Seniors Housing Business

ASHA 2018

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

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AS H A 50 22 2018 ASHA 50 2018 EXPEC T MORE OPTIONS | Offers a comprehensive suite of financing options across the risk spectrum – Bank – Mezzanine Debt – Agency – Equity – Bonds – M&A Services EXPERIENCE | First healthcare-related financing in 1928 and #1 lead managing underwriter of not-for-profit senior living debt, 2000–2017* STABILITY | Founded in 1902 and majority employee-owned F R O M YO U R F I N A N C I A L S T R AT E G I S T * Based on full credit given to senior manager of lead-managed underwriting principal volume for senior living transactions completed nationally. Rankings and amounts through Thomson Financial Securities Data as of 12/31/17. ©2018 B.C. Ziegler and Company | Member SIPC & FINRA Ziegler brings its extensive industry E X P E R I E N C E and E X P E R T I S E to providers of assisted living & nursing services, senior apartments, life plan communities and home health & hospice. With only a few lenders who offer a CO M P R E H E N S I V E suite of loan products, Ziegler's industry knowledge, coupled with a full product line-up allows our experts to provide C R E AT I V E ideas and solutions that meet your organization's capital needs. CONTACT US DON HUSI, Managing Director 615 982 7562 | dhusi@ziegler.com DAN REVIE, Managing Director 414 978 6556 | drevie@ziegler.com www.ziegler.com Q&A with Alan Butler What locations do you prefer? Butler: We look all over the country, including Califor- nia, but our farthest development in the western states for now is in Denver. One of the first spots we look is in markets where we are already successful. In mar- kets we're in, our brand recognition is "exceptional," enabling us to leverage the brand and reputation. We have two very successful projects in Northern Virginia, for example, and we know there is opportu- nity for additional Erickson Living communities in that region. Our new projects in Maryland and New Jersey will be our fourth in both states. Market acceptance is an important dynamic. We have found that the product is not as well understood in some markets. So, we have to factor in how much we have to spend to educate the consumer. What is the demand for independent living? Butler: It continues to be strong for us, and with the growing number of age- and income-qualified seniors entering the market each year, we fully expect the demand to continue. We are 96 percent occupied — well above the industry average — across 11 states and many markets. We are very proud of that benchmark. We have been able to maintain that occupancy level for many years through a lot of hard work by our sales and marketing teams. From 2013-2017, we had nearly 11,000 entrance-fee settlements. What's the secret to high occupancy? Butler: For starters, we invest more marketing dollars than the industry average. In many cases, the sales pro- cess with a senior takes two to three years. You have to be patient, but we also have to be extremely deliberate. We have a robust sales department with seven to nine sales representatives at each project. We take a customized, hands-on approach with each individual prospect, and we work very hard to enlighten and inspire the entire community that we are serving. Where is the continuing care retirement community (CCRC) model headed? Butler: We've seen a lot of changes over the past 10 years — affecting both the product and service levels — and we expect the next 10 years to be filled with just as

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