlotte, North Carolina, private equity-owned units make up more than 25% of the total stock. Metro Total units owned by private equity companies 192,431 141,500 102,052 92,711 86,953 83,185 67,534 62,813 58,247 53,452 SOURCE: Private Equity Stakeholder Project The majority of the units owned by private equity — 63% — were acquired in or after 2018, and, out of the total, 43% were acquired in or after 2021, according to the report. Out of Blackstone's unit total, more than half — 58% — were acquired in 2021 or later. The report by PESP, a nonprofit watchdog organization focused on the impact of private equity and private fund activities across all industries, states that many of the locations with a high share of private equity-owned apartments have also seen large increases in renters who report that they are cost-burdened, or spending more than 30% of their income on rent and utilities. The report highlights Tampa-St. Petersburg, Florida, as an example. 'The Tampa-St. Petersburg metropolitan area, where private equity companies own almost a quarter of all apartment units, had the largest increase among the 25 largest metropolitan areas in the percentage of renters who are cost-burdened, rising from 52.6 percent in 2019 to 61 percent in 2023,' the report reads. 'Rents increased 49 percent in the Tampa area from 2019 to 2023 — the largest increases in rents among the 25 largest metropolitan areas.' Blackstone, however, attributed these rising rents to a growing mismatch between housing supply and demand. 'We own less than 1% of rental housing in the U.S. and every country across Europe and Asia where we own assets,' the company said in a fact sheet shared with Multifamily Dive. 'Given our ownership levels, we have virtually no ability to impact market rent trends. Rents are going up because there is significantly less supply of housing across the globe than demand for it.' The company also noted that one of its portfolio companies, April Housing, was the No. 1 owner and expected preserver of affordable Low-Income Housing Tax Credit housing in the U.S., and that it had invested $17 billion to construct and improve its properties since 2014.
Yahoo
13-05-2025
- Business
- Yahoo
Private equity investors in Pennsylvania health care don't prioritize patients, critics say
This story first appeared in How We Care, a weekly newsletter by Spotlight PA featuring original reporting and perspectives on how we care for one another at all stages of life. Sign up for free here. Investors who buy up and sell health companies are drawing scrutiny from critics worried about diminished care and higher costs for patients. Private equity firms, as these investment groups are called, have a record of cutting services at health providers and leaving them with debt or gaps in care. Sometimes, the providers close, which is the case for Crozer Health's recently shuttered hospitals in Delaware County. They were owned by the private equity-backed Prospect Medical Holdings. Proponents argue private equity investments can help medical facilities by providing capital or outsourcing administrative duties. But critics such as the watchdog group Private Equity Stakeholder Project (PESP) say these firms are often extractive and focused on generating short-term profits that don't benefit patients. In Philadelphia and surrounding areas, private equity has established a large footprint, per a 2024 report from the group. The nonprofit's analysis includes facilities in eight eastern Pennsylvania counties, and in parts of New Jersey and Delaware. Around 650 of the 900 facilities listed in the report are located in Pennsylvania. To learn more about private equity's footprint in the region and why PESP chose to look into it, Spotlight PA spoke with Michael Fenne, a senior research and campaign coordinator at the organization. The conversation has been edited for length and clarity. Spotlight PA: This report seeks to give an idea of private equity's footprint in health care in the Philadelphia region. Why did you decide to track this? Michael Fenne: We wanted to identify the scope of private equity's presence in an area that had already experienced its risks. Pennsylvania has been the site of multiple closures in recent years of hospitals connected to private equity, most recently including two Crozer hospitals which had been affiliated with Prospect Medical Holdings, formerly owned by private equity firm Leonard Green & Partners. Despite those risks, there's a real lack of transparency around private equity investments generally. Private equity firms … don't have the same kind of reporting requirements that publicly traded companies on a stock exchange would have. We found approximately 900 locations for health care providers owned by [private equity] in just the Philadelphia area, but considering how difficult it can be to identify private equity-owned companies, we expect that number to actually be larger. Why, generally speaking, is private equity attracted to health care? They target areas that are fragmented with the hopes of consolidating certain health care subsectors. So nursing homes, cardiology, anesthesia providers, for example, they may try to consolidate in a given geographic market. And if they're able to do that, it gives them more power to set prices for patients and consumers, to determine wages for workers, and also to shape and determine what kind of services are provided in a given area. Also, they're seeking short-term profits. Private equity firms typically try to extract profits within three to seven years of investing in an area, and they think they can do this in health care. What challenges did you encounter in trying to gather this data? The biggest challenge is that there is limited information available on companies that private equity firms own and what those companies are doing. We identified which companies were owned by private equity through press releases and through public portfolio web pages of the private equity firms themselves. They're typically not required to disclose their holdings, so anything we know about companies that are owned by private equity usually comes from what they choose to disclose themselves or what's been uncovered by regulators or in bankruptcy lawsuits. We had to work off of that limited list of companies that we identified and just go through and map out all of the locations that they were operating from. Among the places you identified in the report, it seems like the top three most prevalent types of private equity-owned health care facilities in the Philly area are physical therapy, behavioral health, and dental offices. Is this in line with national trends? Dental health does seem to be in line with national trends from what we've seen released by other researchers recently. The other two areas, I can't confirm. Something about the areas that we identified as the most prevalent areas in Philadelphia … Those are the ones that we were able to identify through the method that we used, but it could be that a private equity-owned company that's not in one of those categories is very active, but we haven't identified it as private equity-owned. Why are these particular areas of health care attractive to private equity? Private equity is attracted to areas that are fragmented. They want to consolidate providers that operate in the same sub-industry, but are independent. They try to bring companies under one company umbrella. They use what are called platform companies to do roll ups of smaller providers. It's what the former FTC director referred to as a 'stealth consolidation' strategy. In physician practices, they'll use what are called medical services organizations, MSOs. They handle all of the administrative, billing, business side of running a health care practice. Physicians are attracted to this because it allows them to focus on providing care. But often when they come under the control of a platform company, it means less control of day-to-day operations and how many patients they're seeing and the processes involved with that. You've talked a lot about transparency. Would more transparency around private equity holdings be beneficial to Pennsylvanians, and why or why not? It would definitely be beneficial to Pennsylvanians — to patients, to health care providers, to any stakeholders in the Pennsylvania area, really. Patients, providers, and policy makers don't really know where their money is going when they pay a health care provider — whether it's going to the provision of care, whether it's going to pay off debt that was put onto a company by a private equity firm, or whether it's going to fund a private equity dividend. So there's a need for increased transparency around what private equity owns, and what they're doing with their money. How does private equity's stake in health care impact patients, and how might the care that people receive at facilities that are owned by private equity companies differ from the care that they might get at a nonprofit provider or some other type of for-profit facility? Private equity firms use a set of tactics that can undermine the financial health of the companies they own, and that can lead to reduced access of care for patients, and also reduced resources spent on care. So for example, last year, 21% of health care companies that went bankrupt were backed by private equity. We've also seen in the last few years at least four hospital closures in eastern Pennsylvania connected to private equity. With each of those closures, the patients at those hospitals have reduced access. They have to find new providers. They have to possibly drive farther for that new provider, and for those providers taking on the patients at the hospitals that close, it may mean they have fewer resources for each patient, or it may place an additional burden on them. What kind of response are we seeing from elected officials when it comes to addressing this? Specifically in Pennsylvania, the governor earlier this year called for legislation that would give the attorney general [the] ability to review mergers and acquisitions. He also notably called on limitations on sale-leaseback transactions, which would prevent [private equity] firms from making short-term profits by stripping hospitals and health systems of their real estate. We haven't seen that in a lot of other states. It's not just the transparency, but also the tactics that they're using that are important to regulate. There have also been federal efforts to rein in [private equity]. Last year, in the Senate, the Stop Wall Street Looting Act was introduced, and under the previous presidential administration, multiple regulatory agencies — including the Department of Justice, Health and Human Services, and the Federal Trade Commission — initiated investigations to examine the effects of private equity consolidation in various industries, including health care. If you learned something from this article, pay it forward and contribute to Spotlight PA at Spotlight PA is funded by foundations and readers like you who are committed to accountability journalism that gets results. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
10-05-2025
- Business
- Yahoo
IPG unveils new Polyethylene Surface Protection Film Tape
Intertape Polymer Group (IPG), a packaging and protective solutions company based in the US, has introduced a new Polyethylene Surface Protection Film Tape (PESP). The company noted that its product is designed to offer gentle yet robust protection for a variety of surfaces across different sectors. The company said that its PESP tape is characterised by its low-tack, clean-removal feature, making it ideal for protecting both smooth and textured surfaces. Its high conformability and UV resistance for up to 30 days enhance its suitability for indoor and short-term outdoor applications, the company said. With its durable and moisture-resistant characteristics, the tape effectively guards against scratches, dust, and spills. Furthermore, it provides an easy, straight tear for greater convenience during use. Aimed at professionals in the marine, automotive, appliance, transportation, and construction industries, the PESP tape is crafted for safeguarding delicate surfaces throughout manufacturing, assembly, shipping, and on-site operations. IPG Industrial Tapes senior product manager Laura Manson said: 'PESP is an exciting new addition to our PE tape line because it offers a low-tack, highly conformable product with clean removability for surface protection on a variety of surfaces.' Based in Sarasota, Florida, IPG delivers packaging and protective solutions across a diverse array of regions and markets. Its product range includes pressure-sensitive and water-activated tapes, stretch and shrink films, protective packaging, and packaging machinery. In February this year, IPG launched American brand Plastic Sheeting. Available in both Ultra and Performance films, the company claims that the sheet is tear-resistant and offers superior surface protection in a variety of applications. The newly introduced plastic sheeting is clear and adheres to surfaces for cleanliness and protection, the company added. "IPG unveils new Polyethylene Surface Protection Film Tape" was originally created and published by Packaging Gateway, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-05-2025
- Business
- Yahoo
IPG Launches New Polyethylene Surface Protection Film Tape for Gentle Yet Durable Protection
New PESP Tape SARASOTA, Fla., May 08, 2025 (GLOBE NEWSWIRE) -- IPG, a leading provider of high-performance tapes and films, today announced the launch of its new Polyethylene Surface Protection Film Tape (PESP). This low-tack, clean-removal PE tape is designed to safeguard a variety of smooth and rough surfaces across diverse industries. The PESP tape offers a multitude of benefits, including low tack for damage-free removal, a high degree of conformability for intricate surfaces, and UV resistance for up to 30 days, making it ideal for both indoor and short-term outdoor applications. Its durable and moisture-resistant properties ensure reliable protection against scratches, dust, and spills. Furthermore, the PESP tape features an easy, straight tear, enhancing user convenience. 'PESP is an exciting new addition to our PE tape line because it offers a low tack, highly conformable product with clean removability for surface protection on a variety of surfaces,' said Laura Manson, Senior Product Manager for Industrial Tapes. This versatile tape is specifically designed for professionals in the marine, automotive, appliance, transportation, and construction industries. It provides a reliable solution for protecting delicate surfaces during manufacturing, assembly, shipping, and on-site work. Key Features and Benefits of PESP: Low Tack: Ensures clean removal without leaving residue, tested for up to 30 days. High Conformability: Adapts to both smooth and irregular surfaces. 30-Day UV Resistance: Suitable for temporary outdoor use. Durable and Moisture Resistant: Offers reliable protection against various elements. Easy, Straight Tear: Facilitates quick and efficient application. Multiple Sizes: Available in 48mm, 72mm, and 96mm widths, all with a length of 55 meters. Visit to learn more about PESP. For more information regarding other industrial tapes from IPG, please visit About IPGHeadquartered in Sarasota, Florida, IPG is a global provider of packaging and protective solutions across a diversified set of geographies and end-markets. The Company develops, manufactures, and sells a variety of solutions, including paper and film-based pressure-sensitive and water-activated tapes, stretch and shrink films, protective packaging, woven and non-woven products, and packaging machinery. For information about IPG, visit FOR FURTHER INFORMATION CONTACT:Laura MansonSenior Product Manager, Industriallmanson@ A photo accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Hamilton Spectator
08-05-2025
- Business
- Hamilton Spectator
IPG Launches New Polyethylene Surface Protection Film Tape for Gentle Yet Durable Protection
SARASOTA, Fla., May 08, 2025 (GLOBE NEWSWIRE) — IPG, a leading provider of high-performance tapes and films, today announced the launch of its new Polyethylene Surface Protection Film Tape (PESP). This low-tack, clean-removal PE tape is designed to safeguard a variety of smooth and rough surfaces across diverse industries. The PESP tape offers a multitude of benefits, including low tack for damage-free removal, a high degree of conformability for intricate surfaces, and UV resistance for up to 30 days, making it ideal for both indoor and short-term outdoor applications. Its durable and moisture-resistant properties ensure reliable protection against scratches, dust, and spills. Furthermore, the PESP tape features an easy, straight tear, enhancing user convenience. 'PESP is an exciting new addition to our PE tape line because it offers a low tack, highly conformable product with clean removability for surface protection on a variety of surfaces,' said Laura Manson, Senior Product Manager for Industrial Tapes. This versatile tape is specifically designed for professionals in the marine, automotive, appliance, transportation, and construction industries. It provides a reliable solution for protecting delicate surfaces during manufacturing, assembly, shipping, and on-site work. Key Features and Benefits of PESP: Visit to learn more about PESP. For more information regarding other industrial tapes from IPG, please visit . About IPG Headquartered in Sarasota, Florida, IPG is a global provider of packaging and protective solutions across a diversified set of geographies and end-markets. The Company develops, manufactures, and sells a variety of solutions, including paper and film-based pressure-sensitive and water-activated tapes, stretch and shrink films, protective packaging, woven and non-woven products, and packaging machinery. For information about IPG, visit . FOR FURTHER INFORMATION CONTACT: Laura Manson Senior Product Manager, Industrial lmanson@ A photo accompanying this announcement is available at
