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2020 Largest Providers Report

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2020 Largest Providers Report A closer look at the 150 largest providers in senior living, plus a post-COVID-19 outlook 2020 LARGEST PROVIDERS Sponsored by: REPORT 2020 LARGEST PROVIDERS REPORT 1 ABOUT FOX REHABILITATION Founded in 1998, FOX Rehabilitation is a high-growth, entrepreneurial private practice of physical, occupational, and speech therapists that provides proactive, clinically excellent, and evidence-based treatment interventions to the older population. A proud, longstanding member of Argentum and corporate sponsor, FOX was built on the strong clinical foundation of Geriatric House Calls™, and throughout its growth, the practice has stayed true to its mission of rehabilitating lives by believing in the strength of people. FOX clinicians help older adults be stronger so they can live better longer. For more, see foxrehab.org. ABOUT ARGENTUM Argentum is the leading national association exclusively dedicated to supporting companies operating professionally managed, resident-centered senior living communities and the older adults and families they serve. Since 1990, Argentum has advocated for choice, independence, dignity, and quality of life for all older adults. Argentum member companies operate senior living communities offering assisted living, independent living, continuing care, and memory care services. Along with its state partners, Argentum’s membership represents approximately 75 percent of the professionally-managed communities in the senior living industry—an industry with a national economic impact of nearly a quarter of a trillion dollars and responsible for providing over 1.6 million jobs. These numbers will continue to grow as the U.S. population ages. Argentum’s programs and initiatives are driven by its membership. For more information about joining Argentum, please visit argentum.org/membership. Learn more at argentum.org. Notes: Data, unless otherwise noted, was voluntarily self-reported and represents U.S. data as of December 31, 2019. The information contained in this report was obtained from sources deemed to be reliable. Every effort was made to obtain accurate and complete information; however, no representation, warranty or guarantee, express or implied, may be made as to the accuracy or reliability of the information contained herein. This is not intended to be a forecast of future events and this is not a guaranty regarding a future event. This is not intended to provide specific investment advice and should not be considered as investment advice. 2 2020 LARGEST PROVIDERS REPORT SURVEYING THE INDUSTRY SURROUNDINGS The line charts since March 2020, when the COVID-19 pandemic took hold in the United States, look daunting: sharp spikes, precipitous drop-offs, and tangled vines. In senior living, operating losses are up, move-ins down, payments sometimes deferred, and relief uncertain. And when it will be over? That’s lost in the fog, with predictions ranging from the fourth quarter of 2020 to the fourth of 2024. However, there are a few known knowns: The demographics still point to increasing need. Investors aren’t yet stuffing their mattresses; they’re still looking for good prospects, which could keep the industry’s recession-proof reputation intact. As COVID-19 case numbers continue to come in, professionally managed senior communities are looking more and more like particularly safe and healthy places to live. But the biggest positives the industry has going for it are the intangibles: innovation, creativity, dedication. The crisis pushes these to heroic levels, every day, from the CEO who built protected visiting booths to the caregiver ensuring that a memory care resident in isolation doesn’t feel alone. New and renewed commitments to diversity, equity, and inclusion measures clear the paths to new systems, new talent, and new markets. Among all the disruption, the greatest value in this industry remains our values. Even pre-pandemic, the industry wasn’t exactly halcyon. Providers were looking at what some termed oversupply—for instance, 9,175 assisted living units added in 2019, according to the National Investment Center for Seniors Housing & Care (NIC). Concerns about competition from aging at home trends and a growing middle market were compounded by a workforce environment where competition rose as unemployment fell—both at unprecedented levels. This data captures the picture from that height: December 31, 2019. We chose that date for several reasons: Data lags, and is difficult to collect under crisis conditions; COVID-19 would distort the picture; and it begins the process of reconciling these yearly Largest Provider Reports to records based on whole years rather than first quarters. Last year’s report, available here, is from March 31, 2019. What shape will 2020 take? Hockey stick, swoosh, V, triple W? Hope to see you here next year to find out. Sara Wildberger, Editor DOWNLOAD THE 150 LARGEST PROVIDERS LIST All the numbers, in Excel spreadsheet form, so you can create your own data sets: argentum.org/largestproviders 2020 LARGEST PROVIDERS REPORT 3 2020 LARGEST PROVIDERS TOTAL TOTAL TOTAL TOTAL TOTAL U.S. RANK PROVIDER CHIEF EXECUTIVE TITLE CITY/STATE WEBSITE UNITS AL UNITS IL UNITS MC UNITS EMPLOYEES PROPERTIES 1 Brookdale Senior Living 68,044 34,572 23,504 9,968 57,818 763 Lucinda M. “Cindy” Baier President and CEO Brentwood, TN brookdale.com 2 Life Care Services (LCS) 36,739 6,243 27,910 2,586 28,458 144 Joel Nelson President and CEO Des Moines, IA lcsnet.com 3 Holiday Retirement 31,684 412 31,272 n/a 8,451 261 Lilly Donohue CEO Orlando, FL holidaytouch.com 4 Five Star Senior Living 27,656 12,885 11,196 3,575 — 264 Katie Potter President and CEO Newton, MA fivestarseniorliving.com 5 Sunrise Senior Living 23,066 14,550 3,255 5,801 25,927 270 Chris Winkle CEO McLean, VA sunriseseniorliving.com 6 Erickson Living 22,010 1,269 20,221 520 14,643 19 R. Alan Butler CEO Catonsville, MD ericksonliving.com 7 Atria Senior Living 21,662 9,673 9,272 2,717 14,544 178 John Moore Chairman and CEO Louisville, KY atriaseniorliving.com 8 Senior Lifestyle 17,662 7,931 7,099 2,632 11,117 176 Jon A. DeLuca President and CEO Chicago, IL seniorlifestyle.com 9 ALG Senior 12,863 7,819 1,767 3,277 7,000 155 Charles E. Trefzger President and CEO Hickory, NC algsenior.com 10 Capital Senior Living 11,878 6,065 4,424 1,389 6,204 124 Kimberly S. Lody President, CEO, and Director Dallas, TX capitalsenior.com 11 Enlivant 10,798 9,798 76 924 7,340 229 Jack Callison CEO Chicago, IL enlivant.com 12 Trilogy Health Services 9,858 8,550 820 488 13,100 109 Randall Bufford Chairman Louisville, KY trilogyhs.com 13 Watermark Retirement Communities 9,393 3,465 4,569 1,359 7,000 59 David Barnes President and CEO Tucson, AZ watermarkcommunities.com 14 Discovery Senior Living 9,307 5,325 2,945 1,037 4,995 62 Richard J. Hutchinson CEO Bonita Springs, FL discoveryseniorliving.com 15 Leisure Care, LLC 9,113 3,570 4,861 680 4,277 54 Dan Madsen President and CEO Seattle, WA leisurecare.com 16 Frontier Management, LLC 8,728 3,737 904 4,087 6,075 108 Gregory Roderick President and CEO Portland, OR frontiermgmt.com 17 Eclipse Senior Living 8,710 5,821 1,638 1,235 5,547 108 Kai Hsiao CEO Lake Oswego, OR eclipseseniorliving.com 18 Merrill Gardens 8,195 3,853 2,937 1,405 n/a 68 Tana Gall President Seattle, WA merrillgardens.com 19 Integral Senior Living 7,806 2,212 4,659 935 3,617 70 Collette Gray President/CEO Carlsbad, CA islllc.com 20 Pacifica Senior Living 7,354 3,614 1,598 2,142 6,172 75 Deepak Israni President and Managing Partner San Diego, CA pacificaseniorliving.com Timothy P. O’Brien 21 Meridian Senior Living 7,132 4,563 1,125 1,444 4,834 80 Co-CEOs Bethesda, MD meridiansenior.com & Robert A. Sweet 22 American House Senior Living Communities 6,717 1,199 4,928 61 2,473 60 Dale Watchowski President and CEO Southfield, MI americanhouse.com 23 Spectrum Retirement Communities 6,500 — — — 3,245 45 John Sevo & Jeffrey Kraus Managing Directors Denver, CO spectrumretirement.com 24 Grace Management, Inc. 6,275 2,206 3,617 452 2,958 60 Guy Geller President Maple Grove, MN gracemanagement.com 25 Senior Resource Group 6,161 3,169 2,565 427 3,855 32 Michael Grust President and CEO Solana Beach, CA srgseniorliving.com 26 Civitas Senior Living 5,641 2,881 1,625 1,135 — 51 Wayne Powell Co-founder and CEO Fort Worth, TX civitasseniorliving.com 27 Gardant Management Solutions, Inc. 5,629 5,369 81 179 2,841 57 Rod Burkett CEO Bourbonnais, IL gardant.com 28 Benchmark 5,537 3,258 713 1,566 6,458 61 Tom Grape Founder, Chairman, and CEO Waltham, MA benchmarkseniorliving.com 29 Brightview Senior Living 5,381 2,276 2,105 1,000 4,522 41 Marilynn Duker CEO Baltimore, MD brightviewseniorliving.com 30 Sagora Senior Living 5,295 1,930 2,504 861 2,447 39 Bryan McCaleb President Fort Worth, TX sagora.com 31 Pinnacle Senior Living1 5,107 3,665 1,044 398 2,060 57 Brian Hulse President Tempe, AZ pinnaclesl.com 32 Century Park Associates 4,772 2,384 2,388 — — 42 Forrest L. Preston Owner and President Cleveland, TN centurypa.com 33 The Arbor Company 4,721 2,057 1,694 970 3,839 43 Judd Harper President Atlanta, GA arborcompany.com 34 Heritage Operations Group, LLC 4,511 — — — — 54 Benjamin Hart President and CEO Bloomington, IL heritageofcare.com 35 JEA Senior Living 4,200 200 200 3,950 4,400 59 W. Cody Erwin CEO Vancouver, WA jeaseniorliving.com 36 Kisco Senior Living 4,177 1,479 2,415 283 2,268 22 Andy Kohlberg President and CEO Carlsbad, CA kiscoseniorliving.com 37 Belmont Village Senior Living 4,164 2,751 333 1,080 4,000 29 Patricia Will Founder and CEO Houston, TX belmontvillage.com NOTES: AL: Assisted Living; IL: Independent Living; MC: Memory Care.
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