Seniors Housing Business

MAY-JUN 2018

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

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Editor's Letter 6 Seniors Housing Business n May-June 2018 In 2017, over 30,000 new seniors housing units opened in the pri- mary and secondary markets tracked by NIC MAP. But the pool of highly qualified, experienced operators isn't necessarily expand- ing, say industry experts. Instead, some proven operators "are starting to get stretched a little thin" because they are managing many more properties than they were just a few years ago, said Brian Heagler, senior vice president with KeyBank Real Estate Capital and lending panel participant at the recent InterFace Seniors Housing West conference in Los Angeles. It's difficult to grow a business regionally or nationally and main- tain a high level of performance or efficiency. "We've all seen how much trouble that can cause when you get too big, too fast," said Ross Holland, vice president of Lancaster Pollard and panel moderator. Brookdale Senior Living got out over its skis when it acquired Emer- itus Senior Living in a $2.8 billion merger in 2014. The blockbuster deal created the first national senior living company and increased Brookdale's footprint to 1,100 com- munities in 46 states. But Brookdale strug- gled to integrate the two companies and occupancies fell off. To boost shareholder value, the company underwent a management shakeup earlier this year and promoted Lucinda Baier from CFO to CEO. The industry is facing a raft of issues including a high turnover of staff, wage pressures and regula- tory compliance. Making sure all employees are on the same page when it comes to executing the mis- sion is no small responsibility either. Staff training and development are also essential to success. The early projection is for another 28,000 units to open this year. The expected surge in new supply, if realized, would equate to inventory growth of 3.1 percent. The upshot is that the hunt for quality operators isn't going to abate anytime soon. Operators experience growing pains Matt Valley H O U S I N G B U S I N E S S ® SENIORS Seniors Housing Business® (ISSN 2168-9199) is published six times per year by France Publications, Inc., d/b/a France Media, Inc. Editorial and advertising offices are located at Two Securities Centre, 3500 Piedmont Rd., Suite 415, Atlanta, GA 30305. Telephone: 404-832-8262. E-mail: seniors@ Postage paid at Atlanta, GA, and additional mailing offices. POSTMASTER: Please send address changes to Seniors Housing Business, P.O. Box 47065, Plymouth, MN 55447-0065. ©2018 France Publications, Inc. Seniors Housing Business® is a registered trademark of France Publications, Inc. Subscription rates: USA 1 year, $78; 2 years, $112. Single copies are $15. The opinions and statements made by authors, contributors and advertisers to Seniors Housing Business are not necessarily those of the editors and publishers. To photocopy items from Seniors Housing Business in quantities of 100 or less, authorization must obtained from and a fee paid to the Copyright Clearance Center, 222 Rosewood Dr., Danvers MA 01923. Telephone: (978) 750-8400. For quantities of more than 100 or for PDFs, please contact Barbara Sherer, manager of special advertising at 404-832-8262 or bsherer@ For subscriber services, please call 1-800-869-6882 or write to: SENIORS HOUSING BUSINESS Customer Service Department P.O. Box 47065 Plymouth, MN 55447-0065; e-mail: Or visit Chairman and CEO Jerrold France President Scott France Chief Financial Officer Michael F. Jacobs Senior Vice President, Editorial & Operations Randall Shearin Publisher Richard Kelley (914) 468-0818 Media Advisors (404) 832-8262 Eric Goldberg Ryan Nixon Graphic Designer Nick Topolski Editor Matt Valley (404) 832-8262 Managing Editor Jeff Shaw Contributing Writers Jane Adler Lynn Peisner Eric Taub Published by France Media, Inc. Vol. 7, No. 3 May-June 2018 University Groves – Sarasota, FL 183 units The Sovana at Stuart – Stuart, FL 182 units

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