2020 largest providers report...2020 largest providers report 3 the line charts since march 2020,...

2020 LARGEST PROVIDERS REPORT 1

2020 LARGEST PROVIDERS REPORT

A closer look at the 150 largest providers in senior living plus a post-COVID-19 outlook

Sponsored by

2 2020 LARGEST PROVIDERS REPORT

ABOUT FOX REHABILITATION Founded in 1998 FOX Rehabilitation is a high-growth entrepreneurial private practice of physical occupational and speech therapists that provides proactive clinically excellent and evidence-based treatment interventions to the older population A proud longstanding member of Argentum and corporate sponsor FOX was built on the strong clinical foundation of Geriatric House Callstrade and throughout its growth the practice has stayed true to its mission of rehabilitating lives by believing in the strength of people FOX clinicians help older adults be stronger so they can live better longer For more see foxrehaborg

ABOUT ARGENTUMArgentum is the leading national association exclusively dedicated to supporting companies operating professionally managed resident-centered senior living communities and the older adults and families they serve Since 1990 Argentum has advocated for choice independence dignity and quality of life for all older adults

Argentum member companies operate senior living communities offering assisted living independent living continuing care and memory care services Along with its state partners Argentumrsquos membership represents approximately 75 percent of the professionally-managed communities in the senior living industrymdashan industry with a national economic impact of nearly a quarter of a trillion dollars and responsible for providing over 16 million jobs These numbers will continue to grow as the US population ages

Argentumrsquos programs and initiatives are driven by its membership For more information about joining Argentum please visit argentumorgmembership Learn more at argentumorg

Notes Data unless otherwise noted was voluntarily self-reported and represents US data as of December 31 2019 The information contained in this report was obtained from sources deemed to be reliable Every effort was made to obtain accurate and complete information however no representation warranty or guarantee express or implied may be made as to the accuracy or reliability of the information contained herein This is not intended to be a forecast of future events and this is not a guaranty regarding a future event This is not intended to provide specific investment advice and should not be considered as investment advice


The line charts since March 2020 when the COVID-19 pandemic took hold in the United States look

daunting sharp spikes precipitous drop-offs and tangled vines In senior living operating losses are up

move-ins down payments sometimes deferred and relief uncertain And when it will be over Thatrsquos lost

in the fog with predictions ranging from the fourth quarter of 2020 to the fourth of 2024

However there are a few known knowns The demographics still point to increasing need Investors

arenrsquot yet stuffing their mattresses theyrsquore still looking for good prospects which could keep the

industryrsquos recession-proof reputation intact As COVID-19 case numbers continue to come in

professionally managed senior communities are looking more and more like particularly safe and healthy

places to live

But the biggest positives the industry has going for it are the intangibles innovation creativity dedication

The crisis pushes these to heroic levels every day from the CEO who built protected visiting booths to

the caregiver ensuring that a memory care resident in isolation doesnrsquot feel alone New and renewed

commitments to diversity equity and inclusion measures clear the paths to new systems new talent and

new markets Among all the disruption the greatest value in this industry remains our values

Even pre-pandemic the industry wasnrsquot exactly halcyon Providers were looking at what some termed

oversupplymdashfor instance 9175 assisted living units added in 2019 according to the National Investment

Center for Seniors Housing amp Care (NIC) Concerns about competition from aging at home trends and

a growing middle market were compounded by a workforce environment where competition rose as

unemployment fellmdashboth at unprecedented levels

This data captures the picture from that height December 31 2019 We chose that date for several

reasons Data lags and is difficult to collect under crisis conditions COVID-19 would distort the picture

and it begins the process of reconciling these yearly Largest Provider Reports to records based on whole

years rather than first quarters Last yearrsquos report available here is from March 31 2019

What shape will 2020 take Hockey stick swoosh V triple W Hope to see you here next year to find out

Sara Wildberger

Editor

SURVEYING THE INDUSTRY SURROUNDINGS

DOWNLOAD THE 150 LARGEST PROVIDERS LIST All the numbers in Excel spreadsheet form so you can create your own data sets argentumorglargestproviders


1 Brookdale Senior Living 68044 34572 23504 9968 57818 763 Lucinda M ldquoCindyrdquo Baier President and CEO Brentwood TN brookdalecom

2 Life Care Services (LCS) 36739 6243 27910 2586 28458 144 Joel Nelson President and CEO Des Moines IA lcsnetcom

3 Holiday Retirement 31684 412 31272 na 8451 261 Lilly Donohue CEO Orlando FL holidaytouchcom

4 Five Star Senior Living 27656 12885 11196 3575 mdash 264 Katie Potter President and CEO Newton MA fivestarseniorlivingcom

5 Sunrise Senior Living 23066 14550 3255 5801 25927 270 Chris Winkle CEO McLean VA sunriseseniorlivingcom

6 Erickson Living 22010 1269 20221 520 14643 19 R Alan Butler CEO Catonsville MD ericksonlivingcom

7 Atria Senior Living 21662 9673 9272 2717 14544 178 John Moore Chairman and CEO Louisville KY atriaseniorlivingcom

8 Senior Lifestyle 17662 7931 7099 2632 11117 176 Jon A DeLuca President and CEO Chicago IL seniorlifestylecom

9 ALG Senior 12863 7819 1767 3277 7000 155 Charles E Trefzger President and CEO Hickory NC algseniorcom

10 Capital Senior Living 11878 6065 4424 1389 6204 124 Kimberly S Lody President CEO and Director Dallas TX capitalseniorcom

11 Enlivant 10798 9798 76 924 7340 229 Jack Callison CEO Chicago IL enlivantcom

12 Trilogy Health Services 9858 8550 820 488 13100 109 Randall Bufford Chairman Louisville KY trilogyhscom

13 Watermark Retirement Communities 9393 3465 4569 1359 7000 59 David Barnes President and CEO Tucson AZ watermarkcommunitiescom

14 Discovery Senior Living 9307 5325 2945 1037 4995 62 Richard J Hutchinson CEO Bonita Springs FL discoveryseniorlivingcom

15 Leisure Care LLC 9113 3570 4861 680 4277 54 Dan Madsen President and CEO Seattle WA leisurecarecom

16 Frontier Management LLC 8728 3737 904 4087 6075 108 Gregory Roderick President and CEO Portland OR frontiermgmtcom

17 Eclipse Senior Living 8710 5821 1638 1235 5547 108 Kai Hsiao CEO Lake Oswego OR eclipseseniorlivingcom

18 Merrill Gardens 8195 3853 2937 1405 na 68 Tana Gall President Seattle WA merrillgardenscom

19 Integral Senior Living 7806 2212 4659 935 3617 70 Collette Gray PresidentCEO Carlsbad CA islllccom

20 Pacifica Senior Living 7354 3614 1598 2142 6172 75 Deepak Israni President and Managing Partner San Diego CA pacificaseniorlivingcom

21 Meridian Senior Living 7132 4563 1125 1444 4834 80 Timothy P OrsquoBrien amp Robert A Sweet

Co-CEOs Bethesda MD meridianseniorcom

22 American House Senior Living Communities 6717 1199 4928 61 2473 60 Dale Watchowski President and CEO Southfield MI americanhousecom

23 Spectrum Retirement Communities 6500 mdash mdash mdash 3245 45 John Sevo amp Jeffrey Kraus Managing Directors Denver CO spectrumretirementcom

24 Grace Management Inc 6275 2206 3617 452 2958 60 Guy Geller President Maple Grove MN gracemanagementcom

25 Senior Resource Group 6161 3169 2565 427 3855 32 Michael Grust President and CEO Solana Beach CA srgseniorlivingcom

26 Civitas Senior Living 5641 2881 1625 1135 mdash 51 Wayne Powell Co-founder and CEO Fort Worth TX civitasseniorlivingcom

27 Gardant Management Solutions Inc 5629 5369 81 179 2841 57 Rod Burkett CEO Bourbonnais IL gardantcom

28 Benchmark 5537 3258 713 1566 6458 61 Tom Grape Founder Chairman and CEO Waltham MA benchmarkseniorlivingcom

29 Brightview Senior Living 5381 2276 2105 1000 4522 41 Marilynn Duker CEO Baltimore MD brightviewseniorlivingcom

30 Sagora Senior Living 5295 1930 2504 861 2447 39 Bryan McCaleb President Fort Worth TX sagoracom

31 Pinnacle Senior Living1 5107 3665 1044 398 2060 57 Brian Hulse President Tempe AZ pinnacleslcom

32 Century Park Associates 4772 2384 2388 mdash mdash 42 Forrest L Preston Owner and President Cleveland TN centurypacom

33 The Arbor Company 4721 2057 1694 970 3839 43 Judd Harper President Atlanta GA arborcompanycom

34 Heritage Operations Group LLC 4511 mdash mdash mdash mdash 54 Benjamin Hart President and CEO Bloomington IL heritageofcarecom

35 JEA Senior Living 4200 200 200 3950 4400 59 W Cody Erwin CEO Vancouver WA jeaseniorlivingcom

36 Kisco Senior Living 4177 1479 2415 283 2268 22 Andy Kohlberg President and CEO Carlsbad CA kiscoseniorlivingcom

37 Belmont Village Senior Living 4164 2751 333 1080 4000 29 Patricia Will Founder and CEO Houston TX belmontvillagecom

2020 LARGEST PROVIDERS

RANK PROVIDER TOTAL UNITS

TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES

US PROPERTIES CHIEF EXECUTIVE TITLE CITYSTATE WEBSITE

NOTES AL Assisted Living IL Independent Living MC Memory Care All data unless otherwise noted was voluntarily self-reported and represents US data as of December 31 2019 Data for skilled nursing units is not included Only for-profit communities are included in this list Several companies that would make the list did not respond to our request for data 1Bridgestone Senior Living is now Pinnacle Senior Living but did not respond to requests for information The data here is from 2019 2Data is from 2019 Largest Providers Report as of March 31 2019 3The Waters Senior Living AL and IL units are dually licensed 4Wickshire Senior Living information is drawn from the companyrsquos website


38 Pegasus Senior Living 4053 2560 921 572 3500 37 Steven Vick Co-Founder and Vice Chair Dallas TX pegasusseniorlivingcom

39 Bridge Senior Living 4043 1548 1762 733 2543 26 David Grady Chief Asset Officer Orlando FL bridgeigcom

40 Capri Communities LLC 3960 586 1394 173 700 25 James Tarantino CEO Waukesha WI capricommunitiescom

41 Vi 3636 333 3150 153 3300 10 Randy Richardson President Chicago IL vilivingcom

42 MBK Senior Living 3583 2121 924 538 2352 33 Jeff Fischer President Irvine CA mbkseniorlivingcom

43 Aegis Living 3500 1627 na 864 2462 32 Dwayne J Clark Founder and CEO Bellevue WA aegislivingcom

44 Northstar Senior Living 3438 2189 320 929 2579 47 Rick Jensen President and CEO Redding CA northstarseniorlivingcom

45 Elegance Living 3410 1800 1200 330 2700 37 Joshua ldquoJoshrdquo Krull CEO Baltimore MD elegance-livingcom

46 Priority Life Care 3318 2034 mdash 467 1057 27 Severine Petras Wells CEO Fort Wayne IN prioritylccom

47 Genesis HealthCare 3312 3312 na na mdash 47 George V Hager Jr CEO Kennett Square MA genesishcccom

48 Harbor Retirement Associates 3184 1818 367 999 2893 31 Sarabeth Hanson President and CEO Vero Beach FL hraseniorlivingcom harborchasecom

49 Legend Senior Living 3122 2077 279 766 2195 40 Tim Buchanan CEO Wichita KS legendseniorlivingcom

50 MorningStar Senior Living 3119 1504 896 719 1848 26 Ken Jaeger Founder and CEO Denver CO morningstarseniorlivingcom

51 Cascade Living Group2 3070 1515 946 609 1854 32 Tom Stanley amp Bill Shorten Co-Founders Bothell WA cascadelivingcom

52 Koelsch Communities 3049 843 539 1667 2227 34 Aaron E Koelsch President and CEO Olympia WA koelschcommunitiescom

53 Oakmont Senior Living 3039 2155 na 884 2500 31 Courtney Siegel President and CEO Windsor CA oakmontseniorlivingcom

54 Avamere Living 3035 1893 548 594 2071 33 Rick Miller CEO Wilsonville OR avamerecom

55 Americare Senior Living 3018 2231 161 626 2033 81 Clay Crosson President and CEO Sikeston MO americareusanet

56 Prestige Care 2888 2182 281 425 5405 43 Harold Delamarter Founding Partner and CEO Vancouver WA prestigecarecom

57 Brandywine Living 2744 1943 55 746 2077 29 Brenda J Bacon President and CEO Mount Laurel NJ brandycarecom

58 Senior Living Communities 2683 703 1701 279 2815 15 Donald O Thompson Jr CEO Charlotte NC senior-living-communitiescom

59 Coordinated Services Management 2667 1295 1122 250 1554 22 Robert McNichols CEO Roanoke VA csmmanagementcom

60 Arrow Senior Living 2646 1276 918 452 1378 22 Stephanie Harris CEO Saint Charles MO arrowseniorlivingcom

61 Pathway To Living 2638 1841 617 180 1200 29 Jerome E Finis CEO Chicago IL pathwayslcom

62 Traditions Management 2602 1476 576 550 1780 19 Tom Smith CEO Indianapolis IN traditionsmgmtnet

63 New Perspective 2496 1075 598 823 1700 24 Ryan Novaczyk CEO Minnetonka MN npseniorlivingcom

64 The Goodman Group2 2476 1886 181 409 1857 19 Craig Edinger CEO Chaska MN thegoodmangroupcom

65 Commonwealth Senior Living 2475 1480 258 737 2000 35 Richard J Brewer CEO Charlottesville VA commonwealthslcom

66 Allegro Senior Living 2455 854 1267 334 1250 18 Laurence Schiffer Chairman and CEO St Louis MO allegrolivingcom

67 Sunshine Retirement Living2 2444 129 2236 79 1500 30 Luis Serrano President and CEO Bend OR sunshineretirementlivingcom

68 The Springs Living 2374 817 1158 399 1673 17 Fee Stubblefield CEO and Founder McMinnville OR thespringslivingcom

69 Country Meadows Retirement Communities 2338 1213 707 418 1983 11 G Michael Leader President and CEO Hershey PA countrymeadowscom

70 LCB Senior Living LLC 2264 1560 162 542 2177 28 Michael Stoller CEO Norwood MA lcbseniorlivingcom

71 Midwest Health 2254 1572 425 257 2399 53 Jim Klausman President and CEO Topeka KS midwest-healthcom

72 Senior Star 2193 537 1415 241 mdash 14 Anja Rogers CEO Tulsa OK seniorstarcom

73 Dial Retirement Communities 2173 840 1040 293 1175 24 Ted Lowndes President Omaha NE dialretirementcommunitiescom

74 Compass Senior Living 2172 1379 441 352 1380 32 Dennis Garboden President Eugene OR compass-livingcom

75 Keystone Senior LLC 2152 1215 629 308 1285 44 Dave Kingen Managing Member Indianapolis IN keystoneseniorcom



TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES




76 Western States Lodging and Management 2078 1341 283 454 1571 16 Paul Fairholm Owner and CEO Taylorsville UT wslmbiz

77 Heritage Senior Living 2029 397 1079 553 604 32 Milo Pinkerton President and CEO West Allis WI heritageseniorcom

78 Atlas Senior Living 2021 740 846 435 1100 21 Scott Goldberg amp Wyman Hamilton

PresidentPresident Birmingham AL atlasseniorlivingcom

79 Chelsea Senior Living 1973 1401 160 412 1462 21 Roger Bernier President and Chief Operating Officer Fanwood NJ chelseaseniorlivingcom

80 Waltonwood 1951 678 1059 214 1485 12 Gurmale S Grewal CEO West Bloomfield MI waltonwoodcom

81 Solvere Senior Living 1946 903 384 659 798 22 Kristin Kutac Ward CEO St Petersburg FL solutionsadvisorsgroupcom

82 Morning Pointe Senior Living 1884 1235 na 649 2198 33 Greg A Vital President Chattanooga TN morningpointecom

83 Hearth Management LLC 1852 1362 mdash 490 1482 15 Kevin Hunter COO Camillus NY thehearthnet

84 Generations LLC 1835 784 763 288 900 7 Melody Gabriel CEO Portland OR generationsllccom

85 Danbury Senior Living 1806 1039 364 403 mdash 18 William LemmonBrian Spring CEOPresident North Canton OH danburyseniorlivingcom

86 Cadence Living 1738 935 363 440 mdash 19 Rob Leinbach Principal Scottsdale AZ cadencecom

87 Tutera Senior Living 1685 850 675 160 mdash 17 Randall Bloom CEO and Presidenet Kansas City MO tuteracom

88 Thrive Senior Living2 1676 979 6 691 1000 20 Jeramy Ragsdale Founder Atlanta GA thriveslcom

89 HHHunt Senior Living 1637 1311 na 506 1564 23 Buck Hunt Vice Chairman and CEO Raleigh NC hhhuntcom

90 Northbridge Companies 1414 722 106 586 1428 18 James Coughlin CEO Burlington MA northbridgecoscom

91 Carlton Senior Living 1398 1016 152 230 mdash 11 David Coluzzi President Concord CA carltonseniorlivingcom

92 Stellar Senior Living 1381 1166 mdash 215 1021 11 Evrett Benton CEO Salt Lake City UT stellarlivingcom

93 Justus Rental Properties Inc 1367 257 1073 37 366 4 Walter E Justus President Indianapolis IN justusnet

94 The Waters Senior Living3 1359 1053 1053 306 950 11 Tami Kozikowski CEO Minneapolis MN thewatersseniorlivingcom

95 Kaplan Development Group LLC 1340 830 280 230 1253 18 Glenn Kaplan CEO Jericho NY kapdevcom

96 Agemark Corp 1332 741 60 531 900 21 Richard Westin CEO Orinda CA agemarkcom

97 Watercrest Senior Living Group 1324 730 72 522 373 11 Marc Vorkapich Principal and CEO Vero Beach FL watercrestseniorlivingcom

98 The Laureate Group 1303 656 559 88 mdash 8 Beth Anderson Executive Vice President Waukesha WI laureategroupcom

99 Premier Senior Living LLC 1256 846 12 398 1200 23 Wayne Kaplan Co-Founder and Managing Member New York NY pslgroupllccom

100 Vitality Living 1253 595 132 526 820 15 Chris Guay CEO and Founder Brentwood TN vitalityseniorlivingcom

101 Bristol Care Inc 1250 mdash mdash mdash mdash 63 David Furnell President Sedalia MO bristol-manorcom

102 Era Living2 1242 312 904 26 1095 8 Eli Almo Co-founder and CEO Seattle WA eralivingcom

103 Silverado 1241 na na 1241 2166 19 Loren Shook President CEO and Chairman Irvine CA silveradocom

104 Charter Senior Living LLC 1215 658 44 513 956 18 Keven J Bennema CEO and President Naperville IL charterseniorlivingcom

105 SAL Management Group 1210 867 74 269 975 33 Scott Monson Partner and Director of Operations Logan UT salmgcom

106 Leisure Living Management 1194 784 64 346 1155 25 Neil Kraay President and CEO Grand Rapids MI leisure-livingcom

107 Radiant Senior Living 1173 530 239 404 913 19 James T Guffee President and CEO Portland OR radiantseniorlivingcom

108 Juniper Communities 1160 324 270 mdash 1500 18 Lynne S Katzmann Founder and CEO Bloomfield NJ junipercommunitiescom

109 Retirement Unlimited Inc 1145 915 mdash 230 1231 9 William Fralin CEO Roanoke VA ruinet

110 Maplewood Senior Living2 1136 486 98 552 1401 14 Gregory D Smith President and CEO Westport CT maplewoodseniorlivingcom

111 Senior Services of America 1135 mdash mdash mdash 673 15 Lee Field CEO and President Tacoma WA seniorservicesofamericacom

112 Inspirit Senior Living 1120 821 2 297 910 15 David McHarg President and CEO McLean VA Inspiritseniorlivingcom



TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES




113 12 Oaks Senior Living 1115 280 647 188 666 10 Richard Blaylock President and CEO Dallas TX 12oakscom

114 Provision Living2 1107 530 239 404 1011 19 Todd Spittal Principal St Louis MO provisionlivingcom

115 Ridge Care Inc 1082 483 334 265 na 16 Jeff Dickerson CEO Kernersville ridgecarecom

116 Randall Residence 1064 525 192 347 789 13 Christopher C Randall CEO and Managing Member Lawton MI randallresidencecom

117 Franklin Companies 1028 374 431 223 650 8 Aubra Franklin Chairman and CEO San Antonio TX franklinparkorg

118 Holbrook Life Management 938 359 453 126 625 6 Al Holbrook Chairman and CEO Alpharetta GA holbrooklifecom

119 IntegraCare 932 581 164 187 600 11 Rick Irwin CEO Wexford PA integracarecom

120 Retirement Living Associates Inc 920 212 659 49 880 5 David W Ammons Owner and Principal Raleigh NC rlainccom

121 Sonata Senior Living 899 556 80 263 610 11 Stuart J Beebe CEO Orlando FL sonataseniorlivingcom

122 Solera Senior Living 895 513 107 275 230 8 Adam J Kaplan Founder and CEO Greenwood Village CO soleraseniorlivingcom

123 The Plaza Assisted Living 879 mdash mdash mdash 550 6 Tricia Medeiros COO Honolulu HI plazaassistedlivingcom

124 Anthem Memory Care 834 na na 834 720 11 Isaac Scott amp Lewis McCoy Principals Lake Oswego OR anthemmemorycarecom

125 Claiborne Senior Living 826 386 256 184 343 8 Tim Dunne President and COO Hattiesburg MS theclaibornecom

126 EPOCH Senior Living 769 52 174 543 1018 12 Laurence Gerber President and CEO Waltham MA epochslcom

127 Avalon Health Care 757 515 100 142 575 10 Randy Kirton Owner and CEO Salt Lake City UT avalonhealthcarecom

128 LifeWell Senior Living 734 530 na 204 450 9 Kimberly Erickson PresidentCOO Houston TX lifewellslcom

129 Ridgeline Management Co 677 520 45 112 325 12 John R Safrans CEO West Linn OR ridgelinemccom

130 Chancellor Health Care Inc 671 147 124 400 mdash 15 Michel Augsburger CEO Windsor CA chancellorhealthcarecom

131 Woodlands Senior Living 668 260 349 60 400 14 Lon Walters Founder President and CEO Waterville ME woodlandsmainecom

132 Cardinal Senior Management 651 525 18 108 395 12 Joe Pohlen amp Chuck Gray Principals Grand Rapids MI livecardinalcom

133 Legacy Retirement Communities 619 134 453 32 500 4 Greg C Joyce CEO Lincoln NE legacyretirementcom

134 Welbrook Senior Living 618 307 109 202 524 10 Doug Brawn Principal El Segundo CA welbrookcom

135 Liv Communities 609 196 327 86 mdash 4 Scott McCutcheon COO Grand Haven MI livcommunitiescom

136 Surpass Senior Living 585 413 na 172 314 7 Matt Johnson President and Founder Dallas TX surpasslivingcom

137 Kensington Senior Living 554 252 61 241 950 6 Tiffany Tomasso Founding Partner Reston VA kensingtonseniorlivingcom

138 American Senior Communities 516 333 61 122 mdash 4 Donna Kelsey CEO Indianapolis IN ASCseniorcarecom

139 Platinum Communities 515 mdash mdash mdash 350 8 John Teresinski Managing Director West Allis WI platinum-communitiescom

140 Wickshire Senior Living4 500 mdash mdash mdash mdash 7 Staci Lynn COO Brentwood TN wickshireseniorlivingcom

141 Terrace Communities 495 328 na 147 343 7 Kate Heaton CEO and Owner Manchester VT terracecommunitiescom

142 Omega Communities LLC 478 340 mdash 138 385 4 Pat Trammell Jr Chairman and CEO Birmingham AL omegacommunitiescom

143 Mustang Creek Estates 445 304 na 141 250 5 Reneeacute Ramsey CEO Plano TX mustangcreekestatescom

144 New Forum 426 na 426 na 30 3 Tyler Steele COO Charlotte NC newforumnet

145 Greenfield Senior Living 392 232 na 160 307 7 Matt Peponis CEO Falls Church VA greenfieldseniorlivingcom

146 WestShore Senior Living 391 126 mdash 265 mdash 5 Melissa Caldwell Principal Valparaiso IN westshorellccom

147 Insignia Senior Living 340 214 mdash 126 303 7 Milton L Cruz CEO San Juan PR insigniaseniorlivingcom

148 GoodLife Senior Living and Memory Care 320 45 na 275 269 13 Dallen Skelly CEO Ruidoso NM goodlifeseniorlivingcom

149 The Abbey at Westminster Plaza 269 92 141 36 75 1 Jeny Knight Executive Director Tyler TX abbeywpcom

150 Clearwater Living 245 54 136 mdash 171 2 Tony Ferrero CEO Newport Beach CA clearwaterlivingcom



TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES




PUTTING THE FUNCTION IN FUNCTIONAL RESERVEHELPING OLDER ADULTS THRIVE LIVE amp LEARN

ANTHONY RUGGERI DIRECTOR OF SENIOR LIVING PARTNERSHIPS | FOX REHABILITATION

Three years ago my wife and I decided to sign up for our first half marathon We had run a 5K and 10K the year before but 21K mdash the equivalent of 131 miles mdash seemed like quite the jump It was going to be difficult but with the right training regimen we were hoping to get ourselves ready to tackle the challenge

Have you ever noticed how difficult an initial workout can be after taking some time off It probably took a handful of sessions before you became comfortable and willing to push yourself to the next level

For us the more we trained the easier it was to find the extra energy required to get through each run As the distance gradually increased we were able to keep up with the physical and mental demands That extra energy supply is a physiological phenomenon called functional reserve According to a study titled Functional reserve in functionally independent elderly persons functional reserve is defined as the difference between the maximum physical or mental capacity of a construct and the minimum necessary to perform daily functioning

Impacting Older AdultsThe importance of functional reserve for older adults cannot be overstated Most people who are familiar with the term think of it as intense aerobic exercise such as cycling or running However it applies to much more than that People have a set functional reserve for almost any activity For the majority it is not something we need to worry about because we have the necessary energy stored to complete the most common everyday tasks However for the older adult population the reality of not having enough energy to complete activities of daily living (ADLs) comes to fruition consistently every single day

In addition to helping one perform ADLs perhaps the grander importance of functional reserve is the assistance it provides with strengthening the immune system This helps the body fight against sometimes deadly illness such as the flu or recently COVID-19

As one of the more vulnerable populations older adults need all the support they can get Why not start by building a strong foundation of abundant functional reserve

25FAILURE

E F

50FRAILTY

E F

75FUNCTION

E F

100FUN

E F


In a 2005 article written by David F Goldspink he states that ldquoreserve capacity of the heart is a major determinant of an individualrsquos ability to remain active and cope with daily stresses and illnesses Long-term participation in endurance-based activities helps to preserve cardiac reserve and has both direct and indirect beneficial effects on vascular smooth muscle and health preservation within the cardiovascular systemrdquo

This of course speaks to FR of the heart but it certainly impacts other organs and skeletal muscles in the body David goes on to say ldquoin a culture where inactivity has become an accepted part of life we still need to explore in greater detail the benefits of habitual physical activity and use this information as a community-based educational tool to help prevent or delay cardiovascular disease obesity arthritis and the frailty associated with old agerdquo

Functional Reserve in Senior LivingSurely functional reserve may offer benefits in performing ADLs fighting illness and improving onersquos overall quality of life The questions that senior living operators need to ask is ldquoHow and what can older adults do to build up FR What are some activities or healthcare options that can help lead them on a path to happier and healthier golden yearsrdquo Most senior living communities have resources to provide exercise classes for their residents Taking regular walks around the inside or outside of the community certainly helps but what if residents have difficulty walking or participating in classes A medically-driven intervention may prove to be a better option

Today many senior living operators have modernized their wellness models to include physical occupational and speech therapy as a proactive component within a residentrsquos continuum of care If a resident is sedentary due to deconditioning or simply has a fear of falling that prevents them from leaving their apartment their condition can continue to deteriorate without rehabilitation intervening It is an unfortunate cyclemdashone that I witnessed with my grandfather who refused therapy for years until he ended up relying on a motorized scooter for mobility even within his apartment

ldquo

NOW MORE THAN EVER THE

ADEQUATE FUNCTIONAL RESERVE

IS NECESSARY FOR ALL

OLDER ADULTS TO

LIVE BETTER LONGER

rdquo

If residents are not participating in activities events or exercise classes in the community it is most likely not because they would rather sit in their room and keep to themselvesmdashoften this behavior can be attributed to lack of functional reserve Not only is their physical ability and functional well-being diminished but also their confidence and mental health to actively participate and try new things

Putting Valuable Resources to WorkNow more than ever the adequate functional reserve is necessary for all older adults to live better longer It is the responsibility of family caregivers and professionals to advocate for movement exercise and the utilization of physical and occupational therapies to keep older adults happy and healthy allowing them to thrive in their living environment and beyond

There are tools out there to help delay the deterioration of functional reserve They need to be put to use Just as my wife and I tried a half-marathon for the first time older adults want opportunities to face new challenges They too want to explore learn and live with purpose

FOXREHABORGTim Fox PT DPT GCS-Emeritus CCI Lic 40QA00702100 2020-0324-D6

REFERENCES

Gonzaacutelez Paul Medina Cofreacute Rodrigo Muntildeoz amp Cabello

Maacuteximo Escobar (2016) Functional reserve in functionally

independent elderly persons a calculation of gait speed

and physiological cost Revista Brasileira de Geriatria e

Gerontologia 19(4) 577-589 httpsdoiorg1015901809-

98232016019150136

David F Goldspink (2005) Ageing and activity their effects

on the functional reserve capacities of the hear t and

vascular smooth and skeletal muscles Ergonomics 4811-

14 1334-1351 DOI 10108000140130500101247


FOR MORE INFO EMAIL US AT

SLCFOXREHABORG

T I M F O X P T D P T G C S - E M E R I T U S C C I | L I C 4 0 Q A 0 0 7 0 2 1 0 0 | 7 C A R N E G I E P L A Z A | C H E R R Y H I L L N J 0 8 0 0 3 | 2 0 2 0 - 0 3 2 4 - D 6

FOX RESTORING LIFE provides individuals with a unique stage-specific approach to dementia with prescribed interventions to increase the quality of daily interactions and manage the challenges that come with the diagnosis Our team will teach you to focus on what a person with dementia can do mdash not what they canrsquot do

FOX RESTORING BALANCE is a true

proactive wellness-driven program rather than a common illness-driven reactive approach Through communication with the nursing team on-site residents may be identified as high fall risk by FOX using evidence-based functional outcome measures

Looking for a partner to bring value to your community FOX Rehabilitation is a leading provider of Geriatric House Callstrade providing physical and occupational therapy speech-language pathology and exercise physiology to older adults We are a corporate partner of Argentum serving more than 600 senior living communities and are committed to abolishing ageism through these FOX programs


30 LARGEST INDEPENDENT LIVING PROVIDERS

Rank Provider Independent Living Units

1 Holiday Retirement 31272

2 Life Care Services (LCS) 27910

3 Brookdale Senior Living 23504

4 Erickson Living 20221

5 Five Star Senior Living 11196

6 Atria Senior Living 9272

7 Senior Lifestyle 7099

8American House Senior Living Communities

4928

9 Leisure Care LLC 4861

10 Integral Senior Living 4659

11 Watermark Retirement Communities 4569

12 Capital Senior Living 4424

13 Grace Management Inc 3617

14 Sunrise Senior Living 3255

15 Vi 3150

16 Discovery Senior Living 2945

17 Merrill Gardens 2937

18 Senior Resource Group 2565

19 Sagora Senior Living 2504

20 Kisco Senior Living 2415

21 Century Park Associates 2388

22 Sunshine Retirement Living 2236

23 Brightview Senior Living 2105

24 ALG Senior 1767

25 Bridge Senior Living 1762

26 Senior Living Communities 1701

27 The Arbor Company 1694

28 Eclipse Senior Living 1638

29 Civitas Senior Living 1625

30 Pacifica Senior Living 1598

30 LARGEST ASSISTED LIVING PROVIDERS

Rank Provider Assisted Living Units




4 Enlivant 9798


6 Trilogy Health Services 8550


8 ALG Senior 7819




12Gardant Management Solutions Inc

5369


14 Meridian Senior Living 4563


16 Frontier Management LLC 3737

17 Pinnacle Senior Living 3665




21 Genesis HealthCare 3312

22 Benchmark 3258



25 Belmont Village Senior Living 2751

26 Pegasus Senior Living 2560



29 Americare Senior Living 2231


Bridgestone Senior Living is now Pinnacle Senior Living but did not respond to requests for information The data here is as of March 31 2019

Data is from 2019 Largest Providers Report as of March 31 2019

ASSISTED LIVINGINDEPENDENT LIVING


30 LARGEST MEMORY CARE PROVIDERS

Rank ProviderMemory

Care Units




4 JEA Senior Living 3950


6 ALG Senior 3277





11 Koelsch Communities 1667

12 Benchmark 1566





17 Silverado 1241






23 Harbor Retirement Associates 999



26 Northstar Senior Living 929

27 Enlivant 924

28 Oakmont Senior Living 884

29 Aegis Living 864


MEMORY CARECCRCSINTERNATIONAL

10 LARGEST CONTINUING CARE RETIREMENT COMMUNITY (CCRC) PROVIDERS

BY NUMBER OF COMMUNITIES

Rank Provider No of CCRCs






6 Vi 10





NO OF INTERNATIONAL PROPERTIESAMONG LARGEST PROVIDERS

ProviderNumber of

International Properties

Locations

Sunrise Senior Living 61 15 in Canada 46 in UK

Atria Senior Living 29 Canada

Meridian Senior Living 26 China

Merrill Gardens 3 China

Belmont Village Senior Living

1 Mexico

Northstar Senior Living 1 Mexico


OPERATIONAL CAPACITY










10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800




Rank ProviderOperational

Resident Capacity


Resident Capacity

50 LARGEST PROVIDERS BY OPERATIONAL RESIDENT CAPACITY





30 Legend Senior Living 3577


32 Priority Life Care 3187

33 Arrow Senior Living 3175

34 Brandywine Living 3029

35 Allegro Senior Living 2946

36 Commonwealth Senior Living 2932

37 New Perspective 2700

38 Heritage Senior Living 2682

39 The Goodman Group 2524

40Western States Lodging and Management

2389

41 LCB Senior Living LLC 2358

42 Solvere Senior Living 2186

43 Compass Senior Living 2172

44 Justus Rental Properties Inc 2047

45 Morning Pointe Senior Living 1930

46 Hearth Management LLC 1852

47 Northbridge Companies 1581

48 Danbury Senior Living 1500

49 Vitality Living 1500

50 Waltonwood 1485

NOTES This list includes only companies that responded to the request for operational resident capacity data Operational capacity is defined as the total number of residents communities can adequately serve on any given day This data includes US properties only and does NOT include skilled nursing Data is from 2019 Largest Provider Report


Through 2019 the outlook for senior living was based on the same factors as prior years Demographic imperatives point to greater needmdashmore people living longermdashcounteracted by the increase in chronic diseases which present challenges to current models Although it behaves differently than a chronic disorder COVID-19 may have a similar dampening effect and is already raising operating expenses

Midway through 2019 some saw 2021 as the year senior housing would exhaust supply and head into growth mode by second-quarter 2020 the decrease in move-ins and increased operating expenses put this in doubt but itrsquos not off the table

Senior Housing Properties Trust $45 billion and number 4 on last yearrsquos list changed its name to Diversified Healthcare Trust and Nasdaq ticker symbol to DHC on January 1 2020

Healthpeak Properties (PEAK on NYSE) went through a transformation as well re-naming from HCP at the end of October 2019 Its senior living investment value in the last list spanning second quarter 2018 to end of first quarter 2019 was $69 billion

Leadership changes at Healthpeak included Scott Brinker promoted to president as well as serving in his existing chief investment officer role Jeff Miller as executive vice president senior housing and Lisa Alonso as executive vice president and chief human resources officer In its 2020 second-quarter earnings call Healthpeak CEO Thomas Herzog stated that the company intenced ldquofor the majority of our future growth to be in life science and medical officerdquo

National Health Investors (NHI) New Senior Investment Group Sabra Health Care REIT and LTC Properties Inc hovered around their same investment value as on last yearrsquos list

NEW ON THE LIST

bull Omega Healthcare Investors whose portfolio at the end of first quarter 2020 was 84 percent skilled nursing and 16 percent senior housing and which in May 2019 acquired MedEquities Realty Trust including 35 properties

bull CareTrust REIT with 72 percent skilled nursing and 19 percent assisted and independent living held a $150 million share buyback at the end of first quarter 2020

CAUTIOUS MOVEMENT TO KEEP THE RIGHT BALANCEBy Sara Wildberger

OUTLOOK ON REITS

10 LARGEST REAL ESTATE INVESTMENT TRUSTS (REITs) BY SENIOR LIVING INVESTMENT VALUE

CompanyTrading Symbol

Senior Living Investment Value

Total US Units

Total US Properties

Chief ExecutiveTitle

Welltower WELL $177 billion 66253 655 Thomas J DeRosa Chairman and CEO

Ventas VTR mdash 59258 671 Debra A Cafaro Chairman and CEO

Diversified Healthcare Trust DHC $42 billion 31618 244Jennifer Francis President and COO Richard Siedel Jr CFO and Treasurer

Healthpeak Properties PEAK $27 billion 13176 115 Thomas Herzog CEO

National Health Investors NHI $24 billion 14517 157 Eric Mendelsohn President and CEO

New Senior Investment Group SNR $21 billion 12405 103 Susan Givens CEO and President

Omega Healthcare Investors OHI $16 billion 8033 130 C Taylor Pickett CEO

Sabra Health Care REIT SBRA $15 billion 8629 108Richard K Matros Chairman President and CEO

LTC Properties Inc LTC $09 billion 6173 107Wendy Simpson Chairman CEO and President

CareTrust REIT CTRE $02 billion 3409 41 Gregory Stapley President and CEO

Updated listing as of August 27 2020

Ranking based on valuation data from 2019 Largest Providers Report as of March 31 2019 Total US Units and Total US Properties data is based on data as of December 31 2019


COVID-19 AND THE SENIOR LIVING MARKET

John Means PE is a McKinsey amp Company partner who serves on the companyrsquos global real estate executive committee and leads development services in North America He has developed inpatient outpatient and senior housing portfolios as well as major city center redevelopments multifamily office and resorts

Recently he served as moderator for one of Argentumrsquos member-only COVID-19 webinars ldquoPreparing for COVID-19rsquos Long-Term Business Impactrdquo As part of his analysis he looked at companies that responded to past crises by reimagining and re-forming their organizations dubbing these ldquoResilientsrdquo They had in common focus on improving operating efficiency divesting for strength acquiring for growth ldquoadopting a clear strategic intent and flexible resource re-allocationrdquo and ldquoinnovating their business modelrdquo

Here he looks at the toll of the pandemic tragedy how to stay strategic and flexible in its face and how to emerge as a Resilient

Excerpted from a longer interview and edited for clarity

Q What is the outlook for where wersquore standing with the economic recovery for the next 12 months What kinds of scenarios do you think might be emerging

A First and foremost McKinsey is thinking about this as a humanitarian crisis We have several hundred teams that have worked on COVID-19-

What has become clear in this crisis is that people are looking for actions and features that help them feel more safe secure and connected What model can do that If you can answer that question as an operator in senior housing yoursquore much more prepared to be resilientmdashand to meet the needs of the residents who are at the heart of your business

related topics As you mentioned this is very much the crisis of our time So I appreciate the chance to talk to you about it

In the United States in particular where we are currently observing regional resurgence wersquoll need to be prepared for addressing that and seeing the impact economically and socially across the country What that means is this may be a longer and more fragmented economic recovery Irsquod say many business executives that we survey are shifting in that direction

Our economic research suggests we could experience a 10 percent to 12 percent drop in gross domestic product in second quarter 2020 compared to 2019 fourth quarter and that wersquore talking about probably the middle of 2023 to get all the way back to the end-of-2019 levels

Wersquove certainly modeled more drastic scenarios but for the most part the economic stimulus in the United States we think has done what it was intended to do which is to keep many of the economic engines of the country running and supporting economic ecosystems I think wersquore in a better place than we could have been

But going back to this recovery question as a humanitarian onemdashand as an individual watching so many people in my community wrestling with unemploymentmdashI think we have to face that the challenge in our own communities is quite serious

PANDEMIC BRINGS NEW CHALLENGES AND INNOVATIONS By Ken McDonald

John Means PE Partner McKinsey amp Company


Q Can we talk about the companies yoursquove seen as resilient and what characteristics they tend to share

A Firms we called resilient were much more active in the incoming days of a crisis in taking mediating actions Improving operational performance managing cash moving investments that might have pushed them toward bankruptcy out of their portfolio So it was really saying How do we make sure that we are able to maintain the strongest posture with our employees and our businesses during the downturn as we can

We believe that they were also the fastest to act once their strategic paths became more clear That would be things like accelerating into growth and making bets about the future of their business They had what we called a clear strategic intent about what they were going to try to accomplish

Q How does that dovetail with senior living Will those same actions lead to resiliency in this crisis

A Interestingly through that period [around the Great Recession 2007 to 2012] we used a metric of total return to shareholders It didnrsquot necessarily measure other things around broader sustainability objectives or employment

In this particular crisis so many companies have taken sustainability and their responsibility to employees even more seriously We may come out measuring resilience and recovery a little bit differently

But I think the underlying philosophy that you take dramatic steps quickly when you see the crisis coming to preserve your business and your employees then take rapid steps with a clear strategic intent as yoursquore moving out of the crisismdashthat is still going to be fundamental

Q In reference to the senior living space how important is innovation How hard is it to innovate when the walls are coming down around you and yoursquore more likely to want to kind of hunker down

A I do think innovation and the business model is the most important measure of success if you can get the other pieces in order For senior housing owners and operators and their residents what has become clear in this crisis is that people are looking for actions and features that help them feel more safe secure and connected What model can do that

If you can answer that question as an operator in senior housing yoursquore much more prepared to be resilientmdashand to meet the needs of the residents who are at the heart of your business

When we interviewed residents their families and prospective residents and their families if they have had a COVID-19 case in their building nearly 60 percent of those individuals have said theyrsquore much more likely to move toward home health or

another residential environment in the next six to 12 months That number is much less if you havenrsquot had a COVID case closer to 30 percent

As a senior housing operator one potential shift could be to deploy services that you might normally find in a senior housing environment into home care or into a more traditional multifamily environment It might be a business-model shift

In the broader perspective of feeling secure services like regular wellness checks by a licensed nurse or demonstrated increased certification and infection control or ldquoemergency response optimizationrdquo would be at the top of the feature sets that we measured

Features like built-in telehealth systems within peoplersquos units and wearable health-tracking devices also jumped off the pagemdashlargely by the family members of residents less so the residents It reinforced for us the idea that we can much more closely monitor our personal health and deliver the health care thatrsquos necessary even in a remote setting or in a lockdown setting

Another opportunity that I would highlight is the set of features around community and connection such as interactive experiences and socialization technology Can you create an environment where residents can still interact with their local community and also with their family members

All of these things could together create a transformational moment for senior housing Each of these can be catalytic for new business models and innovation that better serves residents through a period like this

Many of these would have occurred naturally but on a slower timeframe COVID-19 is ramping up the need

Q When we look back at this time are we going to look at COVID-19 and think that it was a blip on the screen or a speed bump changing things in the senior living space

A I think at the end of the day wersquore going to see this as a pretty big speed bump that forced us to re-evaluate how we deliver care in a senior housing environment and as a catalyst for many of the changes and innovations that were needed to better serve residents

Those are going to be far more impactful over time than we might have imaginedmdashand probably of a much longer duration than people have been expecting

The McKinsey COVID Response Center offers data leadership insights response tools and public webinars on the crisis and its effect on human lives economies and public health

Argentum members can download COVID-19 recorded webinars at argentumorgcovid19webinars



OUTLOOK ON PRIVATE EQUITY

Julie Ferguson senior vice president and senior living sector leader at Ryan Companies has a 20-year $655-million-plus history in senior living At Ryan shersquos working to plan and execute the strategic vision for the senior living sector

In this interview she helps put the private equity and overall senior living market in perspective from both sides of the crisis

Q Could we look back to 2019 and compare that to what wersquore facing now

A Private equity in senior housing has certainly accelerated in the past two to four years The last statistic Irsquove heard is that there was over $11 billion needing to be spent in this space in the coming years A lot of people have jumped into this business that had not previously been in senior livingmdashfolks who traditionally had been maybe multifamily developers Our sector is very attractive

The amount of capital in the sector has also helped build credibility around our sector as an investment vehicle compared to your traditional real estate classes like multifamily industrial hotel office or retail Institutions paying attention has certainly helped all of us open doors for more investment and more interest in the space

The construction starts over the last 18 to 24 months show that as a sector we are growing rapidly Wersquove added a lot of products to the marketplace in a short period of time I think this is the result of the interest equity players have been investing in this space

Q We were also hearing concerns about unrealistic expectations about what it takes to get into the spacemdashcould you speak to those

A As more equity groups with inexperience in this space got into senior housing they came with some of their carry-over expectations from these other asset classes and attempted to apply those same thought processes and expectations around returns and exit timeframes

Senior housing is unique from the perspective that the communities do take longer to lease up and it is a very operationally driven business Itrsquos very much about what happens the day the doors open versus other asset types

As an industry we sometimes said Okay we can lease up in 18 months instead of 24 We can push this margin And it doesnrsquot help us to set unrealistic expectations either

I hope that as an industry we have been able to educate equity groups and explain why our returns and timeframes are the way they are

Q Okay then fast forward into where we are now July 2020 Are you seeing senior living as more or less appealing in light of COVID-19

A I think we have to break that down into two separate segments existing property acquisition investment and new developments The feedback wersquove been seeing is that there continues to be appetite for development projects The thought process is that new developments will open in 18

INVESTMENT COOLED BUT CONTINUING By Ken McDonald

Julie Ferguson Senior vice president and senior living sector leader Ryan Companies

Equity groups are looking for more of an operational story The operators have always been important but today it feels like the operator is 90 percent of the story During COVID what the private equity groups are looking at is How did you keep your residents and employees safe What was your commitment to secure their health and well-being



to 24 months and COVID will hopefully be in the rear-view mirror But they seem to have cooled a little bit on buying existing projects unless these are in a significantly distressed situation

The industry is experiencing pressure because of COVID and not being able to maintain those occupancy levels We have this 12- to 18-month period of unusual but significant operating risks Our costs are a little bit more unpredictable because of personal protective equipment potential additional pay to our employees and paying for testing

We had it really good as an industry for several years because there was so much capital that it was easier to attract lots of people to look at your dealhellipyou sort of got to drive the terms Today thatrsquos changed a little bit

The equity groups have emphasized that they want to focus their attention and their dollars on people they have already transacted business with It takes some of the relationship risk out of it when you have somebody you have positive history with

I absolutely think they are taking a deeper dive when they look at a project than they have in the past Theyrsquore digging into a lot of the metrics and the staffing ratios and asking for plans post-COVID for additional expenses

Today pretty much every conversation Irsquom on is about how Ryanrsquos portfolio is fairing in todayrsquos COVID-19 world compared to the rest of the industry What have your operators been doing What are you thinking of doing in your next building that might help with this type of issue How are you managing marketing There are very detailed questions about how we are dealing with COVID-19 what operators are doing about it

One thing [equity groups] are looking for is more of an operational story The operators have always been important but today it feels like the operator is 90 percent of the story During COVID what the private equity groups are looking at is How did you manage that What did you do How did you react How did you keep your residents and employees safe What was your commitment to their health and well-being

Q Are there positives in the picture

A I think wersquoll certainly see some pent-up demand as communities start providing tours and are able to provide more normal activities and dining We keep re-anchoring ourselves as an industry and reminding ourselves that we all got into this because of that demographic shift thatrsquos happening in the market and that thatrsquos not changing The challenge is keeping the fundamentals of our business throughout COVID-19

Therersquos still the desire for these groups to invest capital in the space The thinking is that this is a mid- or short-term challenge and that the long-term prospects of this industry havenrsquot changed Certainly during COVID wersquore getting a chance as an industry to prove our ability to take care of residents and peoplersquos family members safely and securely in a senior housing community That will certainly bode well for us later

Wersquore finding we have a much bigger pool of job candidates Itrsquos a great opportunity to attract new people to the senior housing space at the community level

Wersquore waiting to see if there will be some fallout from hospitality or retailhellipthat helps reduce some of the construction price pressure that wersquove been seeing for the past several years

COVID-19 has forced our industry to look at things that simply make sense when yoursquore dealing with a senior population How you improve your infection control air quality air filtration systems types of surfaces cleaning protocol Either using technology or processes that have a positive benefit to our residents regardless of whether itrsquos during COVID or just a regular period of time

You knowmdashand I can speak specifically to the groups that we work withmdashthey have been incredibly supportive of us telling them what we need to best manage our communities during this crisis and have responded incredibly favorably to providing that support Theyrsquove approved budget changes additional costs knowing that is incredibly important for us short-term making our way through this whether it has to do with cleaning whether it has to do with marketing whether it has to do with the building upgrades

I would say every conversation that we have with an equity groups on the deals that wersquore out raising capital they want to talk about what the companyrsquos looking at as far as technology and building for future issues I think they recognize there are things that we could do that would perhaps take some of the risks off the table in a potential future virus situation

Capital markets recognize that wersquove been forced to do things differently and theyrsquove been supportive of how we do that And I think theyrsquore open to possibilities of how operations might be different in the future


In 2019 the National Investment Center for Seniors Housing amp Care (NIC) put out a report ldquoThe Forgotten Middlerdquo looking at the opportunity and challenges its data show are likely to be ahead as a larger number of older adultsrsquo savings and incomes decrease and need for care increases The first-of-its-kind study funded by NIC and conducted by NORC at the University of Chicago projected a decade ahead to 2029

Here Beth Burnham Mace NIC chief economist and director of outreach gives a look at whatrsquos changed whatrsquos ahead and what action on middle markets is moving on even as the industry grapples with COVID-19


Q NICrsquos findings on the middle market garnered much interest last year Has that faded in the COVID-19 crisis

A Let me preface this by saying that the study was motivated by the notion that we need to create affordable care and housing for seniors Itrsquos critical Middle-income seniors include todayrsquos teachers firefighters government workers nursesmdashthose who would not be eligible for Medicaid

Itrsquos a large and growing cohort We estimated last year that about 144 million seniors over the age of 75 would be in this cohort by 2029 And thatrsquos roughly 6 million more than today

It hasnrsquot taken center stage in the COVID crisis but to my mind it should get near top billing The issue hasnrsquot gone away itrsquos only gotten larger due to the pandemicrsquos effects on the economy and jobs

Q What are you seeing as the effects of this crisis on the ldquoForgotten Middlerdquo into the next year or over a longer span

A One in four workers right now are collecting some form of unemployment insurance from the government A lot of people are financially stressed And as a result of that the middle-income cohort is going to get larger people that have been in that higher income cohort will be pushed lower

And that lower-income cohort is also going to get larger because of people losing their jobs Thatrsquos going to be a problem in terms of more people drawing on Medicaidmdashthere arenrsquot the dollars in the federal budget to take more and more people trying to become eligible for Medicaid The pandemic only enhances or increases the middle-income senior living challenge

One solution might be to create some type of public-private partnerships tax credits or real estate tax abatements might be implemented

Q Do you think the caution regarding risk will help or hurt the future of the middle market How about the prospective hunt for distressed propertiesmdashwould these be more easily turned to middle-market uses

A When you buy less expensive land or less expensive properties then by definition you could afford to charge less There isnrsquot yet but I think that there could be a lot of distressed real estate related to seniors housing as COVID goes on If you can buy those properties at less than full price hellip you can share cost savings with residents

And some operators are suffering because of the increase in expenses associated with COVID and because of reduced move-ins

COVID has definitely changed the seniors housing industry We still need to figure out innovative financial structures and operating models that can provide care and housing for this large group

Q So the ldquoforgotten middlerdquo hasnrsquot gone away

A I would put it more strongly than that Itrsquos not just that it isnrsquot going away Itrsquos gotten bigger Itrsquos important that the private sector come up with at least a partial solution or itrsquos going to be the onus of the federal government And there simply isnrsquot the budget there If everyone spends down their assets itrsquos not going to work

lsquoFORGOTTEN MIDDLErsquo CHALLENGE ESCALATING By Beth Burnham Mace

Beth Burnham Mace Chief economist and director of outreach NIC

OUTLOOK ON MIDDLE MARKETS


The challenge of how to define active adult or 55+ continued through 2019mdashand itrsquos still not decided

In fact at a session at the National Investment Center for Seniors Housing amp Carersquos (NIC) 2019 fall conference ldquoWhat Do Baby Boomers Want New Active Adult Product Could be the Answerrdquo the people creating the product debated definitions without quite settling on one

The picture ldquoactive adultrdquo used to conjure was a community such as The Villages in Florida full of single-family homes and golf carts with recreational amenities and community programs The newer styles may still have single-family offerings but are more about ldquolock-and-leaverdquo lifestyles and holistic health Several in the space have said that independent living is now ldquoassisted living literdquo and that active adult is ldquoindependent living literdquo

This NIC panel and others in the space have come up with a few factors that could differentiate this evolving new definition

Age 55-to-70 is one definition but 62-84 is another spread The widest boundaries are earliest likely retirement (age 55) and average entry to assisted living (84) The NIC panel put the average age at 72

A la carte Residents want a lot of freedom to choose and pay for services and programs as they want themmdashdonrsquot lock them in

Maintenance-free Traveling and visiting with family are of top importance no fixits and lawn-mowing

Right-sizeDownsize Two bedrooms two baths is typical but one-bedroom works too Theyrsquore looking to get rid of ldquostuffrdquo and have fewer things to care for

Wellness Yoga Pilates pools brain health social and spiritual healthmdashthis demographic defines health more broadly and follows the studies

Hospitality-based While senior living often spans the hospitalityhealth care range active adult comes down solidly on the side of hospitality models

Good times Demand for dog parks wine tastings culinary events tours and tripsmdasheven the year-round entertainment available at Margaritavillemdashshow that this group wants to have fun

Length of stay The NIC panel put this at 6 to 10 years

Price points are all over the map (literally as well as figuratively because US location in region and state figures strongly in pricing)

The issue is less threading a needle and more warping a loommdashmultiple threads and wide range in what the target groups desire makes it a colorful diverse space that would appear to reward clearly differentiated branding as much as it does in-demand locations

Those locations have spread out from Florida coasts and Arizona to include the now-hot South Carolina along with Jacksonville and Ocala in Florida North Carolina coast and Triangle Texas around Austin as well as already-popular Houston and DallasFort Worth Tennessee Virginia particularly the outskirts of Northern Virginia and Colorado

Urban locationsmdashanother hazily defined term but one that appears to include not only large cities such as New York and Chicago but those such as Charlotte and Nashvillemdashare also getting interest This ties into several trends It answers the boomer trend of downsizing and moving to the city where adults can be closer to entertainment services and medical as well as be part of an active intergenerational mixmdashand most important be near family who want the same sense of energy access and walkability A 2019 Perkins Eastman survey reported 26 percent of builders and redevelopers believe boomers will be most concerned with living in proximity to an urban location or town center up from 19 percent in 2017

Urban development of active adult can also be affordablemdashsome areas incentivize mixed-use development in order to avoid the ldquosundownrdquo effect where a city becomes deserted after the dayrsquos office workers depart Marketing can become easier as senior living is perceived as just part of a mix of desirable residential options and communities become more familiar to passers-by The active adult renter or buyer can also find urban adaptive re-use of historic education or industrial properties very appealing while such properties may not be suitable for an independentassisted livingmemory care mix

While COVID-19 may have an influence in moving away from cities it could also have a different effect making more appealing a mixed-use environment where you can find living dining shopping entertainment and medical options close by

And COVID may not have made much of a dent beyond the general economic weakness of 2020 ldquoSeniors housing including the more lifestyle focused active adult and independent living segments have outperformed initial expectations mainly attributed to the favorable housing market unlike the 2008-2009 financial crisisrdquo according to the JLL Seniors Housing amp Care Investor Survey and Trends COVID-19 Update for Spring 2020

BOUNDARIES DEFINITIONS CONTINUE TO SHIFTBy Sara Wildberger

OUTLOOK ON ACTIVE ADULT



If as some are predicting because of COVID the senior living industry trends more toward the health-care side and less toward the hospitality side this could leave an opening for more active adult product But there may also be senior living providers who say ldquoYes andhelliprdquo and strengthen their game in both directions providing safety and care without leaving behind the quest for better amenities activities and dining Depending on how much the pandemic changes the world they may even be able to find the staff to realize that vision

Here are some basics on companies making news in the active adult area Unless otherwise stated material is from company press releases and investor reports

ALLIANCE RESIDENTIAL COMPANY Phoenix Ariz

Alliance named the 2020 No 1 largest developer by the National Multifamily Housing Council entered the active adult market in June 2019 with the Marvelle at Southcenter a 166-resident apartment building near Seattle The company said it includes more than double the usual amenity space of a typical multifamily Its other development lines include Broadstone communities Prose workforce residences and Holden senior housing communities In June of this year Greystar acquired Alliancersquos property management business

AVENIDA PARTNERS LLC Newport Beach Calif In the space since 2008 Avenida offers rental and sale in urban and suburban markets at different price points but sharing the signature AvenidaLife program described as a ldquoservice-enriched independent lifestylerdquo It has six communities open and several under construction

BOZZUTO Greenbelt Md

Founded in 1988 the company works in development construction management and homes It has two 55+ communities in Washington DC and has opened the award-winning 232-unit Village at Valley Forge introducing its Canvas concept in active adult The Village is a walkable town-center mixed-use neighborhood with retail and recreation space The company has also created mixed-use with affordable senior living apartments and assisted living

CAPITOL SENIORS HOUSING Washington DC

Capitol Seniors Housing founded in 2003 has The Carlyle Group and Bain Capital as its capital partners The firm has acquired or developed more than 120 senior housing communities and deployed over $25 billion of investment capital Its recent active adult community the upscale Siena in Cinnaminson Township NJ will have 204 55-plus residences and a state-of-the-art clubhouse with fitness center yoga studio and more

DEL WEBB Atlanta

With almost 60 years in its industry and the widely known Sun City communities Del Webb is a brand of PulteGroup Inc Almost half the communities on the 55placescom Best of 2019 list are Del Webb communities Focusing on single-family homes with flexible trend-responsive plans that can be personalized for residents its communities include social and recreational space and many amenities

GREYSTAR Charleston SC

The largest operator of apartments in the United States has almost $361 billion of assets under management including nearly $142 billion of assets under development according to its 2020 press releases Itrsquos also the largest developer and manager of active adult with three brands developed through psychographic analysis and focus groups Its Overture 55+ apartment home communities launched in 2016 focus on a la carte services high-quality design and amenities and maintenance-free living its signature SOUL program focuses on ldquoseven dimensions of wellnessrdquo such as social intellectual and physical health The communities are created in partnership with The Carlyle Group The Everleigh communities are a luxury brand The Destinations brand is a more value-based option Recently Belmont Village (number 38 on list) announced it was partnering with Greystar to build a high-rise community in San DiegomdashGreystarrsquos first to offer assisted living and memory care

MINTO COMMUNITIES Tampa Fla

The co-developer with Margaritaville Holdings of the Latitudes lifestyle brand Minto active since 1987 was named 2019 55+ Builder of the Year by the National Association of Home Builders The first Latitude Margaritaville communities are now open in Daytona Beach Fla and Hilton Head SC Minto recently broke ground on the third community Latitude Margaritaville Watersound located near Panama City Beach in Florida and developed in partnership with The St Joe company The communities offer a mix of options that may include single-family homes Villas a slightly smaller offering and the recently introduced Conch Cottages at a lower price point and starting at 1204 square feet Along with resort-style amenities a brand differentiator is live entertainment and a festival feel


Provider news highlights from 2019 and 2020 Unless otherwise stated information is from company press releases

BROOKDALE (1)The company changed several top positions in late 2018 and named new board members in 2019 making more than half its board new members The company made several large deals including taking ownership from Healthpeak (then HCP) of 18 communities The company reported at the end of 2019 that it had completed more than 742 capital expansion projects CEO Lucinda Baier also stated that the company started more than 450 capital projects in 2019 In the full-year earnings call the company said nearly 70 percent of its executive directors had been in place for more than two years In December Brookdale hired Cindy R Kent formerly president and general manager of 3Mrsquos infection prevention division as executive vice president and president of senior living It also turned over operation of seven communities to Atlas that month

LIFE CARE SERVICES (2)Life Care Services is number 1 on the Continuing Care Retirement Communities (CCRCs) list with 97 properties In October 2019 LCS was top-rated in a resident satisfaction study from JD Power Sunrise which had been top-rated last year was number 2 and Five Star Senior Living number 3 In the first quarter of 2020 the company was selected to manage 13 of Healthpeakrsquos properties

HOLIDAY RETIREMENT (3)Holiday added two communities to its management platform in 2019 Independence Village Frankenmuth in Frankenmuth Mich and Kipling Meadows in Arvada Colo In February of 2019 National Health Investors (NHI) purchased the Isles of Vero Beach in Vero Beach Fla with more than 200 units Holiday the largest provider on the independent living list with 31272 units is the largest operating partner for New Senior Investment Group managing 95 percent of the REITrsquos portfolio New Senior in 2019 made a strategic decision to sell its assisted living and memory care portfolio stating its reasons as less new supply affordability and generally longer stays

FIVE STAR SENIOR LIVING (4)Five Star began 2019 with a new president and CEO Katie Potter formerly executive vice president and general counsel She led a ldquotransformative restructuringrdquo over the year with several goals reached by October which included strategic partnerships for innovation in technology and introducing careers in senior living In January 2020 Five Star and

WHATrsquoS CHANGED ON THE LIST

HIGHLIGHTS OF CHANGES

AMONG THE FIRST 10 PROVIDERSbull Brookdale Senior Living remains the largest

provider by far with 68044 units Life Care Services at 2 has about 46 percent fewer with 36739 units

bull The remainder of the list was a story of switching places LSC number 3 last year is now at 2 Holiday moved from 2 to 3

bull Five Star number 5 last year is now at 4 Sunrise moved from 4 to 5

bull Erickson Living number 7 last year is now at 6 Atria moved from 6 to 7

bull ALG Seniormdashformerly Affinity Living Groupmdashnumber 10 last year is now at 9 Capital Senior Living moved from 9 to 10

bull Senior Lifestyle remained at 8

MOVING UP BY 10 OR MOREbull Trilogy Health Services 33 to 12

bull Bridge Senior Living 53 to 39

bull Capri Communities LLC 70 to 40

bull Aegis Living 62 to 43

bull Priority Life Care 57 to 46

bull Traditions Management 74 to 62

bull Commonwealth Senior Living 81 to 65

bull Atlas Senior Living 117 to 78

bull Tutera Senior Living 98 to 87

bull Bristol Care Inc 118 to 101

MOVING DOWN BY 10 OR MOREbull Justus Rental Properties Inc 54 to 93

bull Juniper Communities 94 to 108

bull 12 Oaks Senior Living 88 to 113

bull Anthem Memory Care 114 to 124

bull Ridgeline Management Co 106 to 129

bull The Abbey at Westminster Plaza 138 to 149

bull Clearwater Living 139 to 150



Diversified Healthcare Trust (formerly Senior Housing Properties Trust) completed its restructuring agreements for 243 properties Former CEO Bruce Mackey and COO Scott Herzig who left Five Star at the end of 2018 launched Sona Senior Living in 2019 which had two management contracts as of July 2020 according to Senior Housing News

SUNRISE SENIOR LIVING (5)New community news in 2019 included plans for Sunrise at Lonsdale Square Vancouver Canada tentatively slated for 2022 opening two new communities in Fairfield Conn and Sunrise of Bridgewater in New Jersey One of the companyrsquos stated goals was to use more data analysis and technology to improve operations and quality for residents its advances include using electronic health records and predictive analytics Sunrise collaborated with Royal Philips for technology for wellness goals and safety in the Welltower flagship Manhattan high-rise slated to open in 2020

ATRIA SENIOR LIVING (7) In fourth quarter 2019 Atria created a new middle-market brand Gladwell It continued its plan with Related Companies announced at the end of 2018 to create urban communities in major cities

ALG SENIOR (9)Highlights here are from 2020 In June the company changed its name to ALG Senior LLC and changed its culture as well ldquoALG Senior LLC supports the essential back office functions for its network of communities including human resources accounting and public relations ALG Senior will also provide day-to-day support and oversight for each of its communities ALG Seniorrsquos headquarters located in Hickory North Carolina will serve as a lsquoCommunity Support Centerrsquo that will tailor support to address each communityrsquos specific needs culture and locationrdquo the company stated The goal is making individual communities more autonomous supported and self-sufficient and the company will retain its focus on middle markets reported Senior Housing News

CAPITAL SENIOR LIVING (10)At the beginning of 2019 Capital Senior Living appointed Kimberly S Lody as president and CEO In August a consortium of which the company was part was awarded a $12 million apprenticeship grant through the US Department of Labor In September 2019 the company named Brandon M Ribar COO During 2019 the company sold ldquotwo non-core independent living communitiesrdquo and terminated or began early termination of selected master leases

TRILOGY HEALTH SERVICES (12)In February 2019 the company announced a brand refresh with a new tagline Where Family Comes to Live In June Leigh Ann Barney was named president and CEO she was formerly COO Randall Bufford transitioned from president and CEO to board chairman Trilogy expanded its programs to help its workforce with tuition assistance gain certifications and pay off student loans The company opened or expanded nine new communities in 2019

ECLIPSE SENIOR LIVING (17)The company added the high-end luxury brand Evoke to its Embark independent living mid-market brand and its Elmcroft mid-market independent assisted and memory care brand

MERRILL GARDENS (18)At the end of 2019 the company acquired Blue Harbor management company and 21 properties and named Tana Gall president She was formerly CEO of Blue Harbor In the beginning of 2020 Merrill Gardens partnered with ReNew a REIT to acquire 26 communities

INTEGRAL SENIOR LIVING (19)In early 2020 the company brought together the leadership of Integral and Solstice Senior Living with Integral president and CEO Collette Gray named president and CEO of both and Jennifer Ferrer CFO of both

COMMONWEALTH SENIOR LIVING (65)In May 2019 Invesque a Toronto-based provider acquired Commonwealth with 20 communities Commonwealth became manager of 10 Invesque companies in 2019

2019 BEST WORKPLACES IN AGING SERVICES Great Place to Workreg a global research and analytics firm identified 40 senior living providers on its second annual list of 50 senior care companies published on Fortunecom Companies on the Largest Providers list that also appeared on the Best Workplaces in Aging Services list

bull AgeMark Corpbull Belmont Village Senior Livingbull Benchmarkbull Brightview Senior Livingbull Danbury Senior Living Huber Heights communitybull Holiday Retirementbull Merrill Gardensbull Senior Starbull Silveradobull Sunrise Senior Livingbull Trilogy Health Servicesbull Vi


ECONOMIC PROJECTIONS FOR 2030 POINT TO POPULATION THATrsquoS OLDER MORE DIVERSEEconomist Bruce Grindy of Grindy Research who produces economic information for Argentumrsquos Quarterlies and Forecast Reports created a set of projections into 2030 for factors that affect senior living Here are his takeaways

For any long-term economic projections demographics are the primary driver While the economy is currently in shambles due to the coronavirus long-term demographic trends remain intact

Population is projected to continue rising at a modest pace and that will drive labor-force growth over the next 10 years And labor force growth is a key determinant of job growth

The current decade is trending toward the slowest population growth since the 1940s While population growth is projected to be modest in the next decade the population itself will be older and more diverse

I used 2019 as the baseline for the 2030 projections so the immediate-term economic crisis caused by the coronavirusmdashwhile unprecedentedmdashis not expected to impact the long-term growth projected for the next decade

Health care providers will continue to be the top job creator in the economy during the next 10 years The next decade is projected to be the fifth consecutive decade of decelerating growth This dampened growth will be due largely to slower population growth and changing demographics

Labor force trends are expected to vary significantly by age group during the next decade with teen representation declining and more older adults remaining in the workforce beyond the typical retirement age By 2028 there are projected to be a record high of adults aged 65-and-older in the labor force and the lowest number of teenagers in the labor force since 1963

White(Non-Hispanic)

Black orAfrican

American

Asian Hispanic or Latino

White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030

US Population Becoming More Diverse by 2030Distribution of US population by race and ethnicity 2010 to 2030

Sources US Census Bureau Argentum

2030 PROJECTIONS


Manufacturing Federalgovernment

Health careand socialassistance

Educationalservice

Construction Leisure and

hospitality

Professionaland business

services

Financialactivities

Statelocalgovernment

Retail trade

16

1211

0908

0301

-01 -05 -05

Health Care Providers Projected to Be the Leading Job CreatorsAverage annual employment growth by selected sector 2019 to 2030

Job Growth Is Projected to Be Modest During the Next DecadeAverage annual growth in total US employment

2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01

projectedSources Bureau of Labor Statistics Argentum

Sources Bureau of Labor Statistics Argentum

2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08

Growth in the US Labor Force Is Projected to SlowAverage annual growth in the total US civilian labor force


75 amp older16 to 19 20 to 24 25 to 34 35 to 44 45 to 54 55 to 64 65 to 74

-07 -0502

47

-04

42

19

-04

Older Adults Are a Growing Proportion of the Labor ForceProject change (in millions) in the US labor force 2018 to 2028


2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09

US Population Growth is Expected to Remain ModestAverage annual growth in total US resident population


403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030

Adults Age 65+ Are Expected to Make Up 21 Percent of the US Population by 2030Distribution of US population by age group 2010 to 2030

2030 PROJECTIONS


LEADING THE INDUSTRY IN GOOD TIMES AND CHALLENGING TIMES

ADVANCING bull ADVOCATING bull EDUCATING bull INFORMING bull UNIFYING

YOUR BEST INTERESTS ARE OUR INTERESTSConsider supporting senior living through Argentum membership

Learn more at argentumorgmembership

WHAT ARE OUR MEMBERS SAYING

Contact us to inquire about your membership status to discuss Argentumrsquos work or to discuss the many benefits tied to membership

Brad WilliamsVP Membership amp Events(571) 527-2625bwilliamsargentumorg

The benefits of our Argentum Membership have been priceless

ndash Kevin Hunter COO Hearth Management

Argentum has provided clear focused communications at a time

when we need it the most ndash Jason R Cronk CEO

Immanuel Lutheran Communities

Argentum is leading on key issues in the senior care space

ndash John Atkinson Managing Partner Willis Towers Watson

Argentum information helps me provide guidance to associates on best practices and how to stay current and relevant

ndash Kari Vaughn Area HR Director Elmcroft of Carrollwood

Argentum is my major resource to know industry trends

It does a good job connecting and updating members

ndash Wien Dai Network Manager Vi




1650 King Street Suite 602Alexandria VA 22314(703) 894-1805


ABOUT FOX REHABILITATION Founded in 1998 FOX Rehabilitation is a high-growth entrepreneurial private practice of physical occupational and speech therapists that provides proactive clinically excellent and evidence-based treatment interventions to the older population A proud longstanding member of Argentum and corporate sponsor FOX was built on the strong clinical foundation of Geriatric House Callstrade and throughout its growth the practice has stayed true to its mission of rehabilitating lives by believing in the strength of people FOX clinicians help older adults be stronger so they can live better longer For more see foxrehaborg

ABOUT ARGENTUMArgentum is the leading national association exclusively dedicated to supporting companies operating professionally managed resident-centered senior living communities and the older adults and families they serve Since 1990 Argentum has advocated for choice independence dignity and quality of life for all older adults

Argentum member companies operate senior living communities offering assisted living independent living continuing care and memory care services Along with its state partners Argentumrsquos membership represents approximately 75 percent of the professionally-managed communities in the senior living industrymdashan industry with a national economic impact of nearly a quarter of a trillion dollars and responsible for providing over 16 million jobs These numbers will continue to grow as the US population ages

Argentumrsquos programs and initiatives are driven by its membership For more information about joining Argentum please visit argentumorgmembership Learn more at argentumorg

Notes Data unless otherwise noted was voluntarily self-reported and represents US data as of December 31 2019 The information contained in this report was obtained from sources deemed to be reliable Every effort was made to obtain accurate and complete information however no representation warranty or guarantee express or implied may be made as to the accuracy or reliability of the information contained herein This is not intended to be a forecast of future events and this is not a guaranty regarding a future event This is not intended to provide specific investment advice and should not be considered as investment advice










places to live
















Sara Wildberger

Editor












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












25FAILURE

E F

50FRAILTY

E F

75FUNCTION

E F

100FUN

E F






ldquo




OLDER ADULTS TO

LIVE BETTER LONGER

rdquo





REFERENCES






98232016019150136




14 1334-1351 DOI 10108000140130500101247



SLCFOXREHABORG

















4928







15 Vi 3150









24 ALG Senior 1767












4 Enlivant 9798




8 ALG Senior 7819





5369










22 Benchmark 3258














Rank ProviderMemory

Care Units






6 ALG Senior 3277






12 Benchmark 1566





17 Silverado 1241










27 Enlivant 924


29 Aegis Living 864











6 Vi 10






ProviderNumber of


Locations






1 Mexico













10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800





Resident Capacity


Resident Capacity

















2389










50 Waltonwood 1485









NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS


































places to live
















Sara Wildberger

Editor












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












25FAILURE

E F

50FRAILTY

E F

75FUNCTION

E F

100FUN

E F






ldquo




OLDER ADULTS TO

LIVE BETTER LONGER

rdquo





REFERENCES






98232016019150136




14 1334-1351 DOI 10108000140130500101247



SLCFOXREHABORG

















4928







15 Vi 3150









24 ALG Senior 1767












4 Enlivant 9798




8 ALG Senior 7819





5369










22 Benchmark 3258














Rank ProviderMemory

Care Units






6 ALG Senior 3277






12 Benchmark 1566





17 Silverado 1241










27 Enlivant 924


29 Aegis Living 864











6 Vi 10






ProviderNumber of


Locations






1 Mexico













10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800





Resident Capacity


Resident Capacity

















2389










50 Waltonwood 1485









NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS


































































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












25FAILURE

E F

50FRAILTY

E F

75FUNCTION

E F

100FUN

E F






ldquo




OLDER ADULTS TO

LIVE BETTER LONGER

rdquo





REFERENCES






98232016019150136




14 1334-1351 DOI 10108000140130500101247



SLCFOXREHABORG

















4928







15 Vi 3150









24 ALG Senior 1767












4 Enlivant 9798




8 ALG Senior 7819





5369










22 Benchmark 3258














Rank ProviderMemory

Care Units






6 ALG Senior 3277






12 Benchmark 1566





17 Silverado 1241










27 Enlivant 924


29 Aegis Living 864











6 Vi 10






ProviderNumber of


Locations






1 Mexico













10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800





Resident Capacity


Resident Capacity

















2389










50 Waltonwood 1485









NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS


































































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












25FAILURE

E F

50FRAILTY

E F

75FUNCTION

E F

100FUN

E F






ldquo




OLDER ADULTS TO

LIVE BETTER LONGER

rdquo





REFERENCES






98232016019150136




14 1334-1351 DOI 10108000140130500101247



SLCFOXREHABORG

















4928







15 Vi 3150









24 ALG Senior 1767












4 Enlivant 9798




8 ALG Senior 7819





5369










22 Benchmark 3258














Rank ProviderMemory

Care Units






6 ALG Senior 3277






12 Benchmark 1566





17 Silverado 1241










27 Enlivant 924


29 Aegis Living 864











6 Vi 10






ProviderNumber of


Locations






1 Mexico













10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800





Resident Capacity


Resident Capacity

















2389










50 Waltonwood 1485









NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS


































































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












25FAILURE

E F

50FRAILTY

E F

75FUNCTION

E F

100FUN

E F






ldquo




OLDER ADULTS TO

LIVE BETTER LONGER

rdquo





REFERENCES






98232016019150136




14 1334-1351 DOI 10108000140130500101247



SLCFOXREHABORG

















4928







15 Vi 3150









24 ALG Senior 1767












4 Enlivant 9798




8 ALG Senior 7819





5369










22 Benchmark 3258














Rank ProviderMemory

Care Units






6 ALG Senior 3277






12 Benchmark 1566





17 Silverado 1241










27 Enlivant 924


29 Aegis Living 864











6 Vi 10






ProviderNumber of


Locations






1 Mexico













10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800





Resident Capacity


Resident Capacity

















2389










50 Waltonwood 1485









NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS


































































TOTAL AL UNITS

TOTAL IL UNITS

TOTAL MC UNITS

TOTAL EMPLOYEES












25FAILURE

E F

50FRAILTY

E F

75FUNCTION

E F

100FUN

E F






ldquo




OLDER ADULTS TO

LIVE BETTER LONGER

rdquo





REFERENCES






98232016019150136




14 1334-1351 DOI 10108000140130500101247



SLCFOXREHABORG

















4928







15 Vi 3150









24 ALG Senior 1767












4 Enlivant 9798




8 ALG Senior 7819





5369










22 Benchmark 3258














Rank ProviderMemory

Care Units






6 ALG Senior 3277






12 Benchmark 1566





17 Silverado 1241










27 Enlivant 924


29 Aegis Living 864











6 Vi 10






ProviderNumber of


Locations






1 Mexico













10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800





Resident Capacity


Resident Capacity

















2389










50 Waltonwood 1485









NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS


































25FAILURE

E F

50FRAILTY

E F

75FUNCTION

E F

100FUN

E F






ldquo




OLDER ADULTS TO

LIVE BETTER LONGER

rdquo





REFERENCES






98232016019150136




14 1334-1351 DOI 10108000140130500101247



SLCFOXREHABORG

















4928







15 Vi 3150









24 ALG Senior 1767












4 Enlivant 9798




8 ALG Senior 7819





5369










22 Benchmark 3258














Rank ProviderMemory

Care Units






6 ALG Senior 3277






12 Benchmark 1566





17 Silverado 1241










27 Enlivant 924


29 Aegis Living 864











6 Vi 10






ProviderNumber of


Locations






1 Mexico













10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800





Resident Capacity


Resident Capacity

















2389










50 Waltonwood 1485









NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS






























ldquo




OLDER ADULTS TO

LIVE BETTER LONGER

rdquo





REFERENCES






98232016019150136




14 1334-1351 DOI 10108000140130500101247



SLCFOXREHABORG

















4928







15 Vi 3150









24 ALG Senior 1767












4 Enlivant 9798




8 ALG Senior 7819





5369










22 Benchmark 3258














Rank ProviderMemory

Care Units






6 ALG Senior 3277






12 Benchmark 1566





17 Silverado 1241










27 Enlivant 924


29 Aegis Living 864











6 Vi 10






ProviderNumber of


Locations






1 Mexico













10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800





Resident Capacity


Resident Capacity

















2389










50 Waltonwood 1485









NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS



























SLCFOXREHABORG

















4928







15 Vi 3150









24 ALG Senior 1767












4 Enlivant 9798




8 ALG Senior 7819





5369










22 Benchmark 3258














Rank ProviderMemory

Care Units






6 ALG Senior 3277






12 Benchmark 1566





17 Silverado 1241










27 Enlivant 924


29 Aegis Living 864











6 Vi 10






ProviderNumber of


Locations






1 Mexico













10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800





Resident Capacity


Resident Capacity

















2389










50 Waltonwood 1485









NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS




































4928







15 Vi 3150









24 ALG Senior 1767












4 Enlivant 9798




8 ALG Senior 7819





5369










22 Benchmark 3258














Rank ProviderMemory

Care Units






6 ALG Senior 3277






12 Benchmark 1566





17 Silverado 1241










27 Enlivant 924


29 Aegis Living 864











6 Vi 10






ProviderNumber of


Locations






1 Mexico













10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800





Resident Capacity


Resident Capacity

















2389










50 Waltonwood 1485









NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS



























Rank ProviderMemory

Care Units






6 ALG Senior 3277






12 Benchmark 1566





17 Silverado 1241










27 Enlivant 924


29 Aegis Living 864











6 Vi 10






ProviderNumber of


Locations






1 Mexico













10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800





Resident Capacity


Resident Capacity

















2389










50 Waltonwood 1485









NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS




































10 ALG Senior 12863

11 Enlivant 10798









5749



22 Vi 4800





Resident Capacity


Resident Capacity

















2389










50 Waltonwood 1485









NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS
































NEW ON THE LIST




OUTLOOK ON REITS




Total US Units

Total US Properties

















































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS




























































































































































DEL WEBB Atlanta




























































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS















































































White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


White(Non-Hispanic)

Black orAfrican

American


639597

134

60

187

558

138

69

211

130

49

163

1973 M 403 M 152 M 505 M 1986 M 447 M 200 M 623 M 1980 M 490 M 244 M 748 M

2010 2020 2030



2030 PROJECTIONS




Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS




























Educationalservice


hospitality


services

Financialactivities


Retail trade

16

1211

0908

0301

-01 -05 -05



2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

18

27

25

19 19

16

06

-01



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS


























2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

11

17

26

16

13

0705

08




-07 -0502

47

-04

42

19

-04



2030 PROJECTIONS


2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS


























2019-20301950-1960 1960-1970 1970-1980 1980-1990 1990-2000 2000-2010 2010-2019

17

13

11

09

12

07 07

09



403M65 years +

13

561M65 years +

17

731M65 years +

211049MUnder 25

34

1043MUnder 25

31

1063MUnder 25

31

821MAge 25 to 44

34

944MAge 25 to 44

26

888MAge 25 to 44

27

815MAge 45 to 64

26

834MAge 45 to 64

25

813MAge 45 to 64

23


20202010 2030


2030 PROJECTIONS

























2020 largest providers report...2020 largest providers report 3 the line charts since march 2020,...

Documents