ASHA

50American The 50 largest Seniors Housing U.S. seniors housing Association real estate owners 2015 and operators

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CCB151007NY_Healthcare_ASHA.indd 1 8/20/15 11:51 AM

HEALTHCARE AD SENIOR HOUSING BUSINESS - ASHA SUPPLEMENT

CLIENT Capital One ( NY ) APPROBATION CCB151007NY_2_Healthcare_ASHA CREATED August 19, 2015 1 MAC PRODUCER ACCOUNT CREATIVE David Niblick (NY) Amelia MacGregor ARTIST Hilary Guilliams ( NY ) Reid Miller ( NY )

TAXI NY INSERTION MAGAZINE Senior Housing Business - ASHA Supplement 2015 230 Park Ave South, DATE(S) 12th Floor, New York, NY DPS TRIM 7.75 x 10.75 in. LIVE 7.5 x 10.5 in BLEED 8 x11 in SPS USA 10003 / SPS T: 212.414.8294 COLOURS CYAN MAGENTA YELLOW BLACK F: 212.414.8444 I I I I MAGAZINE INFO Job Numbers: CCB151007NY_2_Healthcare_ASHA– 280 Max Density XXXX All colours are printed as process match unless indicated otherwise. Please check before use. In spite of our careful checking, errors infrequently occur and we request that you check this proof for accuracy. TAXI’s liability is limited to replacing or correcting the disc from which this proof was generated. We cannot be responsible for your time, film, proofs, stock , or printing loss due to error. 2015 ASHA50

Contents The 2015 ASHA 50 Top 50 Owners 6 This special edition of Seniors Hous- sidies, single-family homes, hotel Top 50 Operators 8 ing Business features the Ameri- rooms, stand-alone skilled nursing ASHA 50 Survey Highlights 10 can Seniors Housing Association beds, or mobile home units and (ASHA) 22nd annual compilation of pads are not included. Q&A with Larry Cohen: our industry’s authoritative ranking Additionally, the ASHA 50 A Steady Hand of the nation’s largest seniors hous- rankings do not include properties at Industry Helm 14 ing owners and operators. where more than 30% of the units ASHA Executive Committee 20 To ensure the accuracy of the are licensed for skilled nursing. 2015 ASHA 50, ASHA assembled Respondents were requested not ASHA Executive Board 22 a list of prospective ranked compa- to report properties owned indi- ASHA Advisory Committee 34 nies from every available source. rectly through ownership of shares A senior officer from each firm in another company and were ASHA Associate Members 37 was asked to provide their current instructed not to include proper- ASHA Staff and Counsel 44 holdings as of June 1, 2015. Data ties leased from other owners for was also used from outside sources purposes of calculating the ASHA Walk to End Alzheimer’s 46 deemed reliable, such as public 50 owners list. filings. The ASHA 50 was compiled About ASHA 48 Companies listed in the ASHA and analyzed by Krystalle Campo ASHA Meetings 49 50 are not required to be members and David Schless of ASHA, who of ASHA, although most firms that express their appreciation to the 2016 ASHA Annual Meeting 50 appear in this year’s rankings are industry leaders for their partici- ASHA Bookstore 53 ASHA members. pation in this annual effort. Special For purposes of this survey, thanks to Lisa McCracken of Ziegler Seniors Housing PAC 55 seniors housing units include inde- Investment Banking for her valu- pendent living units and assisted able assistance. Seniors Housing Public Policy Outlook 56 living units, as well as memory In addition to the ASHA 50 care/Alzheimer’s units and skilled rankings and analysis of the results, ASHA’s New Consumer nursing beds, which are part of a this section includes ASHA member Education Website 58 larger retirement living complex profiles, a listing of the leadership, (such as a CCRC), and include members and employees. rental, entrance fee units designed and operated exclusively for adults For those readers interested in more aged 55 years and over. information about the American Units where residents receive Seniors Housing Association, visit Section 8 or equivalent rental sub- www.seniorshousing.org.

Living Longer Better The 2015 ASHA 50 is a publication of American Seniors Housing Association 5225 Wisconsin Avenue, Suite 502 Washington, DC 20015 www.seniorshousing.org The 2015 ASHA 50 is published in cooperation with France Media, Inc. © 2015 France Publications, Inc. d/b/a France Media, Inc. The opinions and statements made by authors, contributors and advertisers herein are not necessarily those of the editors and publishers.

4 2015 ASHA 50 Standardize on a one-vendor, all-business platform for transparent and efficient community management and a lower total cost of ownership. ERIC KOLBER Vice President, Yardi Senior Living

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YA R D I Senior Living SuiteTM Replace multiple systems with the senior living industry’s only platform with integrated solutions for each phase of community management, including marketing, leasing, and resident care. Social. Mobile. Smart. To learn more, call 800.866.1144 or visit www.yardi.com/seniorliving. 2015 ASHA50 2015 ASHA 50 Owners 50 Largest U.S. Seniors Housing Owners as of June 1, 2015 2015 Chief 2015 2015 Rank Company Headquarters Executive Properties Units 1 Brookdale Senior Living Brentwood, TN T. Andrew Smith 976 82,356 2 Ventas Inc. Chicago, IL Debra Cafaro 785 69,708 3 Health Care REIT Inc. Toledo, OH Thomas DeRosa 611 59,786 4 HCP Inc. Irvine, CA Lauralee Martin 491 49,731 5 Senior Housing Newton, MA David Hegarty 297 34,772 Properties Trust 6 Boston Capital Boston, MA Jack Manning 486 29,741 7 NorthStar Healthcare New York, NY James Flaherty, III 209 17,514 8 Senior Lifestyle Corporation Chicago, IL Jon DeLuca 176 16,685 9 New Senior New York, NY Susan Givens 124 14,838 Investment Group 10 Holiday Retirement Lake Oswego, OR Kai Hsiao 114 13,768 11 Harrison Street Chicago, IL Michael Gordon 107 12,359 Real Estate Capital

12 National Health Murfreesboro, TN Eric Mendelsohn 103 8,678 Investors (NHI) 13 Highridge Costa Companies Gardena, CA Michael Costa 84 8,402 14 ACTS Retirement-Life West Point, PA J. Mark Vanderbeck 21 7,982 Communities Inc. 15 Enlivant Chicago, IL Jack Callison 177 7,829 16 American House Bloomfield Hills, MI Dale Watchowski 61 7,002 Senior Living Communities 17 Presbyterian Roseville, MN Daniel Lindh 38 6,837 Homes & Service 18 Brightview Senior Living Baltimore, MD Marilynn Duker 60 6,750 19 Capital Senior Living Dallas, TX Lawrence Cohen 68 6,718 Corporation 20 Erickson Living Baltimore, MD R. Alan Butler 8 5,787 21 CNL Healthcare Properties Orlando, FL Steve Mauldin 59 5,627 22 LTC Properties Inc. Westlake Village, CA Wendy Simpson 100 5,414 23 Westminster Communities Orlando, FL Roger Stevens 19 5,413 of Florida 24 Pacifica Senior Living San Diego, CA Deepak Israni 54 5,265 25 Hawthorn Retirement Vancouver, WA Patrick Kennedy 43 5,236 Group LLC

6 2015 ASHA 50 2015 50ASHA 2015 ASHA 50 Owners 50 Largest U.S. Seniors Housing Owners as of June 1, 2015 2015 Chief 2015 2015 Rank Company Headquarters Executive Properties Units 26 Sabra Health Care REIT Inc. Irvine, CA Richard Matros 54 5,198 27 USA Properties Fund Inc. Roseville, CA Geoffrey Brown 36 5,110 28 Covenant Retirement Skokie, IL Terri Cunliffe 15 4,865 Communities Inc. 29 LCS Des Moines, IA Edward Kenny 28 4,787 30 Benchmark Senior Living Wellesley, MA Thomas Grape 50 4,587 31 The Evangelical Lutheran Sioux Falls, SD David Horazdovsky 25 4,446 Good Samaritan Society 32 Lifespace Communities Des Moines, IA Sloan Bentley 12 4,084 33 Kayne Anderson Boca Raton, FL Al Rabil 17 3,878 Real Estate Advisors 34 The Kendal Corporation Kennett Square, PA John Diffey 12 3,729 35 Vi Living Chicago, IL Randal Richardson 10 3,577 36 ARC Healthcare Trust II New York, NY Todd Jensen 49 3,560 37 Lutheran Senior Services St. Louis, MO John Kotovsky 11 3,406 38 Belmont Village Senior Living Houston, TX Patricia Will 24 3,390 39 Spectrum Retirement Denver, CO Jeffrey Kraus & 28 3,339 Communities LLC John Sevo 40 Merrill Gardens Seattle, WA David Eskenazy 28 3,286 41 Presbyterian Senior Living Dillsburg, PA Stephen Proctor 20 3,120 42 Sunshine Retirement Living Bend, OR James Matthews 23 3,117 43 Five Star Senior Living Newton, MA Bruce Mackey, Jr. 31 3,064 44 Cornerstone Affiliates Pleasanton, CA David Ferguson 11 3,057 45 Vintage Senior Living Newport Beach, CA Brian Flornes 23 3,056 46 Lytle Enterprises Bellevue, WA Charles & Karen Lytle 19 3,027 47 Ohio Presbyterian Columbus, OH Laurence Gumina 12 2,986 Retirement Services 48 ROC Seniors Housing Orlando, FL Robb Chapin 28 2,978 Fund Manager 49 Pacific Retirement Services Medford, OR Brian McLemore 9 2,826 50 Asbury Communities Germantown, MD Doug Leidig 5 2,780

2015 ASHA 50 7 2015 ASHA50 2015 ASHA 50 Operators 50 Largest U.S. Seniors Housing Operators as of June 1, 2015 2015 Chief 2015 2015 Rank Company Headquarters Executive Properties Units 1 Brookdale Senior Living Brentwood, TN T. Andrew Smith 1,138 110,443

2 Holiday Retirement Lake Oswego, OR Kai Hsiao 308 37,657

3 LCS Des Moines, IA Edward Kenny 123 32,172

4 Five Star Senior Living Newton, MA Bruce Mackey, Jr. 272 31,267

5 Sunrise Senior Living LLC McLean, VA Chris Winkle 245 22,561

6 Erickson Living Baltimore, MD R. Alan Butler 17 20,517

7 Senior Lifestyle Corporation Chicago, IL Jon DeLuca 201 20,334

8 Atria Senior Living Inc. Louisville, KY John Moore 153 17,958

9 Capital Senior Living Corporation Dallas, TX Lawrence Cohen 118 11,632

10 Elmcroft Senior Living Louisville, KY Pat Mulloy 101 8,874

11 ACTS Retirement-Life West Point, PA J. Mark Vanderbeck 21 7,982 Communities Inc.

12 Enlivant Chicago, IL Jack Callison 177 7,829

13 Watermark Retirement Tucson, AZ David Barnes & 38 7,483 Communities David Freshwater

14 Meridian Senior Living Hickory, NC Charles Trefzger 130 7,026

15 American House Bloomfield Hills, MI Dale Watchowski 61 7,002 Senior Living Communities

16 Leisure Care Seattle, WA Dan Madsen 43 6,943

17 Presbyterian Homes & Services Roseville, MN Daniel Lindh 38 6,837

18 Brightview Senior Living Baltimore, MD Marilynn Duker 61 6,795

19 Westminster Communities Orlando, FL Roger Stevens 21 5,713 of Florida

20 Hawthorn Retirement Group LLC Vancouver, WA Patrick Kennedy 43 5,236

21 USA Properties Fund Inc. Roseville, CA Geoffrey Brown 37 5,227

22 Benchmark Senior Living Wellesley, MA Thomas Grape 51 4,884

23 Covenant Retirement Skokie, IL Terri Cunliffe 15 4,865 Communities Inc.

24 Integral Senior Living Carlsbad, CA Collette Valentine 44 4,738

25 The Evangelical Lutheran Sioux Falls, SD David Horazdovsky 30 4,557 Good Samaritan Society

8 2015 ASHA 50 2015 50ASHA 2015 ASHA 50 Operators 50 Largest U.S. Seniors Housing Operators as of June 1, 2015 2015 Chief 2015 2015 Rank Company Headquarters Executive Properties Units 26 Pacifica Senior Living San Diego, CA Deepak Israni 43 4,232

27 Frontier Management LLC Portland, OR Greg Roderick 59 4,226

28 Lifespace Communities Des Moines, IA Sloan Bentley 12 4,084

29 Greystone Irving, TX John Spooner 14 4,021

30 Front Porch Glendale, CA John Woodward 22 3,944 Communities & Services

31 Discovery Senior Living Bonita Springs, FL Thomas Harrison 17 3,790

32 Pacific Retirement Services Medford, OR Brian McLemore 13 3,762

33 The Kendal Corporation Kennett Square, PA John Diffey 12 3,729

34 Gardant Management Solutions Bradley, IL Rod Burkett 40 3,677

35 Asbury Communities Germantown, MD Doug Leidig 7 3,660

36 Senior Resource Group Solana Beach, CA Michael Grust 18 3,642

37 Vi Living Chicago, IL Randy Richardson 10 3,577

38 Spectrum Denver, CO Jeffrey Kraus & 30 3,536 Retirement Communities LLC John Sevo

39 Kisco Senior Living LLC Carlsbad, CA Andrew Kohlberg 19 3,430

40 Lutheran Senior Services St. Louis, MO John Kotovsky 11 3,406

41 Belmont Village Senior Living Houston, TX Patricia Will 24 3,390

42 JEA Senior Living Vancouver, WA Cody Erwin 48 3,375

43 Vintage Senior Living Newport Beach, CA Brian Flornes 24 3,289

44 Merrill Gardens Seattle, WA David Eskenazy 28 3,286

45 Presbyterian Senior Living Dillsburg, PA Stephen Proctor 20 3,120

46 Cornerstone Affiliates Pleasanton, CA David Ferguson 11 3,057

47 Milestone Vancouver, WA Paul Dendy 31 3,025 Retirement Communities LLC

48 Ohio Presbyterian Columbus, OH Laurence Gumina 12 2,986 Retirement Services

49 Sagora Senior Living Fort Worth, TX Bryan McCaleb 19 2,889

50 Western Seniors Housing Inc. Irvine, CA Anthony Sandoval 32 2,883

2015 ASHA 50 9 2015 ASHA50 ASHA 50 Survey Highlights

Continued consolidation, abundant access to capital, and an increased pace of construction activity for assisted living and memory care residences.

This year’s ASHA 50 survey was ASHA 50 Housing Properties Trust owns conducted as of June 1, 2015 and survey highlights 34,772 units and rounds out the reflects the dynamics that shape ■ Increased industry growth amongst largest five owners, all of whom are the seniors housing landscape owners and operators over the past public companies and account for 20 years. including: continued consolidation, about half of the total owned units abundant access to capital, and ■ Largest 25 owners account for about 85% among ASHA 50 owners. of the largest 50. an increased pace of construction Publicly traded companies activity for assisted living and ■ Largest 25 operators account for 82% in this year’s ranking represent of the largest 50. memory care residences. 28% of the largest 50 owners, and account for nearly 63% or 366,964 Owners Seniors housing units of the total owned units. real estate owners Units NorthStar Healthcare recorded sig- The total number of units owned Median Portfolio Size 5,217 nificant growth this year, increas- by the 50 largest U.S. seniors hous- Mean Portfolio Size 11,709 ing its holdings by 10,444 units ing owners is 585,451 units. Portfolio Size to 17,514 units in 209 properties. With its 2014 acquisition of of Largest Owner 82,356 Newly formed publicly traded real Emeritus Senior Living, Brookdale Portfolio Size estate investment trust New Senior of Owner Ranked #50 2,780 has become the largest seniors Investment Group, which spun housing company in the U.S. with Total Units Owned 585,451 off from Newcastle Investment 82,356 units — a milestone in the Corporation in November 2014, Operators history of the ASHA 50. Ventas Inc. is among the top 10 owners with follows as the second largest owner Units 14,838 units. Median Portfolio Size 4,395 with 69,708 units. Health Care Privately-held, for-profit com- REIT Inc. is the third largest owner Mean Portfolio Size 9,891 with 59,786 units, followed by HCP Portfolio Size of Largest Operator 110,443 1. The portfolio was acquired in a Inc. with 49,731 units. HCP recently RIDEA structure, with Brookdale Portfolio Size completed an $847 million acqui- of Operator Ranked #50 2,883 owning a 10% interest and con- sition of 5,025 units that had been tinuing management of these Total Units Operated 494,548 owned by Ontario-based Chartwell 35 properties under a long-term Retirement Residences.1 Senior- management agreement.

Seniors housing units owned by largest 10 and largest 25 firms, 20 years

600,000 Largest 25 Largest 10 500,000 400,000 300,000 200,000 100,000 0 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 Year

10 2015 ASHA 50 Noble Village Senior Living Mark IV $24 Million Enterprises Term Loan $23 Million Life Company MedEquities Realty Trust SRG (Senior $375 Million Resource Group) Revolver $636 Million American Administrative Credit Facility Realty Capital Agent Sentio Healthcare Trust Healthcare Fannie Mae $565 Million Properties Revolver $56 Million Administrative Single Asset Loans Agent Fannie/Freddie/ Ridge Care HUD Center $50 Million Management Term Loan & $125 Million Revolver Skilled Nursing Facilities Administrative Agent

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Seniors housing units operated by largest 10 and largest 25 firms, 20 years 450,000 Largest 25 Largest 10 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15 Year panies that own more than 10,000 seniors housing units Seniors housing operators include: Boston Capital (29,741), Senior Lifestyle Corpo- The total number of units managed in this year’s ration (16,685 units), Holiday Retirement (13,768 units), ranking of the largest 50 seniors housing operators is and Harrison Street Real Estate Capital (12,359 units). 494,548 units. ACTS Retirement-Life Communities Inc. is the larg- Brookdale ranks as the largest operator with 110,443 est not-for-profit ASHA 50 owner with 7,982 units, fol- units, followed by Holiday Retirement (37,657 units), lowed by Presbyterian Homes & Services (6,837 units), LCS (32,172 units), Five Star Senior Living (31,627 units) and Westminster Communites of Florida (5,413 units). and Sunrise Senior Living (22,561 units). The five largest The minimum threshold for ranking on the 2015 operators accounted for 47% of total managed units of ASHA 50 owners list is 2,780 units. the top ASHA 50 operators. Among the largest operators, Senior Lifestyle Cor- poration (20,334 units) grew its managed portfolios by over 3,500 units in the past year. Additionally, Elmcroft Senior Living joined the largest 10 operators with 8,874 units. Although public companies represent less than 1% of the ASHA 50 operators, they account for around a third (153,342 units) of the reported units managed. The larg- est publicly traded operators include: Brookdale (110,443 units), Five Star Senior Living (31,267 units), and Capital Senior Living Corporation (11,632 units). Non-publicly traded, for-profit companies that oper- ate more than 10,000 units include: Holiday Retirement (37,657 units), LCS (32,172 units), Sunrise Senior Living (22,561 units), Erickson Living (20,517 units), Senior Lifestyle Corporation (20,334 units), Atria Senior Living Inc. (17,958 units), and Capital Senior Living Corporation (11,632 units). ACTS Retirement-Life Communities Inc. is the largest not-for-profit operator, with a portfolio of 7,982 units. Other large not-for-profit operators include, Pres- byterian Homes & Services (6,837 units) and Westmin- ster Communities of Florida (5,713 units). The minimum threshold for inclusion on the 2015 ASHA 50 operators is 2,883 units, up from last year.

12 2015 ASHA 50 B:8” T:7.75” S:7”

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2_Senior_Success_ASHA_7.75x10.75.indd 1 8/12/15 8:33 AM 2015 ASHA50 Q&A with Larry Cohen A Steady Hand at Industry Helm

Incoming ASHA chair five years. He was chair of ASHA’s spearheads a new Political Action Committee and then served as treasurer. Cohen is strategic initiative to currently ASHA vice chairman and educate consumers at a will become chairman in January pivotal point for seniors 2016, serving a two-year term. housing as it joins the During a recent interview, healthcare continuum. Cohen discussed plans for ASHA, the state of the seniors housing market today and what the future By Jane Adler holds for the sector as residents require more care. Seniors housing may be a relative newcomer compared with other Q: How do you view ASHA’s commercial real estate asset classes, role in the industry? but Larry Cohen has been an active Larry Cohen: ASHA is going participant and staunch advocate through an important transi- from the industry’s start. tion. The executive committee is Cohen was one of a handful involved in a strategic initiative of business executives who, in that was undertaken last year. We 1991, as members of the National As a lawyer and certified public brought together representatives of Multifamily Housing Council, met accountant, Cohen had worked at different seniors housing organiza- and decided that seniors housing VMS Realty, a large property syn- tions to determine what role ASHA needed its own working group. dicator that in 1986 developed four should play in serving the industry. Its purpose would be to represent senior living properties. He then As a result, ASHA has a bold new owners, operators and developers served as CEO of Paine Webber vision and will address five key of seniors housing properties and Properties, which sponsored two areas over the next five years. to inform consumers, lenders and REITs that financed seniors housing. equity providers about the sector. That stint led Cohen to his Q: What is the first key area? That informal meeting effec- current position as CEO of Capital Cohen: Consumer education. tively launched the American Senior Living Corp. (NYSE: CSU), We are developing a comprehen- Seniors Housing Association a publicly traded company that sive program to help consumers (ASHA), which was spun off in operates 119 properties with the understand what it means to age 2001 as an independent organiza- capacity to serve 15,200 residents. well and how senior living can tion. “There had been a real void of The company currently owns 69 of help. We’ll be rolling out a robust information about seniors hous- the properties. website and social media campaign ing,” recalls Cohen. “I’ve been involved with seniors in 2016 so families have better At the time, Cohen already had a housing for nearly 30 years,” says information to make meaningful deep understanding of the chal- Cohen, who has stepped up his decisions about how to age well. It lenges facing the new organization. involvement in ASHA over the last will empower consumers to take

14 2015 ASHA 50 WHEN IT COMES TO SENIORS HOUSING THE COMPETITION IS IN OUR REAR VIEW MIRROR.

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robust educational programs to has provided significant financial Q&A with produce better engagement with support to organizations in Texas, Larry Cohen the membership. California, and Florida in an effort The meetings will cover a wide to be more helpful at the state level. control of the decisions that affect variety of topics on the industry Finally, ASHA is continuing its them and their loved ones. and operations. Meeting for- robust research program to provide The website will include video mats will include presentations quality innovation across the spec- content and third-party experts. We and roundtable discussions, and trum of senior living. expect the website will evolve over participants will have networking Last year, ASHA launched a several years and become a leading opportunities. study on independent living with a resource for the general public to The strategic initiative is also theme of “feeling at home.” find out about the benefits of senior creating a process to identify future This year we’re conducting a living. (For more on the consumer leaders for ASHA. We’re asking our study on assisted living with fami- website currently under development, Board member companies to iden- lies and residents that will focus on please see related story, page 58.) tify candidates in their companies factors that make a community feel with leadership capabilities. Our like home. Q: What other areas are covered intent is to develop programming Our research suggests that by the strategic plan? that will help mentor the next gen- there is a tremendous correlation Cohen: ASHA has always had eration of seniors housing leaders. between feeling at home and high a handful of meetings during the The fourth key area of the strate- levels of resident satisfaction. year, and we are restructuring gic plan is to focus on advocacy at ASHA is also partnering with those and reducing the number of the federal and state levels, and to various university programs to conferences. We plan to make the coordinate that activity with other support studies on service-enriched meetings more meaningful with industry organizations. ASHA housing for seniors.

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16 2015 ASHA 50 2015 50ASHA

Q: As a longtime industry partic- ing importance of accountable is so important. We’ve just started ipant, what is the biggest change care organizations, and Medicare to scratch the surface regarding you’ve seen over the years? and Medicaid, seniors housing is the role of seniors housing in the Cohen: The industry started playing a role in the healthcare healthcare continuum. out focusing on housing and hospi- continuum. The real objective from tality. As the industry has matured, a policy standpoint is to have good Q: It’s been said that the delivery it is now a part of the healthcare outcomes at a lower cost. of quality and cost-effective care continuum. There has been a I think we could see an increase will depend on the size of the remarkable change in the consumer in penetration rates for seniors organization. Do you expect coming out of the recession. housing, which now stand at about more industry consolidation? Seniors didn’t want to sell their only 6 to 7 percent nationally. The Cohen: Yes. About 70 percent of homes from 2008-2010 because hous- number of older people is growing the industry is made up of regional ing values dropped, so they delayed and they have higher acuity levels. or local operators. Capital Senior making a move. Now the residents At the same time, there are Living has had an effective growth moving into seniors housing are fewer family caregivers and seniors trajectory through strategic acqui- older and frailer. The length of their need more social engagement and sitions. We’ve acquired 49 build- stay in seniors housing has short- emotional support. Hospitals are ings since 2011. The buildings we ened with more focus on assisted discharging seniors more quickly, bought had good occupancies and living and supportive services. increasing the need for post-acute margins, but they lacked the latest collaboration. We’ll also see more property management systems. Q: How is the industry focus on staff training and educa- These local operators are pas- responding? tion, and quality assurance. sionate and have great properties, Cohen: The industry is at an These dynamics illustrate why but they are aware that it is becom- inflection point. With the grow- the consumer education initiative ing more difficult to operate alone.

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2015 ASHA 50 17 2015 ASHA50

tions. Sellers like the fact that we Are prices up? Yes. Are cap Q&A with are owner-operators. rates down? Yes. Are prices per Larry Cohen While we still have good rela- unit going up? Yes. But the funda- tionships with many of the REITs mentals are getting better. We’re a large company with solid and have partnered over the years Seniors housing is also becom- financial resources, training pro- with other financial firms, we have ing a core asset. It survived the grams and technology. The evolu- gone from owning 32 percent of recession well and proved to be tion of the seniors housing industry our operated properties in 2010 to resilient, so the access to capital is will facilitate more consolidation. owning 58 percent of the properties broadening. Today, buyers include today. We own every acquisition private equity and foreign entities, Q: There’s a lot of competition we have made since 2011. not just REITs. for quality properties. Is it diffi- On the lender’s side, we are cult to find acquisition targets? Q: Are property prices still borrowing from sources other than Cohen: We’ve been very fortu- rising? Fannie Mae and Freddie Mac, such nate. We’ve announced $164 mil- Cohen: Prices are going up. Of as life insurance companies. The lion of acquisitions this year, and course, property pricing reflects the perception of risk for the owner since 2010 we’ve acquired proper- impact of low interest rates in the and investor is more manageable ties worth more than $750 million. capital markets. But I also think an because the industry is maturing Our pipeline is robust. important component of today’s and becoming more professional. What’s interesting about pricing is improved fundamentals our strategy is that most of the and cash flows. We are still obtain- Q: How is your company meet- properties we have acquired are ing a strong cash-on-cash return on ing the challenge of rising resi- off-market, not brokered transac- investment that is in the mid-teens. dent acuity? Cohen: We are converting independent living units to assisted living and memory care units. Through the second quarter of 2015, we have converted 400 units. We plan to convert another 100 units in the second half of this year, and 200 more units in 2016. As residents age in place, we are seeing a need in communities to offer more care. By converting units, we can extend their stay. There is demand from residents, and families don’t want to move THAT GOAL IS TO CREATE VIBRANT SENIOR LIVING COMMUNITIES THAT a relative who needs more care. MEET THE NEEDS OF WORKFORCE RETIREES. The conversions have a dramatic impact on occupancy levels. On a combined basis, occupancy at those converted communities has  OVER 40 YEARS OF EXPERIENCE IN “NECESSITY OF LIFE” WORKFORCE HOUSING grown from 80.5 percent prior to  AN EXTENSIVE NETWORK OF INDUSTRY SPECIALISTS conversion to nearly 93 percent as  HUNDREDS OF MILLIONS IN CAPITAL DEPLOYED of June 30.

Q: By converting independent living units to assisted living, what else is affected? Cohen: What’s interesting is that we used to have separate din- ing areas for assisted and indepen- dent living. Now we are taking

18 2015 ASHA 50 2015 50ASHA the walls down. perform during the next two The industry fundamentals Previously, there was a stigma to three years? between assisted and independent are strong. We have a good Cohen: Rent growth will be living, but that has disappeared. housing market and the consistent with the 2 to 3 percent Half of the current independent economy is improving. growth annually that we see now. residents need some help with The demographics are in One challenge the industry mobility. We have the flexibility to will face is affordability. We serve license buildings for assisted living our favor, and supply in an age cohort who lives on a fixed and allow seniors to stay in place. most markets continues to income. Interest rates have been The other advantage is that be limited. Overall, the at about zero since 2007, and we purpose-built independent living industry is well positioned. don’t expect to see a big change apartments are larger and more res- there. But I think we will con- idential than assisted living units. tinue to see an improvement in The apartments feature large bath- occupancies. rooms and a kitchen. That works Expenses will be controlled, well for the consumer we serve. The industry fundamentals are though labor costs could be an issue strong. We have a good housing in certain markets amid talk of min- Q: How would you characterize market and the economy is improv- imum wage hikes. We expect good the senior living market overall? ing. The demographics are in our same-store growth in net operat- Cohen: It’s still a very healthy favor, and supply in most markets ing income. The business should market. The industry had a setback continues to be limited. Overall, the generate sustainable growth over in the first quarter of 2015 because industry is well positioned. the next several years, and then you of a harsh winter and a bad flu should see some really dramatic season, but we saw a rebound in Q: How do you expect the industry growth as the tsunami of May and June. seniors housing market to demographics hits the market.

ADVISORY, EVOLVED.

Blueprint provides a solutions agnostic approach within the healthcare real estate industry, increasing optionality and maximizing value for its clients.

blueprintHCRE.com

2015 ASHA 50 19 2015 ASHA50 Executive Committee

ASHA former chairmen William H. Elliott (1991–1994) Jeffrey L. Beck (1994–1996) Christopher J. Coates (1996–1998) Philip Downey (1998–2000) Mark J. Schulte (2000–2002) John Larry Michael David Mercedes David William B. Kaplan (2002–2004) Rijos Cohen Grust Freshwater Kerr Schless Noah R. Levy (2004–2006) Chairman Vice Secretary SH PAC Health Care President Chicago Chairman/ Senior Chairman REIT Inc. American William F. Thomas (2006–2008) Pacific Treasurer Resource Watermark Seniors Patricia G. Will (2008–2010) Founders Capital Group LLC Retirement Housing Edward R. Kenny (2010–2012) Senior Living Communities Association Corporation William D. Pettit, Jr. (2012–2014)

20 2015 ASHA 50 GROWING TOGETHER

At LCS we believe that when we work together, we’re greater. Greater at developing better retirement communities. Greater at providing innovative services. Greater at helping more seniors live the life they desire.

We look forward to exchanging ideas and information with people who have similar goals. It’s a chance to find partners that want to join us in making a difference in the lives our seniors live.

Together, we’re greater. Call us at 515.875.4755.

lcsnet.com 2015 ASHA50 Executive Board

David A. Reeve Walter Jossart Anthony Crooks Douglas S. Schiffer Dale Watchowski Jeff Ringwald Advent Group Aegis Living AEW Capital Allegro Senior American House Senior Arbor Commercial Bellevue, WA Redmond, VA Management L.P. Living LLC Living Communities Mortgage LLC Boston, MA Atlanta, GA Southfield, MI Dallas, TX

Todd Jensen John A. Moore Robert T. Halpin, Jr. Astrid Kramarz Robert Ian Ezer Thilo D. Best ARC Healthcare Atria Senior Living Aureus Group LLC Bank of the West Baybridge Seniors Bayshore Retirement Trust II Louisville, KY Dallas, TX Trinidad, CO Housing Inc. Partners LLC New York, NY Toronto, ON, Canada Tampa, FL

PREMIER CAPITAL PARTNER FOR HEALTHCARE DEVELOPERS AND OPERATORS ABOUT SABRA ■ Operator-friendly focus coupled with extensive healthcare industry experience.

■ Vision to deliver a healthcare environment that suits the needs of today and tomorrow’s senior housing and post acute residents and patients.

■ A goal to provide operators and developers structured capital solutions that fi t their individual needs.

■ Sabra, a premier capital partner for healthcare developers and operators.

Sabra Health Care REIT, Inc. (888) 393-8248 www.sabrahealth.com

22 2015 ASHA 50 23079 ASHA 50 Supplement AD ( 7.75"x10.75")_Layout 1 2015-08-04 11:06 AM Page 1

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Patricia G. Will Thomas H. Grape Casey Moore Joe Eby Jacob D. Gehl James D. Gray Belmont Village Benchmark Berkeley Point Bickford Blueprint Healthcare Bridgewood Senior Living Senior Living Capital LLC Senior Living Real Estate Advisors Property Company Houston, TX Wellesley, MA Boston, MA Olathe, KS Chicago, IL Houston, TX

Marilynn K. Duker T. Andrew Smith Kenneth R. Assiran Imran Javaid Scott Stewart Salvatore Riso Brightview Senior Brookdale Senior Capital Health Capital One Capitol Care Living LLC Living Inc. Group LLC Commercial Banking Seniors Housing Investment Trust Baltimore, MD Brentwood, TN Baltimore, MD Chevy Chase, MD Washington, DC New York, NY

CUSTOMIZED EQUITY CAPITAL SOLUTIONS New Construction Re-Capitalization Innovative & Experienced Expansion Private Equity Real Estate Capital Value Add Over $1 billion committed in the past 18 months EXCLUSIVELY FOR THE SENIORS HOUSING INDUSTRY Independent Living Assisted Living Memory Care CCRC’s

ORLANDO | NEW YORK | SALT LAKE CITY | SAN FRANCISCO Phil Anderson | [email protected] A subsidiary of Bridge Robb Chapin | [email protected] Investment Group Partners Blake Peeper | [email protected] 407.999.2400 | www.bridge-igp.com

24 2015 ASHA 50 151493ROC_Ad.indd 1 8/7/15 10:29 AM 2015 50ASHA Executive Board

Aron Will Brent Binions Kevin Maddron John O’Brien Karen M. Anderson Donny Edwards CBRE Chartwell Retirement CNL Contemporary Cordia Senior Living The Covenant Group Capital Markets Residences Orlando, FL Healthcare Capital LLC Charlestown, MA Fort Worth, TX Houston, TX Mississauga, ON, Canada Chattanooga, TN

Peter E. Pickette Richard Swartz Richard J. Hutchinson Frank Marro Susan V. Kayser Pat Mulloy CS Capital Cushman & Wakefield Discovery Drever Capital Duane Morris LLP Elmcroft Advisors LLC Boston, MA Senior Living Management New York, NY Senior Living New York, NY Winslow, ME Tiburon, CA Louisville, KY

A CAPITAL EXPERIENCE

AT THE 25TH NIC NATIONAL CONFERENCE

Y

A

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Meet R E N

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B T

THE FACE I

R R

U C B S OF LENDING . for N Y D Seniors Housing R S H E

& Healthcare K AT J A M

N

A

S K

I

C M

R

L

E

R E

L

I E V M

H S A H

S . L .

. D E J B L N . D E M O S I A D A J A S L E E D A N

+1.800.837.5100 Financing Communities: redcapitalgroup.com Independent Living | Assisted Living | Memory Care | Skilled Nursing

2015RED-ASHA ASHA 5050 August_20150813.indd 1 9/1/2015 12:25:51 PM 25 2015 ASHA50 Executive Board

Jack Callison Alan Butler Brian Dowd Christopher E. Honn Bruce J. Mackey, Jr. Arnold M. Whitman Enlivant Erickson Living Evergreen Senior Living Fannie Mae Five Star Formation Chicago, IL Baltimore, MD Properties LLC Chicago, IL Quality Care Inc. Capital LLC Ridgewood, NJ Newton, MA La Jolla, CA

Brian Beckwith Luke Classen Steven Schmidt Greg Roderick James Seymour Eugene W. Grace Formation Franklin Companies Freddie Mac Frontier GE Capital, Healthcare Grace Capital LLC San Antonio, TX Chicago, IL Management Financial Services Management Inc. Atlanta, GA Portland, OR Chicago, IL Minneapolis, MN

For nearly 25 years JCH Consulting Group has JCH aligns our interest with those of our provided first-class brokerage services to clients, when you succeed, we succeed. facility owners Nation-wide.

With nearly 4 billion dollars in sales, the JCH Team has shown their expertise and ability to get the deal done.

Don’t sell direct, put our motivated team to work for you!

Nick Stahler Jim Hazzard Shep Roylance 714-463-1663 714-463-1677 805-633-4649 [email protected] [email protected] [email protected]

www.theJCHgroup.com 888-916-1212 [email protected]

26 2015 ASHA 50 2015 50ASHA Executive Board

Richard A. Thomas Scott Kavel Paul A. Gordon Patrick F. Kennedy Kendall Young Alan C. Plush Grandbridge Real Greystone Servicing Hanson Hawthorn HCP Inc. HealthTrust LLC Estate Capital LLC Corporation Inc. Bridgett LLP Retirement Group Irvine CA Sarasota, FL Atlanta, GA Atlanta, GA San Francisco, CA Seattle, WA

R. Jeffrey Sands Kai Hsiao Matthew Ryan David S. Passero Bradley E. Dubin Michael Lugli HJ Sims Holiday Retirement Houlihan Lokey HTG Consultants LLC Kandu Capital LLC / KeyBank Fairfield, CT Lake Oswego, OR Chicago, IL New Castle, DE Bloom Senior Living Real Estate Capital Beverly Hills, CA Cleveland, OH

Valuation Precise values from a perspective only can provide. Consulting experience

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BIRMINGHAM | BOSTON | LOS ANGELES | SARASOTA | TORONTO healthtrust.com | 941.363.7500

2015 ASHA 50 27 2015 ASHA50 Executive Board

Andrew S. Kohlberg Craig Jones Melvin W. Warren Michael Stoller Edward R. Kenny Dan B. Madsen Kisco Senior Lancaster Pollard The LaSalle Group LCB Senior Living LLC LCS Leisure Care Living LLC Fairhope, AL Pensacola, FL Norwood, MA Des Moines, IA Seattle, WA Carlsbad, CA

Wendy Simpson Mary G. Leary Terry Howard Charles E. Trefzger, Jr. Kevin McMeen Eric Mendelsohn LTC Properties Inc. Mather LifeWays MBK Senior Living Meridian Senior Living MidCap National Health Westlake Village, CA Evanston, IL Irvine, CA Hickory, NC Financial LLC Investors Inc. Chicago, IL Murfreesboro, TN

Integrity. Compassion. Innovation.

These values have guided our family owned and operated business since 1990. The LaSalle Group, Inc. designs, develops, builds, manages, and owns 41 Autumn Leaves® memory care as- sisted living communities designed specifically for people with Alzheimer’s and other forms of dementia.

THE LASALLE GROUP | (214) 845-4500 | lasallegroup.com

28 2015 ASHA 50 2015 50ASHA Executive Board

Susan Givens Ron Jeanneault William P. Kauffman Joseph G. Lin Jerome E. Finis Sean Huntsman New Senior NorthStar Asset Oak Grove Capital Oakmont Pathway PNC Real Estate Investment Group Management Group Chicago, IL Senior Living LLC Senior Living LLC Bend, OR New York, NY Bethesda, MD Santa Rosa, CA Des Plaines, IL

Jay L. Hicks Margaret A. Thomas Goodsite Noah R. Levy Kathryn Burton-Gray Jeff Dickerson Prime Care Wylde, Ph.D. Prudential Mortgage Prudential Red Capital Ridge Care Inc. Properties LLC ProMatura Group LLC Capital Company Real Estate Investors Group LLC Kernersville, NC Indianapolis, IN Oxford, MS Atlanta, GA Madison, NJ Dana Point, CA

ROSALIE North Shore Place Resident

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Contact Pat Lee or Matt Phillips at 312-673-4333.

Acquisitions Developments Third Party Management

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2015 ASHA 50 29 2015 ASHA50 Executive Board

Phillip M. Sebastrian Brown Talya Nevo-Hacohen James T. Hands Bruce M. Gibson Mel Gamzon Anderson, Jr. RSF Partners Sabra Health Care Salem Equity Senior Capital Senior Housing ROC Seniors Dallas, TXL REIT Inc. Dallas, TX Advisors Global Advisors Orlando, FL Irvine, CA Miami, FL Miami, FL

David J. Hegarty William B. Kaplan Donald O. Thompson, Jr. Grant A. Kief Robert D. Thomas William F. Thomas Senior Housing Senior Lifestyle Senior Living Senior Living Senior Star Senior Star Properties Trust Corporation Communities LLC Investment Tulsa, OK Tulsa, OK Newton, MA Chicago, IL Charlotte, NC Brokerage Inc. Glen Ellyn, IL Why Did I Choose Lancaster Pollard? Because they came highly recommended

“During my professional career, I’ve been involved on every side of a fi nancing transaction. In all of those years, I’ve never worked with a more professional, talented and conscientious group of people.”

Lori Larson, Owner Eden Homes Group

Providing comprehensive capital solutions: • Bridge, mezzanine and term debt • Agency fi nancing • Construction fi nancing • Loan syndications and placements • Sale-leaseback fi nancing • Public bond offerings • Mergers & acquisitions

Lancaster Pollard Mortgage Company is a Fannie Mae/GNMA/HUD-FHA/USDA approved lender. Lancaster Pollard & Co., LLC is a registered securities broker/dealer with the SEC and a member of FINRA, MSRB & SIPC.

30 2015 ASHA 50 2015 50ASHA Executive Board

Gordon C. Reynolds Sharon Grambow Bradley Fuqua Steven L. Vick Loren B. Shook Jeffrey D. Kraus Stifel, Nicolaus & Sun Health SeniorHousingNet, Signature Silverado Spectrum Retirement Company Inc. Senior Living part of the realtor. Senior Living Senior Living Communities LLC Baltimore, MD Sun City West, AZ com® network Irving, TX Irvine, CA Denver, CO Scottsdale, AZ

Chris Winkle Randall J. Bufford John D. Cobb Eric Davidson Aaron D’Costa Michael Vaughn Sunrise Trilogy Ventas Healthcare Vintage Senior Living Virtus Real Estate Walker & Dunlop Senior Living Inc. Health Services LLC Properties Inc. Newport Beach, CA Capital Bethesda, MD McLean, VA Louisville, KY Chicago, IL Chicago, IL

Progressive eldercare communities built on David Barnes Lynn Carlson Schell Larry Graeve Watermark Retirement The Waters The Weitz Company decades of healthcare industry service Communities Senior Living Des Moines, IA Tucson, AZ Minnetonka, MN OPENING FALL 2016 GILBERT, AZ

Catherine William T. Mulligan Voreyer Ziegler Investment Wells Fargo Bank Banking Irvine, CA Milwaukee, WI

SENIOR LIVING www.prevarian.com

2015 ASHA 50 31 Like this.

There’s a better option for bridging the gap between the hospital and home. Mainstreet transitional care properties not only inspire hope, but are purpose-built to get guests well and get them home. Join us. Learn more at mainstreetinvestment.com.

2015 ASHA50 Advisory Committee

A Place for Mom Balfour Senior Berkadia Brinkmann Caring.com Cottage Sean Kell Living, LLC Commercial Constructors Catherine Roper Senior Living Seattle, WA Michael K. Mortgage LLC Robert Brinkmann San Mateo, CA W. Clifford Schonbrun Daniel J. Biron Chesterfield, MO White, III Arent Fox LLP Louisville, CO New York, NY CISCOR Huntsville, AL Kenneth S. Jacob Cambridge Sam Youngwirth Washington, DC Barrington Blue Moon Capital Realty Capital Norman, OK Covenant Venture Holding Partners LLC Companies Retirement Arnall Golden Company LLC Kathryn A. Jeffrey A. Davis Clark Nuber PS Communities Gregory LLP Thomas S. Herb Sweeney Chicago, IL Amber Busch Terri Cunliffe Hedy S. Rubinger Barrington, IL Boston, MA Bellevue, WA Skokie, IL Atlanta, GA Care Innovations, Baxter Bourne Financial an Intel-GE ClearPath Direct Supply, Inc. Arthur Shuster Construction Group, LLC Company Senior Holdings W. Bradford Klitsch Interiors Company Robert A. Bourne Melissa Felton Jim Eisenhart Milwaukee, WI Stanford J. Shuster Greg Schulte Winter Park, FL Hermosa Saint Louis, MO Saint Paul, MN Des Moines, IA Beach, CA Dougherty BPM Senior Continuing Life Mortgage LLC The Asbury Group be.group Living Company CareOne Communities Jonathan P. Marketing John H. Dennis P. Parfitt Management, LLC Richard D. Banyard Meredith Boyle Cochrane, III Portland, OR Elizabeth Straus Aschenbrenner Minneapolis, MN Germantown, MD Glendale, CA Fort Lee, NJ Carlsbad, CA

34 2015 ASHA 50 “Fulfilling the promises you make to your residents and their families is vital to your success. We help you to meet

their expectations and deliver services that enrich the lives of “ residents in your community.

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@pointclickcare /pointclickcare pointclickcareEHR Copyright 2015 PointClickCare®. PointClickCare® is a registered trademark. www.PointClickCare.com

ASHA50_2015.indd 1 2015-08-19 3:15 PM 2015 ASHA50 Advisory Committee

DTZ Institutional Lifespace Morrison PointClickCare Stroud M. David Property Communities, Senior Living Kristal Wood Properties, Inc. Rothschild Advisors, a Inc. Kevin Svagdis Richmond, VA James A. Stroud San Diego, CA Marcus & Sloan Bentley Atlanta, GA Dallas, TX Millichap Des Moines, IA Principle Era Living company National Valuation, LLC Surface Logic Eli J. Almo Brian T. Murdy Lincoln Multifamily Timothy H. Baker Andy Baxter Seattle, WA New Haven, CT Healthcare Housing Council Chicago, IL Jessup, MD Events Douglas M. Bibby Front Porch Integra Realty David Ellis Washington, DC Protective Life Valuation & John Woodward Resources Norwalk, CT Insurance Information Glendale, CA Charles A. Bissell National Real Company Group Richardson, TX Lockton Estate Advisors Laura McDonald Marcus Lussier G5 Companies Kathryn A. Barnes Birmingham, AL Culver City, CA Ashley Nicol Irwin Partners Derek Cady Washington, DC Bend, OR Architects Denver, CO Provision Vigil Health Gregory R. Irwin National Research Living LLC Solutions GlynnDevins Costa Mesa, CA Love Funding Corporation Todd Spittal Kyla Mahon Advertising & Corporation Rich Kortum Saint Louis, MO Victoria, BC Marketing Isakson Living Leonard Lucas Lincoln, NE James T. Glynn E. Andrew Isakson Boston, MA REES W.W. Grainger, Overland Park, KS Atlanta, GA Nixon Associates, Inc. Inc. Marcus & Peabody LLP Dr. Frank W. Kym Orange, Jr. Goldman Sachs JCH Consulting Millichap John J. Durso Rees, Jr. Lake Forest, IL & Co. Group, Inc. Anthony Cassie Chicago, IL Dallas, TX Owen Morris James E. Hazzard Portland, OR Walton Street San Francisco, CA Anaheim, CA The Northbridge Revera Capital, LLC Markel Companies Thomas Wellner Howard Brody Greystone JEA Senior Living Monica Clark Wendy A. Mississauga, ON Chicago, IL Michael B. W. Cody Erwin Kennesaw, GA Nowokunski Lanahan Vancouver, WA Burlington, MA The Roche Watercrest Senior Irving, TX Market Infomatrix Associates, Inc. Living Group JES Holdings, LLC Laurie Kennedy NorthMarq Joseph L. Roche Marc Vorkapich Harbor Monica Swoboda Whitefish Bay, WI Capital Wilbraham, MA Vero Beach, FL Retirement Columbia, MO Gordon P. Associates, LLC Masterpiece Mickelson ServiceTrac Willis Timothy S. Smick JLL Capital Living, LLC Centennial, CO Luke Morris John M. Atkinson Vero Beach, FL Markets Lawrence L. Scottsdale, AZ Chicago, IL Curtis Fowlie Landry Omega Harrison Street San Diego, CA Palm Beach Healthcare SilverCrest The Wolff Real Estate Gardens, FL Investors, Inc. Properties, LLC Company Capital Kensington Realty Sheryl Marcet Michael F. Gould Michael T. Michael E. Gordon Advisors, Inc. MatrixCare Chicago, IL St. Louis Park, MN Milhaupt Chicago, IL Philip L. Van Syckle Erin Hummel Scottsdale, AZ Chicago, IL Minneapolis, MN One on One Silverstone Health Healthsense David A. Smith Care Real Estate Yardi Systems, Inc. Sarah Jones KKR Meridian Capital Saint Louis, MO Stephanie T. Tom McDermott Medota Willard Butcher Group, LLC Anderson Dayton, OH Heights, MN New York, NY Ari Adlerstein OnShift, Inc. Arlington, VA New York, NY Ken Roos HFF Koelsch Senior Cleveland, OH Sodexo Ryan Maconachy Communities Moore Diversified Senior Living Dallas, TX Aaron Koelsch Services, Inc. PinPoint Ray Torres Olympia, WA James A. Moore Commercial Oyster Bay, NY The Howard Fort Worth, TX Charles Turner Hughes Kwalu Houston, TX South Bay Corporation Michael Zusman Morgan Stanley Partners, Ltd. Peter Doyle Atlanta, GA Matthew Johnson Craig Spaulding The Woodlands, TX New York, NY Dallas, TX

36 2015 ASHA 50 2015 50ASHA Associate Members

12 Oaks Alliance Arch Atlantic Shores Bank of Texas Brooks Adams Senior Living Residential Consultants, Ltd. Cooperative Steve LeBlanc Research Richard K. Blaylock Company Frank Muraca Association Dallas, TX Robert T. Dallas, TX Dale Boyles Lincolnshire, IL Eden B. Jones Adams, Sr. Escondido, CA Virginia Beach, VA BBVA Compass Richmond, VA 625 Management Artemis Real Chris Cain Company, LLC Ambrose Capital Estate Partners Avamere Dallas, TX Cambridge Julie Bowyer Group, Inc. Jonathan Rainford Health Services Healthcare San Francisco, CA Donald Ambrose Los Angeles, CA John Morgan BCT Architects Management LLC San Diego, CA Wilsonville, OR Duncan Walker Graham Adelman ActivCare Artis Senior Baltimore, MD Richmond, VA Living, Inc. American Living, LLC Avanti W. Major Chance Eagle Lifecare Elias P. Papasavvas Senior Living BDO USA, LLP Cambridge San Diego, CA Corporation Mc Lean, VA Timothy Hekker Michael Musick Swinerton Scott Kellman The Woodlands, TX Nashville, TN Builders Alcore Senior LLC Ann Arbor, MI Aspens Jane Walker Benjamin J. Byers Senior Living Avista Bozzuto Atlanta, GA Columbus, OH Americare Barry Metcalf Senior Living Construction Clay Crosson Fort Worth, TX Kris Woolley Company Capital One Alden Realty Sikeston, MO Mesa, AZ Brian Grosholz Gregory Steele Services Inc. Assurance Agency Greenbelt, MD New York, NY Randi Schlossberg- The Arbor Avi Lev Bank of America Schullo Company Schaumburg, IL Merrill Lynch Brecht CapitalSource Chicago, IL Ellison Thomas Gray W. Hampton Associates, Inc. Steven L. Gilleland Atlanta, GA New York, NY Susan B. Brecht Cumming, GA Pine Beach, NJ

Senior Housing Properties Trust

Investing in: Over 15 years investing in senior housing. ○ Independent living. ○ Assisted living. ○ Memory care. ○ Continuing care retirement communities.

www.snhreit.com 617-796-8350

2015 ASHA 50 37 2015 ASHA50 Associate Members CareTrust Caring Carlton Senior The Carlyle Group Cascade Living Dial REIT, Inc. Communities Living LLC Thad Paul Group, Inc. Communities, Gregory Stapley Shared David Coluzzi Washington, DC Thomas E. Stanley Inc. San Clemente, CA Services, Ltd. Concord, CA Bothell, WA Joel M. Katleman G. James Caldwell San Antonio, TX Libertyville, IL Catamount Constructors Diversified Shawn Donohoe Housing Lakewood, CO Services, Inc. Robert Caplan Charles Hall Houston, TX Integra realty resources Construction LLC Charles Hall, IV Dixon Hughes Westmont, IL Goodman LLP Local Expertise... Nationally Keith Seeloff Christenson Atlanta, GA Market and Feasibility Studies Advisory Services Jonathan A. Boba The Douglas Purchase Price Allocations Oakbrook Terrace, Company IL R. Martin Larnhart Property Tax Services Holland, OH Christopher Property Valuation Place Senior DTZ Communities, Allen McMurtry, Jr. Litigation Support LLC Tampa, FL Charles Due Diligence Maulbetsch Duff & Phelps, LLC Livonia, MI Laca Consulting Wong-Hammond Cohen Financial New York, NY Mark Strauss Irvine, CA East Lake Capital Management Commonwealth Jeff Bothwell Assisted Living Addison, TX Richard Brewer Charlottesville, VA The Ehlers Group Janis R. Ehlers Contractors Fort Lauderdale, FL Incorporated Brian Scott Elder Care Alliance Hutto, TX Jesse Jantzen Alameda, CA CS Capital Management, Elderlife Inc. Financial SeniorS HouSing & HealtHcare FacilitieS Michael McHargue Services El Segundo, CA Darryl Copeland Derwood, MD D.E. Shaw & Co. Charles A. Bissell Brian L. Chandler Jeremy Stegman Epoch Senior Executive Director Managing Director New York, NY Living, LLC 972.960.1222 x102 972.960.1222 x103 Laurence Gerber [email protected] [email protected] D2 Waltham, MA Architecture LLC David Dillard Essex Corporation Dallas, TX Kent Braasch Omaha, NE www.irrshhc.com

38 2015 ASHA 50 2015 50ASHA Associate Members The Evangelical Generations, LLC HHHunt Highgate Hollenbach The Hollinger Lutheran Good Chip Gabriel Properties Senior Living Development Group Samaritan Portland, OR Richard Williams Marjorie Todd Group, LLC Brad E. Hollinger Society Raleigh, NC Bellevue, WA W. James Mechanicsburg, PA Dustin Scholz GlenAire Hollenbach Sioux Falls, SD HealthCare, LLC Boyertown, PA James P. Bowe Findlay Park Bloomfield Hills, MI Partners LLP Chris Fidyk Great Lakes London, Management United Kingdom Company Michael Pagh First Centrum LLC Golden Valley, MN Mark L. Weshinskey Sterling, VA Green Street Advisors Focus Healthcare Kevin Tyler Partners LLC Newport Beach, CA Curt P. Schaller Chicago, IL Greenbrier Development, LLC Foley & Mike Gilliam Lardner LLP Dallas, TX Michael A. Okaty Orlando, FL Griffin-American Healthcare FPL REIT III Capital Senior Living® Corporation is one of the nation’s largest Advisory Group Danny Prosky William J. Ferguson Irvine, CA operators of residential communities for senior adults. The Company’s Chicago, IL operating strategy is to provide value to residents by providing quality Hamilton Freedom Senior Insurance Agency senior living services at reasonable prices. The Company’s communities Management Jackie Moyer Steven Roskamp Fairfax, VA emphasize a continuum of care, which integrates independent living, Sarasota, FL assisted living and home care services, to provide residents the Harborview Fremont Capital Partners opportunity to age in place. Realty Capital Jonathan Kutner Ashminder Singh Lawrence, NY The Company operates 119 senior living communities in San Francisco, CA geographically concentrated regions with an aggregate capacity of Harmony Senior Frontline Services LLC approximately 15,200 residents. Our team is poised to meet the Management Brent Russell Steven Veluscek Roanoke, VA ever-increasing need for a large, well-capitalized and results-oriented Lafayette, CO senior housing community: Health at Home Ganzhorn Suites Theresa Lantz ▲ Management of Independent Living and Assisted Living Eleanor Alvarez Augusta, GA Powell, OH ▲ Acquisition of Senior Housing Communities Health Capital Gardant Consultants Call or visit us online today for more information. Management Robert Cimasi Solutions Saint Louis, MO CAPITAL SENIOR LIVING Rod Burkett Bradley, IL Heffernan 14160 Dallas Parkway, Suite 300 Insurance Brokers Dallas, Texas 75254 Gencare, Inc. M. Brant Watson tel 972-770-5600 Leon Grundstein Walnut Creek, CA Visit us online at capitalsenior.com Seattle, WA

2015 ASHA 50 39 CSL ASHA ad for 2015.indd 1 8/4/15 9:37 AM 2015 ASHA50 Associate Members Howard & ibr Search Integral Senior Integral Senior Irving Levin Martino & Associates Brian Shuppe Living LLC Living LLC Associates, Inc. Binzer, Inc. Evelyn R. Howard Pittsburgh, PA Tracee DeGrande Collette Valentine Stephen M. David Martino Bethesda, MD Carlsbad, CA Livermore, CA Monroe Farmington, CT Immanuel Norwalk, CT Eric N. Gurley McNeil Street, LLC Omaha, NE John Meyer Philip A. Brooks Consulting, PC Richmond, VA Anthony Nester Armonk, NY Metroplex-Active Life Group Kaplan Sheldon L. Baskin Development Chicago, IL Group Raymond Milestone DioGuardi Retirement Jericho, NY Communities, LLC OUR ADVISORY OFFERINGS Paul W. Dendy Kleger Associates Vancouver, WA CFO Advisory Barbara Kleger Philadelphia, PA Monarch Senior Living, Inc. Enterprise Intelligence Lane Powell PC Frank J. Haffner Barbara J. Duffy Irvine, CA Seattle, WA Moore Stephens Lantz-Boggio Lovelace, P.A. Architects, PC Scot Aurelius Reimbursement Dennis R. Boggio Orlando, FL Englewood, CO Mosaic Levi + Wong Design Studio Design Associates Greg Cini Thomas Levi Columbus, OH Concord, MA The Nathanson Strategy Littler Group PLLC Mendelson, P.C. Randi Jeffrey Harrison Nathanson, Esq. Minneapolis, MN Seattle, WA

Center For Industry M&T Bank National Transformation Sharon O’Brien Investment Washington, DC Center for Seniors Housing & Care Other DHG Healthcare Services M&T Realty Robert G. Kramer Capital Annapolis, MD Tax and Assurance Forensic, Litigation Support and Valuation Corporation Robert J. Ryan Nixon Peabody LLP Risk Advisory Services Transaction Advisory Services Buffalo, NY Allen A. Lynch, II Boston, MA M3 Capital Partners NORR Architects PROFESSIONAL SERVICES for the Thaddeus R. Wilson Richard P. Mann SENIOR HOUSING & CARE Industry Chicago, IL Chicago, IL Marshall North American dhgllp.com/healthcare | 800.850.5199 | [email protected] Properties, Inc. Senior Living Lianne Marshall Thomas Becker Pawtucket, RI Medford, OR

40 2015 ASHA 50 2015 50ASHA Associate Members Oak Hill PRDG Retirement Retirement Retirement Riverwood Crossing Limited Paul E. Donaldson Community Companies Housing Retirement Todd Little Dallas, TX Specialists of America, LLC Foundation Management, Red Oak, TX Eric Johnston Charles S. Dr. Laverne R. Inc. Premier Senior Phoenix, AZ Trammell Joseph Jerry C. Jaques OceanView@ Living, LLC Memphis, TN Long Beach, CA Orange City, FL Falmouth / Wayne Kaplan Sea Coast Inc. New York, NY John B. Wasileski Falmouth, ME Prestige Senior Living Oxford Finance Jason Delamarter Katherine Mainello Vancouver, WA Alexandria, VA Prevarian Pacific Retirement Senior Living Services, Inc. Dodd Crutcher Brian McLemore Dallas, TX Medford, OR Take the express to capital. Primrose Pacifica Retirement Companies Communities Adam M. Bandel Brian Morgan San Diego, CA Aberdeen, SD

Palo Alto Propel Insurance Commons Michael Ferreira Sue Jordan Tacoma, WA Palo Alto, CA Providence Paradigm Life Services Senior Living Richard Schutt Lee E. Cory Tinley Park, IL Portland, OR Ray Stone, Inc. The shortest distance to capital is straight talk. Perkins Eastman J. Todd Stone Architects Sacramento, CA The Battery Group We know how to clear the way for an opportunity. Our Lori Miller Assisted Living Facility Pittsburgh, PA RBC Capital industry expertise and e cient loan process allow us to $6,500,000 get deals done. And backed by our solid balance sheet Markets Senior Term Loan PMD Advisory Corporation and lending power we deliver  exible solutions for any Services, LLC Frank Morgan size and type of skilled nursing or seniors housing facility. Michael Starke Nashville, TN Welcov Healthcare Whether you’re expanding, diversifying, or responding Hebron, KY Skilled Nursing Portfolio REDMARK $56,100,000 to the reimbursement and regulatory environment, Pomeroy Living Economics Senior Term Loan and we can get things done. Give us a call to get on board. Stefan Stration for Real Estate Revolving Credit Facility Troy, MI Development Steve Gilleland, Managing Director, Healthcare Finance and Market WestLiving [email protected] Popular Research Assisted Living Facility Don Kelly, Senior Director, Healthcare Finance Community Bank Harvey Singer $28,500,000 [email protected] Andrew E. Boland Kapolei, HI Senior Term Loan New York, NY For more information call (800) 785-8931, Resort Lifestyle or visit www.capitalsource.com Post Acute Communities Solutions Breck Patrick M. Hurst Collingsworth Chicago, IL Lincoln, NE CapitalSource, a division of Pacifi c Western Bank, Member FDIC

2015 ASHA 50 41 2015 ASHA50 Associate Members

RLPS Architects Seniors Spring Hills Senior Synergy UMBC Aging / WDG Kathleen Goff Housing Business Communities Health Centers The Erickson Architecture, PLLC Lancaster, PA Richard Kelley Alexander C. Yitzy Rosenblum School David Banta Harrison, NY Markowits Toms River, NJ Kevin D. Heffner Washington, DC Rosemark Edison, NJ Catonsville, MD Development Sentio Investments Synovus Financial Welch Healthcare Group John Mark Ramsey Springfield Corporation Unified & Retirement Mark Cytrynbaum Orlando, FL Consulting Sarah S. Duggan Property Group Group Denver, CO Services, LLC Birmingham, AL Steve Falcone Paul T. Casale SGA Design Group Craig Kelly Brighton, MI Norwell, MA Royal Star Daryl L. Bray Dallas, TX TD Bank Properties Tulsa, OK Linda L. Walker United Adult Western Seniors Anthony J. Mullen Springpoint West Palm Ministries Housing, Inc. Newtown Shelbourne Senior Living Beach, FL Douglas Kurtz Anthony Sandoval Square, PA Healthcare Gary T. Puma Flushing, NY Irvine, CA Development Wall Township, NJ three Architecture Ryan Companies Group Rockland A. Berg United Community Westminster US, Inc. Joseph Fox The Springs Living Dallas, TX Bank Communities Daniel Walsh Radnor, PA F. Fee Jeffrey Mastroleo of Florida Naperville, IL Stubblefield, Jr. Thrive Brentwood, TN Roger A. Stevens Sherrard Kuzz LLP McMinnville, OR Senior Living Orlando, FL SALMON Health Michael G. Sherrard Jeramy Ragsdale UPMC Senior and Retirement Toronto, ON St. Barnabas Atlanta, GA Communities Westmont Matthew Salmon Health System Deborah S. Brodine Living, Inc. Westborough, MA Signature James D. Turco THW Design Pittsburgh, PA Andrew S. Plant HealthCARE, LLC Gibsonia, PA Ken Baker La Jolla, CA Sares-Regis Group Amy Phipps Atlanta, GA URBEK Deborah Maietta Louisville, KY Stellar Senior Gilbert Till The Whiting- Irvine, CA Living, LLC Titan SenQuest Seattle, WA Turner Sikich LLP Evrett Benton Douglas Allen Contracting Seasons Mary O’Connor Salt Lake City, UT Manhattan USA Properties Company Management, LLC Chicago, IL Beach, CA Fund, Inc. Brendan Baloh Eric Jacobsen Stephens Inc. Geoffrey C. Brown Towson, MD Lake Oswego, OR Singh Senior Dana Hambly TL Management Roseville, CA Living Nashville, TN Zevi Kohn Williams Mullen Senior Housing Steven Tyshka Brooklyn, NY Validus Kiki E. Carleton Analytics LLC West Bloomfield, Stonegate Senior Senior Living Virginia Beach, VA Phil Downey MI Living, LLC Touchmark Stephen Benjamin Silver Spring, MD John F. Taylor Werner G. Tampa, FL Windsor SL Residential, Inc. Lewisville, TX Nistler, Jr. Healthcare Senior Greg Sadick Beaverton, OR Van Dyk Equities, LLC Housing News Irvine, CA studioSIX5 Health Care Leigh T. Howe John Yedinak Dean Maddalena Tradition Senior Robert Van Dyk Baltimore, MD Chicago, IL Solutions Advisors Austin, TX Living, LP Ridgewood, NJ Cecelia LaForge Jonathan Perlman WMD Asset Senior Living Princeton, NJ Summit Dallas, TX Varsity Management, LLC Valuation Healthcare Jackie Stone Colin Andersen Services, Inc. SpawGlass REIT, Inc. Trinity Lemoyne, PA Santa Barbara, CA Michael G. Boehm Construction Kent Eikanas Senior Living San Francisco, CA Corp. Lake Forest, CA Communities The Vinca Wohlsen Joe Mendyk Kelly Gasior Group L.L.C. Construction Senior Quality Houston, TX Summit Senior Livonia, MI Alice Katz Company Lifestyles Living, LLC Owings Mills, MD Kenneth Noreen Corporation Spectrum Frank J. Nigro, III Turtle Creek Lancaster, PA Charles B. Brewer Properties, LC Albany, NY Management, Inc. Wakefield Capital Dallas, TX Brian E. Bergersen Blake Jackson Management, Inc. Wortham Dallas, TX Symphony Senior Indianapolis, IN Edward P. Insurance & Risk Seniority, Inc. Living, Inc. Nordberg, Jr. Management Joe Anderson Lisa M. Brush Chevy Chase, MD Russ Sartain Pleasanton, CA Toronto, ON Austin, TX 42 2015 ASHA 50

2015 ASHA50 ASHA Staff and Counsel

David S. Schless has served as ASHA’s Randolf H. Hardock, ASHA’s Chief Legis- President since its creation by the lative Counsel since 1998, is the Managing National Multifamily Housing Council Partner of the law firm Davis & Harman, (NMHC) in 1991. With over 25 years of LLP. From 1993 to 1995, he served as Ben- industry experience, David has an exten- efits Tax Counsel, U.S. Department of the sive understanding of seniors housing Treasury, where he was responsible for all research, policy and regulatory issues, tax issues involving pensions, executive and an intimate knowledge of the seniors housing busi- compensation and health insurance. From 1986 to 1993, ness. He currently serves on the editorial board of the he was tax counsel to the U.S. Senate Committee on Seniors Housing & Care Journal and has been honored Finance, serving as an advisor to Chairman Lloyd Bent- as a Distinguished Alumnus by both the University of sen. Randy is a member of the District of Columbia bar. Connecticut and the University of North Texas for his work on behalf of seniors. Paul A. Gordon, ASHA’s Legal Counsel since 1999, is a Partner and Chair of the Jeanne McGlynn Delgado, Vice President Senior Housing & Care Practice Group in of Government Affairs, joined ASHA in the law firm Hanson Bridgett LLP. Paul 2015. She leads ASHA’s public policy has over 25 years experience representing efforts on Capitol Hill and before federal seniors housing and long-term care facil- agencies. Most recently, Jeanne has served ities and is recognized nationally as an as Vice President for Business & Risk expert on the subject. He is author of the book Seniors Management Policy and Government Housing and Care Facilities: Development, Business and Affairs at the National Multifamily Housing Council Operations. His practice includes business, tax, regula- (NMHC). In that position, she spent the past 11 years tory and operational planning for new developments lobbying for leading multifamily housing developers, and existing communities, counseling and represen- managers, and owners on a host of policy issues includ- tation in a wide variety of operational and licensing ing insurance, housing finance, fair housing, and tax issues, and litigation of claims by and against providers before Congress and the federal agencies. of senior services.

Doris Maultsby, Vice President, Member Dan McConnell, ASHA’s Public Relations Services, joined ASHA in 1999. Her roles Counsel since 2000, is one of America’s include management of the Association’s most noted global communications meetings, membership, and operations. strategists and crisis consultants. He is Additionally, Doris oversees a number of the former Senior Vice President, Manag- the Association’s annual research projects, ing Director of DDB Public Relations for such as the CCRC & AL State Regulatory DDB Worldwide. Over the past 20 years, Handbook. Prior to joining ASHA, Doris worked at the he has been responsible for providing communications National Multifamily Housing Council (NMHC) and strategies through the company’s integrated support The Advisory Board Company. system that links the 206 offices in 99 countries. Dan has led a host of award-winning teams on premium Krystalle Campo, Director, joined ASHA accounts such as Weyerhaeuser, Microsoft, McDonald’s, in 2006. Her responsibilities include State Farm Insurance, Sony China, Cirque du Soleil, the management of the Seniors Housing PAC Summer and Winter Olympic Games and the America’s Campaign and advocacy compliance; Cup sailing races. He is the 2013 recipient of University special projects, including the ASHA 50 of Washington’s Teaching Excellence Award. Report; and overseeing the Association’s website.

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The American Seniors Housing Association (ASHA) is a proud partner of the Alzheimer’s Association in the fight to end Alzheimer’s disease. Alzheimer’s disease is the sixth leading cause of death in the United States today, impacting an estimated 5.2 million individuals. Nation’s largest event ASHA has created a National Team in the Walk to End Alzheimer’s, the nation’s largest event to raise awareness and funds to end Alzheimer’s disease. Sunrise Senior Living Walk to End Alzheimer’s. In 2014, ASHA’s member companies formed nearly 1,400 teams, and raised over $3.4 million for the Alzhei- research, advocacy efforts mer’s Association. and essential programs and The Walk to End Alzheimer’s unites the entire com- services for those afflicted munity in a display of combined strength and dedica- with this disease. tion in the fight against this devastating disease. In addition, your actions, both through fundraising and participating in events, Walks held nationwide help to change the level of Alzheimer’s awareness in We encourage readers to participate in one of 600 your community. Walks held nationwide. The funds raised support vital Learn more at alz.org/asha.

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46 2015 ASHA 50

2015 ASHA50 About ASHA

ASHA is the industry thought- ASHA Core Principles Peer-to-peer Insight leader promoting quality and Our meetings are strictly limited innovation, advancing research, ■ Promote a favorable business to ASHA members. Our goal is to exchanging strategic business climate that supports quality, give executives exclusive oppor- information and influencing legis- competition, innovation and long- tunities to hear from nationally term investment in seniors housing lative and regulatory matters. renowned leaders from business ■ Advance information and research and academia, to participate in Exclusivity that frame and influence key industry peer-to-peer sessions on topical and For nearly 25 years, industry initiatives emerging issues, and to create a leaders have put their trust in relaxed, yet profitable networking ■ Promote the identification and ASHA as the premier source for experience. advancement of emerging industry research, conferences and advocacy. leaders who reflect the increasing We cater to the unique needs of diversity of the business Consumer education senior executives engaged in the In early 2016, ASHA will launch development, ownership, oper- ■ Support research and national the first-of-its-kind national con- ations, and financing of seniors initiatives that enable senior sumer education initiative to help housing and we deliver on our com- customers to receive high-quality seniors, families, and other “influ- mitment to quality. Membership in services and age with dignity in the encers” better understand their setting of their choice ASHA continues to be senior living options in order to an outstanding investment for busy make empowered decisions. This executives. major new initiative will include Leading research powerful public relations and social Proven leadership ASHA’s research products media efforts and the creation of an on Capitol Hill and initiatives are widely recog- objective robust consumer web- ASHA is proud to have the larg- nized as relevant, substantive, site that is intended to help shape est seniors housing PAC focused and actionable. perceptions of the senior living exclusively on supporting federal Original research, as well as experience and improve the under- candidates who understand and jointly sponsored reports, include: standing of our communities. are favorable to the interests of a suite of Special Issue Briefs, the seniors housing. For more than two State of Seniors Housing, ASHA 50, To learn more about ASHA, visit decades, ASHA’s lobbying team has Construction Monitor, and detailed www.seniorshousing.org. worked to educate policymakers reports that will help you better about our industry and protect your understand the opportunities and interests. Our federal lobbying team challenges of the seniors housing has extensive experience on Capitol business. Hill, and works year-round with In addition to receiving newly Members of Congress to ensure released resources, members have the industry has a strong voice on 24-hour exclusive access to our policy matters. robust archive of reports. Living Longer Better Left to right, Kai Hsiao, Holiday Retirement; Jon DeLuca, Senior Lifestyle Corporation; Steve Blazejewski, Brant Prudential Real Estate Watson, left, Investors; Bruce Heffernan Mackey, Five Star Insurance Quality Care; Sloan Brokers & Bentley, Lifespace Frank Borst, Communities Vintage Senior Living 48 2015 ASHA 50 2015 50ASHA

ASHA members meeting schedule September 10-11, 2015 Chairman’s Circle Event Exclusive Event for contributors of the SH PAC at the Chairman’s Circle level ($2,000+) Harbor View Hotel Martha’s Vineyard, MA

September 29-30, 2015 Fall Meetings Meetings of the Executive Board Mandi Hogan, above left, and Advisory Committee National Health Investors Gaylord National Resort and Mark Hemingway, LTC Properties Washington, DC top right, January 27-29, 2016 Richard Fisher, former CEO, Annual Meeting Federal Reserve Bank of Dallas (ASHA Meeting Annual Meeting open to all levels Keynote Speaker) of membership Arizona Biltmore Resort Diane Swonk, left, Phoenix, AZ Mesirow Financial (ASHA Meeting Keynote Speaker) June 16-17, 2016 Mid-Year Meeting Meetings of the Executive Board and Advisory Committee Omni Interlocken Resort Denver, CO

September 13-14, 2016 Executive Board Meeting Exclusive meeting of the Executive Board Marriott Marquis Washington, DC

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2015 ASHA 50 49 2015 ASHA50 2016 ASHA Annual Meeting Jan. 27-29 Arizona Biltmore Resort. The 2016 Annual Meeting offers Annual meeting highlights ant insights into a multi-year effort members of the American Seniors A Guided Tour of ASHA’s that aims to help consumers better Housing Association (ASHA) Consumer Education Initiative: understand their options in order to engaging educational sessions, Where You Live Matters make enlightened decisions. renowned guest speakers, relaxed As part of its major new strategic Panelists networking, and championship golf. planning effort, ASHA has launched ■ Jeffrey DeBevec, Senior Vice The event January 27-29 at the a significant promotional initiative President, Belmont Village Senior distinctive Arizona Biltmore Resort that will include public relations and Living, Houston, TX will provide a unique opportunity an exciting social media campaign, ■ Jim Glynn, Principal, Glynn- to interact with a diverse group of and the development of a robust Devins, Overland Park, KS Executives involved in the full spec- website that will help empower trum of seniors housing. consumers and their families. This The Dynamics of Capital and To learn about ASHA membership, highly informative and visual Corporate Strategy visit www.seniorshousing.org. guided tour will provide import- This unique session will focus on

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50 2015 ASHA 50 2015 50ASHA

Keynote who will discuss its care and sup- fessor of Medicine and Research port mission and the national goal Director of the Arizona Center presentations to prevent and effectively treat for Integrative Medicine at the Alzheimer’s Update Alzheimer’s disease by 2025. University of Arizona. Over the years, ASHA has She is author of the best-seller, enjoyed a close working relation- The Science of Place Healing Spaces: the Science of ship with the Alzheimer’s Asso- and Well-Being Place and Well-Being and founder ciation, with members helping to Esther Sternberg, M.D., is of the UA Institute of Place and raise millions of dollars annually internationally recognized for her Wellbeing, a unique interdisciplin- in the quest to find a cure for Alz- groundbreaking research on the ary Institute linking biomedical, heimer’s disease. science of the mind-body interac- health professionals and design This year’s Keynote Session tion in illness and healing and the professionals to research and cre- will feature the top representatives role of place in wellness. ate places supporting health and from the Alzheimer’s Association Dr. Sternberg is currently Pro- well-being. the interplay between capital markets Panelists ner and CEO, LCB Senior Living, and successful execution of business ■ Jack Callison, CEO, Enlivant, Norwood, MA strategy from the perspective of four Chicago, IL diverse companies involved in the ■ Lawrence Cohen, CEO, Capital Interactive Roundtable Discussions seniors housing and care business. Senior Living Corporation, Dallas, TX Among the most popular ele- ■ Moderator: Stephen Monroe, ■ Susan Givens, CEO, New Senior ments of the ASHA Annual Meeting Editor, The Senior Care Investor, Investment Group, New York, NY are the opportunities to openly inter- Norwalk, CT ■ Michael Stoller, Managing Part- act with other industry colleagues in

2015 ASHA 50 51 2015 ASHA50 thoughtfully facilitated discussions Richardson, TX GlenAire HealthCare, Bloomfield of critical topics, including: ■ Beth Mace, Chief Economist, Hills, MI National Investment Center for Seniors ■ Will Clark, Senior Vice Pres- Valuation Trends Housing & Care, Annapolis, MD ident, Strategy and Innovation, Discussion Facilitators Brookdale, Brentwood, TN ■ Charles Bissell, MAI, CRE, ASA ACA Post-Acute Trends ■ Lynne Katzmann, President & National Practice Leader – Senior Discussion Facilitators CEO, Juniper Communities, Bloom- Housing, Integra Realty Resources, ■ James P. Bowe, Principal, field, NJ

Financing Strategies A healthy life isn’t Discussion Facilitators ■ Mark Cotsakis, Executive Vice one-dimensional. President, Seniors Housing Finance, Wells Fargo Bank, Charlotte, NC Neither is a ■ William Kauffman, Managing Director, Oak Grove Capital, Minne- healthy business. apolis, MN ■ Laura McDonald, Vice Pres- ident, Protective Life Insurance Company, Birmingham, AL ■ Jason McMeen, Managing Director, MidCap Financial Services, Chicago, IL

Proactive Expense Management Discussion Facilitators ■ Danielle Morgan, Chief Oper- ations Officer, MBK Senior Living, Irvine, CA ■ Earl Parker, Chief Operating Officer, Commonwealth Assisted Living, Charlottesville, VA

Cutting Edge Sales & Marketing Professional liability Fitness classes, field trips and great meals are just a ■ Anthony Mullen, Partner, Royal Business interruption few of the ways senior living communities help their Star Properties, Newtown Square, PA coverage residents thrive. These days, it takes the same kind Emergency evacuation of comprehensive insurance approach to keep your expenses Golf Tournament business healthy and strong. At Propel, our team of Building ordinance Join in for an afternoon of fun and and increased cost Senior Living experts can work together to deliver a networking on the stately Adobe of construction thorough program that covers every aspect of your Course built in 1928 by chewing Cyber Liability business—including property, professional liability, gum magnate William Wrigley, Jr. Billing Errors and workers’ comp and more. Don’t settle for insurance that Omissions The par 71, 6,430 yard Adobe leaves you exposed. Talk with experts who understand Course is a true parkland course Earthquake and Flood the complete Senior Living picture. that features generous, sprawling Workers’ Compensation cost containment fairways and numerous, hungry programs bunkers. Set against the backdrop of Safety and injury illness the picturesque Phoenix Mountain prevention programs Preserve and the far-reaching south- Clinical risk ern skyline of downtown Phoenix, management 1-800-499-0933 consulting www.propelinsurance.com the Adobe provides views as breath- taking as the course itself. Find your momentum.

52 2015 ASHA 50 2015 50ASHA ASHA Bookstore For in-depth operational analyses, construction trends, consumer insights, and other timely seniors housing reports, visit the ASHA Bookstore at www.seniorshousing.org. Coming Soon The State of Seniors Housing Coming Soon Seniors Housing 2015 is the industry’s lead- Guide to Fair ing report on seniors housing Housing and operational performance with ADA Compliance, financial and performance newly revised and measures from independent expanded, cover- living, assisted living, demen- ing both the Fair tia care, and continuing care Housing Act and retirement communities. The Americans with Dis- report includes robust data on abilities Act. This is resident turnover and length a crucial resource for of stay, staffing and labor costs, all owners and oper- and key financial indicators. ators. The guide was This is a must-have resource for prepared by Paul seniors housing owners, opera- Gordon of Hanson Principle ASHA half page Ad _Layouttors, 1 8/21/15 lenders, 11:36 and AM investors. Page 1 Bridgett LLP. It is a matter for Principle.

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2015 ASHA 50 53 2015 ASHA50

ASHA members benefit from complimentary copies of all publications and login access to an extensive archive of sought-after industry reports.

These include The State of Seniors Housing Construction The Entrepreneurial Spirit Seniors Housing, Monitor describes construc- of Seniors Housing, Editions I Special Issue Briefs, tion activity by metro area, and & II, authored by Stephen Monroe, features a property type analysis, the Entrepreneurial Spirit features Seniors Housing metro market rankings, activity extraordinary insights on leadership Updates and State by segment type, an estimate of and business from seniors housing Policy Updates. seniors housing supply in the 100 leaders. largest MSAs. Complimentary to The first edition profiles include: ASHA members. William E. Colson, Holiday Retire- ASHA Member Exclusive ment Corporation; Paul J. Klaassen, Sunrise Senior Living; W. E. “Bill” Sheriff, Brookdale Senior Living; Steven Vick, Signature Senior Living; and Patricia Will, Belmont Village Senior Living. The second edition features: David Freshwater, Watermark Retire- The leader in Seniors Housing Brokerage ment Communities; Rev. Dr. Laverne WHAT WE OFFER: Joseph, Retirement Housing Founda- Let Our Team • Represent over 30% of announced tion; William Kaplan, Senior Lifestyle Work For You transactions Corporation; James Stroud, Stroud • Built a team with over 150 yrs. Companies; and Robert & William of brokerage experience Thomas, Senior Star. • Sold over $2,500,000,000 • Assembled largest team of dedicated Sr. Housing brokers • Represent Sellers confidentially • Achieve an average 96% of list price • Preserve wealth for our clients • Manage transactions from start to finish

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54 2015 ASHA 50 2015 50ASHA Seniors Housing PAC

The American Seniors Housing Association would like to express its sincere appreciation to the following ASHA member companies and their employees for their generous support of the Seniors Housing PAC.

Aegis Living CBRE Capital Markets JEA Senior Living ROC Seniors Allegro Chicago Pacific KeyBank RSF Partners Senior Living LLC Founders Real Estate Capital Senior Capital Advisors American Seniors Christenson Koelsch Senior Housing Association Advisory Services Communities Senior Housing Properties Trust Arbor Commercial CISCOR Lancaster Pollard Mortgage LLC Senior Lifestyle Cushman & Wakefield LCS Corporation Arthur Shuster Interiors Direct Supply Inc. LTC Properties Inc. Senior Living Assurance Agency Communities LLC Enlivant MBK Senior Living Bank of America Senior Living Merrill Lynch Era Living Moore Diversified Investment Services Inc. Brokerage Inc. Belmont Village Formation Capital LLC Nixon Peabody LLP Senior Living Franklin Companies Senior Star OnShift Inc. Bickford Senior Living Frontier The Roche Associates Inc. Blueprint Healthcare Management LLC Pathway Senior Living LLC Real Estate Advisors GE Capital, Healthcare The Vinca Group LLC Brightview Financial Services PNC Real Estate Trilogy Senior Living LLC Grace Management Inc. ProMatura Group LLC Health Services LLC Capital One Hanson Bridgett LLP Prudential Nixon Peabody LLP Commercial Banking Real Estate Investors Hawthorn Ventas Healthcare Capital Senior Living Retirement Group RED Capital Group LLC Properties Inc. Corporation Health Care REIT Inc. REES Associates Inc. Watermark Retirement Capitol Seniors Housing Communities HealthTrust LLC Ridge Care Inc.

ASHA’s advocacy focus The American Seniors Housing Association (ASHA) plays an integral role in advocating on behalf of owners and operators who are committed to developing market-driven housing options, services, and amenities for seniors. By working closely with Congress, the Executive Branch, and Federal Agencies, ASHA’s policy team promotes policies favorable to the development and preservation of quality seniors housing nationwide.

David Schless, ASHA President, right, with Senator Johnny Isakson (R-GA), Chair of Veterans’ Affairs and member of the Health, Education, Labor & Pensions Committee.

2015 ASHA 50 55 2015 ASHA50

employer of 11 years, National What are the key issues facing Seniors Multifamily Housing Council, was the industry in Congress? the original home of ASHA. So, my Several are on our list, some more lobbying background in multifamily pressing than others, but all are Housing operations and development, pairs central to the business operations and well with ASHA’s policy agenda growth of our members. A renewed Public Policy and member profile. focus will be maintaining regulation When I joined ASHA in June, I hit for seniors housing at the state level. Outlook the ground running, and I believe A recent congressional request for a the pace will quicken as we imple- Government Accountability Office ASHA’s New Vice President ment our legislative and regulatory (GAO) study on Medicaid spending of Government Affairs policy agenda and step up our fund- in assisted living communities can Jeanne McGlynn Delgado raising and giving efforts. While trigger a call for federal regulation. shares her insights. the halls of Congress are mostly This has prompted ASHA to empty for August recess, federal advance a comprehensive strategy to Jeanne, you are a newcomer to agencies are still actively issuing meaningfully inform this work. This the seniors housing industry and rules such as the U.S. Department includes a plan to educate congress are in your third month as Vice of Labor’s (DOL) overtime rules. and staff about our industry and how President of Government Affairs The courts are also at work and are our communities and services benefit at ASHA. Please share a little deciding cases that are important seniors and their families. Having a about your background and what to the seniors housing industry, robust Seniors Housing PAC greatly you hope to accomplish? such as the challenges to the DOL enhances our ability to do that, Most of my government affairs Ambush Election Rule and the U.S. especially with policymakers who career was working for real estate Department of Housing and Urban may not have had exposure to our trade associations. My most recent Development’s Fair Housing rules. housing and services. We will also

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56 2015 ASHA 50 2015 50ASHA work to ensure that the GAO looks for new ways to serve this popu- I am very excited to be part of at data in a way that distinguishes lation. Currently, the inclination ASHA. In my short time I have between purpose-built, profession- among policymakers is that our come to appreciate the industry’s ally managed assisted living and the nation’s long-term care policy should relevance, the members’ commit- very small board and care settings. be focused on keeping seniors at ment, and the significant public ASHA has always had a strong home irrespective of their circum- policy issues before us. The chang- focus on tax matters as it relates to stances. We must remind Congress ing demographics and economics of our real estate and our residents. We and the public that these policies aging create a huge opportunity for continue to work independently as should be balanced against the bene- ASHA to raise the industry’s profile well as collectively with a broader fits of community that come from the in Congress and the agencies as we real estate coalition on a range of range of seniors housing choices. advance our policy agenda. real estate tax issues, such as cap- ital gains, depreciation, like-kind exchanges, and partnership rules. Specific to our resident community is the looming 2016 expiration of the 7.5% medical expense deduction. Relationships ASHA commissioned a study on the economic impact of this tax increase Transcend Transactions on seniors and will share the find- ings with Congress. ASHA also co-supported eco- nomic studies on proposed changes to the depreciation schedule and to the like-kind exchange rules. While comprehensive tax reform will most likely not take place until after the presidential election, we remain vigilant in pressing our case to Con- gress before proposals are drafted. Dogwood Forest of We are also staying on top of DOL Acworth – Acworth, Ga. overtime rules, workplace issues such as efforts to make unioniza- “For more than a decade we have had a rewarding relationship with tion easier, the Fair Housing Act as the executives of CNL Healthcare Properties. Their operations-centric applied to senior housing, and vari- approach to seniors housing and emphasis on building relationships is ous Medicare issues pertinent to our refreshing. CNL Healthcare Properties has played a critical role in residents. ASHA continues to mon- helping us grow our operations and expand with development capital.” itor efforts to reform the housing finance system and other proposals – Al Holbrook III, Chairman that increase access to capital. Trinity Lifestyles Management

Any other issues? CNL Healthcare Properties provides capital solutions There will be a bigger focus on for development and acquisitions all across the country housing affordability for seniors. By for operators just like Trinity. When relationships 2030, one in five people will be 65 or older, according to the Joint Center matter, call us to help your organization prosper. for Housing Studies. The increasing senior population combined with Get in touch and let’s begin our relationship! a decline in household income, pensions and retirement savings, Joel Sherman Scott McCorvie Senior Vice President Vice President will present housing affordability 407-540-7556 407-540-7703 challenges for the next generation of seniors. Policymakers and seniors’ CNLHealthcareProperties.com advocacy groups will be searching 2015 ASHA 50 57 2015 ASHA50 Coming in 2016 ASHA Consumer Education Website The guiding principle of this new media campaign is that informed families can make smart choices about senior living options.

By Jane Adler

Building managers are all too familiar with the sce- nario: Adult children quickly need a place for an elderly parent. Perhaps the senior fell and can no longer live alone. Or the elder is being discharged from the hospital and can’t safely return home. Whatever the case, the adult children often have little knowledge of the available options. Their only contact with any type of seniors hous- ing may have been visits years ago to a grandpar- ent in a nursing home. That leaves the building manager with the job Janel Wait, vice president of digital at GlynnDevins, leads her team on the of educating the adult children at a time of emo- development of ASHA’s new seniors housing consumer education website tional stress when they’re ill-prepared to make an to be launched in January 2016.

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58 2015 ASHA 50 2015 50ASHA

informed decision. The yearlong effort showed that 30 percent of There has to be a better way. resulted in a strategic people aged 70 and older The idea of educating con- plan with five goals: were unaware of indepen- sumers about seniors housing advocacy, research, dent living communities in has been on the industry leadership, meeting their area. wish list for years. Informed structure, and con- What’s more, the penetra- consumers would understand sumer education and tion rate — the percentage the benefits of community industry promotion. of elderly persons age 75 living. They would know the “It was a healthy or older living in seniors differences among the various “We wanted and energizing pro- “We want to housing — varies widely to motivate allow people housing options. And they consumers to cess,” says Schless. to make an nationwide. For example, the could plan ahead before a learn more Consumer edu- informed choice, penetration rate in New York crisis hits. about senior cation and industry and the website City is less than 5 percent, but That dream is now becom- living,” says Jim promotion topped the will become a 22 percent in Portland, Ore. ing a reality as the American Bowe, principal priority list. ASHA resource to help Many seniors and their of GlenAire people make Seniors Housing Association HealthCare LLC. members felt strongly that decision,” families also hold the notion (ASHA) embarks on a com- that there was a need says Ken Curnes, that remaining in a longtime prehensive consumer education pro- to inform consumers and dis- senior vice private residence is always gram. Key elements include a robust pel myths about senior living. president of the best option. Consumer seniors housing website, along with Seniors housing has long consulting for advocacy groups have cham- GlynnDevins. a social media and public relations struggled to fill an infor- pioned this position, too. campaign. A January 2016 launch is mation gap that has dogged the “The industry has been talking Janel Wait, vice president of digital at GlynnDevins, leads her team on the NIC MAP_ASHA50 Print Ad.pdf 1 8/18/2015 3:32:11 PM development of ASHA’s new seniors housing consumer education website planned for the website, which will industry. A 2013 ASHA study about doing something about this to be launched in January 2016. be rolled out in phases. “The cornerstone of the pro- gram is the website,” says David Schless, president of ASHA, based in Washington, D.C. “The goal is to create something incredibly useful to seniors and their families.” The website will not be promo- tional in nature, Schless empha- sizes, but will instead offer objec- tive information about seniors C Advancing Seniors Housing Transparency housing. The information will be M backed by research from outside through 10 Years of Time-Series Data experts. Y

Embracing a general theme of CM

“Living Longer Better,” the websiteMY For 10 years, NIC has tracked quarterly market will make extensive use of video CY fundamentals data at the local market level. content. Videos will give consum- ers a good look into what commu- CMY

nities are really like by showcasing K Coming in 2016 - expansion to 140 markets and Actual Rents! residents, families and staffers. “We are building a digital platform that will rise above all the other infor- mation sources,” says Schless.

Consumer education first To learn more In 2014, ASHA embarked on a visit www.nicmap.org major strategic planning process with input from various commit- tees comprised of ASHA members.

2015 ASHA 50 59 2015 ASHA50 for 25 years,” says Schless. selected,” says Ken Curnes, living and the services provided “This is a great opportunity.” senior vice president of by ASHA members, according to An 11-person committee consulting for GlynnDevins Curnes. Different seniors housing comprised of ASHA mem- based in Overland Park, types will be highlighted including bers, including owners and Kan. “When you believe in senior apartments, assisted living, operators, is leading the con- a product, it’s great to have independent living with services, sumer education effort. The the opportunity to raise memory care and continuing care committee is chaired by Jim awareness of the category.” retirement communities. Bowe, principal of GlenAire GlynnDevins is well The content will also address the “People don’t HealthCare LLC, a consult- understand the known throughout the family dynamics of decision mak- ing firm based in Bloomfield problems of seniors housing industry. ing, such as why a senior might Hills, Mich. “We wanted to staying in their The marketing firm has be reluctant to move. “We want motivate consumers to learn own homes,” more than 100 employees people to know they are not alone says Meg more about senior living,” and focuses exclusively on and that this is a difficult decision,” Ostrom, senior says Bowe. vice president senior living organizations. says Curnes. Working together for the of sales and It provides a range of ser- Curnes adds that the website past year, the committee marketing at vices to support the occu- will include information about suc- drafted a request for proposal Enlivant. pancy needs of its clients. cessful aging as well as alternatives and conducted a nationwide search GlynnDevins is currently devel- to seniors housing, such as home for a marketing agency, selecting oping content for the website with care. “We want to allow people to GlynnDevins to handle the devel- the help of input from the com- make an informed choice, and the opment of the website and promo- mittee. A web address hasn’t been website will become a resource to tional campaign. selected yet. help people make that decision,” “We were thrilled to be The website will highlight senior he says.

60 2015 ASHA 50 2015 50ASHA

Value of community living “The notion is to get graphic design is expected to As a member of the committee, people to engage earlier in be complete by fall, though Meg Ostrom believes that consum- the process, explore their committee chair Bowe says ers will benefit from a website that options and look ahead,” the website will be continu- helps them think about how to live says Bowe. Seniors who are ally updated and fine-tuned. well proactively, instead of trying proactive will be in a far bet- “This is a multi-year proj- to make a decision during a crisis. ter position to extend their ect,” notes Bowe. “There is “People don’t understand the quality of life and wellness no finish line.” problems of staying in their own as they age, he adds. ASHA is encouraging “There are real homes,” says Ostrom, senior vice While the website will benefits to a its members to provide president of sales and market- not promote individual social setting,” content for the website. ing at Enlivant, a Chicago-based communities, it will high- says Jeff Existing videos from mem- owner and operator of assisted light the value of commu- DeBevec, senior bers — not promotional in vice president of living communities. “When does nity living. “There are real nature — will be posted on communications the home no longer support their benefits to a social setting,” at Belmont the website. In particular, wellness?” says committee member Jeff Village Senior ASHA is seeking videos that Committee chair Bowe agrees DeBevec, senior vice presi- Living. highlight comments about that the consumer education dent of communications at senior living from staffers, initiative will emphasize the Belmont Village Senior Living. residents and family members. Tes- proactive nature of senior living DeBevec notes that too often timonials from third-party experts decision-making. He likens the consumers underestimate the prob- are also being collected from ASHA process to other parts of life plan- lems seniors have when they live members. ning, such as saving for college or alone and suffer social isolation. A new video is being produced retirement. The basic website content and for the website to highlight the

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2015 ASHA 50 CIB RE REB PDF 0815-087-196484-CIBRE SR Housing Ad io2_final.indd 1 8/14/15 4:14 61PM different types of seniors housing, ranging from inde- pendent living to assisted living and memory care to Trusted Financial Advisor continuing care retirement communities. for over 20 years A mix of communities for a variety of income levels will be showcased along with buildings in suburban and urban settings. Interviews with seniors and their adult children will provide powerful examples to help consum- ers connect personally to the senior living experience. ASHA members will play an important role in help- ing promote the program. Members will be able to link their websites to the new consumer education website. “It will be incredibly important for members to use this resource,” says Bowe. Another crucial element of the program is a social Bradley G. Razook Laurent X. de Marval media and public relations campaign. Facebook and YouTube will be used to distribute information about (212) 446-9172 (212) 446-9170 the website. ASHA will dovetail its efforts with the [email protected] [email protected] social media campaigns of members. LinkedIn, the social network for executives and Peter E. Pickette David Caleca professionals, will be used to reach the senior living advocate community. These professionals include the (212) 446-9173 (212) 446-9174 influencers who have a vested interest in senior living [email protected] [email protected] such as government agencies on aging, policy analysts, healthcare providers and social workers. “It’s important for professionals who have been at 800 Third Avenue, Suite 2502, New York, NY 10022, Phone: arm’s length of seniors housing to take a closer look,” (212) 446-9177, Fax: (212) 446-9181, says committee chair Bowe. “We want visibility with www.cscapitaladvisors.com these folks.”

Our Mission is Providing America’s Seniors and Families with Quality, Aff ordable Housing . . .

.We currently serve in 28 states, Washington, D. C., Puerto Rico and the U. S. Virgin Islands. .Our 181 communities include HUD subsidized and tax credit apartments, Multi-Level Retirement Communities with Assisted Living, Memory Care, and Skilled Nursing units. .More than 20,000 people call an RHF community “home.” .We are inclusive, serving many races, creeds and cultures. .We are a faith-based nonprofi t, recognized by the United Church of Christ. We continue to expand our Mission with new construction and acquisitions. We’d like to work with you. Contact us if you have an opportunity to bring to our att ention.

Retirement Housing Foundation 911 N. Studebaker Road, Long Beach, California 562-257-5100 FAX 562-257-5200 TDD 800-545-1833, Ext. 359 www.rhf.org e-mail: [email protected]

62 2015 ASHA 50

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