Seniors Housing Business

AUG-SEP 2015

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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Page 70 of 87 71 August-September 2015 n Seniors Housing Business expenses from participating in the national vendor contracts that Fortress has, we anticipate out- sized increases in occupancy and NOI over time. We expect to reach industry occupancy levels within two to three years of acquiring a portfolio. SHB: To what extent do you tour the properties in your portfolio? Givens: I tour the properties a lot. My background and how I grew up in the investment busi- ness taught me you have to be on the ground. You have to look, touch, feel and see things in order to be a good investor. My management philosophy is to get out there to see things, talk with people and hear what's happening. If you always rely on summaries from people, you get part of what's happening, but you don't get the entire picture. I'm an avid believer in hitting the road and visiting our properties to see what's going on. Atypical academic background SHB: You earned an MBA from Harvard Business School, but your bachelor's degree from Mid- dlebury College in Vermont was in political science. How do you apply that political science back- ground to the REIT business? Givens: I was also a French minor, so that's a real curveball. The foundation of a liberal arts education is to emphasize critical thinking and broaden your overall learning scope. A lot of the knowledge that you gain from political science, history or any other liberal arts major is directly applicable to the business world: critical thinking, analysis and decision making. All of those skills set you up nicely to be a business leader. I'm a strong advocate of liberal arts education. That, in combination with my business degree and years of work experience, has positioned me for this role. SHB: Is there anything you like most about your job? Givens: What I like most is no two days are exactly the same. There are new challenges and new opportunities every day, and I'm learning a lot. Most of us will have siblings, parents, grandparents or loved ones that end up needing the services that seniors housing provides. A few in my family have lived in assisted living and seniors housing. I respect the people that provide the services and run our properties. It's such a critically important part of our society. I'm learning a lot every day. SHB: You're one of a handful of female CEOs in the healthcare REIT space. Deb Cafaro of Ventas and Lauralee Martin of HCP are two others that come to mind. Do you see yourself on the leading edge in that regard? Givens: They are certainly ter- rifc role models for me. Being able to watch what they and others have done in their respective busi- nesses is exciting for me. I hope to one day be a fraction as successful as they have been. It's provided me a lot of incentive, and they are strong role models to look at. In the investment community across the board, women are tak- ing on increased responsibilities. That's a great thing. If I can be a part of that, along with the many others before me, then I'm happy to be able to do that. n 'Mom and pop' owners still dominate Of the estimated $300 billion of seniors housing assets in the United States, 62 percent of properties are owned my "mom and pops." Source: ASHA data as of June 2013 REITs & non-REITs 38% Seniors represent fastest growing U.S. demographic The population of seniors age 70 and above in the United States is expected to grow faster than any other age group between 2015 and 2035. 0-19 20-39 40-69 70+ years years years years 2015 82* 87 120 32 2035 86 94 130 60 *in millions of people Source: U.N. Dept. of Economic and Social Afairs (July 2014), U.S. Census Bureau, NIC +90% +8% +8% +5% 'Mom and pop' operators 62%

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