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2019 ASHA The 50 largest U.S. seniors housing real estate owners and operators50

The Summit, Discovery Senior Living, Hockessin, Delaware

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The third parties listed are not aﬃ liated with Capital One and are solely responsible for their product and services. All trademarks are the property of their respective owners. Products and services are oﬀ ered by Capital One, N.A. © 2019 Capital One. 2019 ASHA50 Inside The 2019 ASHA 50 2019 Top 50 Owners 8 This special edition of Seniors Hous- for adults aged 55 years and over. 2019 Top 50 Operators 12 ing Business features the 26th annual Units where residents receive Sec- compilation by the American Seniors tion 8 or equivalent rental subsidies, ASHA 50 Survey Highlights 14 Housing Association (ASHA) of our single-family homes, hotel rooms, Q&A with Trilogy’s industry’s authoritative ranking of stand-alone skilled nursing beds, or Randy Bufford 16 the nation’s largest seniors housing mobile home units and pads are not owners and operators. included. Additionally, the ASHA 50 ASHA Executive Committee 26 To ensure the accuracy of the rankings do not include properties ASHA Executive Board 28 2019 ASHA 50, ASHA assembled a where more than 30% of the units list of prospective ranked compa- are licensed for skilled nursing. ASHA Advisory Committee 46 nies from every available source. Respondents were requested not ASHA Associate Members 50 A senior officer from each firm to report properties owned indi- was asked to provide its current rectly through ownership of shares ASHA Staff 54 holdings as of June 1, 2019. Data in another company and were Walk To End Alzheimer’s 56 was also used from outside sources instructed not to include proper- deemed reliable, such as public ties leased from other owners for About ASHA 58 filings. Companies listed in the purposes of calculating the ASHA ASHA Member Application 59 ASHA 50 are not required to be 50 owners list. members of ASHA, although most The ASHA 50 was compiled ASHA Bookstore 60 that appear in this year’s rankings and analyzed by Meghan “Megs” ASHA’s Advocacy Focus 62 are ASHA members. Bertoni and David Schless of ASHA, For purposes of this survey, who express their appreciation to Senior Living Hall of Fame 64 seniors housing units include inde- the industry leaders for their partic- Washington Update pendent living units and assisted ipation in this annual effort. Focus on industry awareness, living beds, as well as memory care/ workforce and retirement 66 Alzheimer’s units and skilled nurs- The ‘State of Seniors Housing’ ing beds, which are part of a larger For those readers interested Report Moved Us Forward 72 retirement living complex (such as a in more information about continuing care retirement com- the American Seniors Rising Leaders Up munity/life plan community), and Housing Association, for the Challenge 80 include rental, entrance fee units please visit our website at designed and operated exclusively www.seniorshousing.org.

The 2019 ASHA 50 is a publication of American Seniors Housing Association 5225 Wisconsin Ave., NW, Suite 502 Washington, DC 20015 www.seniorshousing.org

The 2019 ASHA 50 is published in cooperation with France Media, Inc., Atlanta, GA. ©2019 France Publications, Inc., d/b/a France Media, Inc., www.francemediainc.com. The 2019 ASHA 50 is published using data provided by ASHA. ASHA logos and data are used with the permission of ASHA; France Publications makes no guarantees with regard to the accuracy of the data. The opinions and statements made by authors, contributors and advertisers herein are not necessarily those of the editors and publishers. France Media includes the 2019 ASHA 50 as a supplement to Seniors Housing Business and select subscribers of Western Real Estate Business, Southeast Real Estate Business, Texas Real Estate Business, Northeast Real Estate Business and Heartland Real Estate Business. Layout / design services by Robin Sherman Editorial and Design Services, Savannah, GA, www.linkedin.com/in/robinshermaneditdesign.

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SHB ASHA Ad.indd 1 7/30/2019 10:05:15 AM 2019 ASHA50 2019 ASHA 50 Owners 50 Largest U.S. Seniors Housing Owners as of June 1, 2019* 2019 Chief 2019 2019 Rank Company Headquarters Executive Properties Units 1 Welltower Inc. Toledo, OH Thomas DeRosa 735 72,881 2 Ventas Inc. Chicago, IL Debra Cafaro 671 58,903 3 Brookdale Senior Living Brentwood, TN Lucinda Baier 672 55,236 4 Boston Capital Boston, MA Jack Manning 428 29,987 5 Senior Housing Properties Trust Newton, MA Jennifer Francis 266 29,856 6 HCP Inc. Irvine, CA Thomas Herzog 228 25,749 7 Colony Capital, Inc., formerly Los Angeles, CA Richard Welch 220 19,137 Colony NorthStar Healthcare 8 The Evangelical Lutheran Sioux Falls, SD David Horazdovsky 142 15,914 Good Samaritan Society 9 New Senior Investment Group New York, NY Susan Givens 133 15,516 10 Senior Lifestyle Chicago, IL Jon DeLuca 142 13,898 11 National Health Investors (NHI) Murfreesboro, TN Eric Mendelsohn 145 12,228 12 Harrison Street Chicago, IL Christopher Merrill 87 11,793 Real Estate Capital 13 Bridge Seniors Housing Orlando, FL Robb Chapin 87 10,432 Fund Manager 14 LCS Des Moines, IA Joel Nelson 46 10,402 15 Holiday Retirement Winter Park, FL Lilly Donohue 85 10,254 16 Enlivant Chicago, IL Jack Callison 220 10,242 17 ACTS Retirement- West Point, PA Gerald T. Grant 26 9,729 Life Communities Inc. 18 Sabra Health Care REIT Inc. Irvine, CA Richard K. Matros 105 8,605 19 Kayne Anderson Boca Raton, FL Al Rabil 68 8,533 Real Estate Advisors 20 Erickson Living Catonsville, MD R. Alan Butler 10 8,501 21 Capital Senior Dallas, TX Kimberly Lody 82 8,189 Living Corporation 22 CNL Healthcare Properties Orlando, FL Steve Mauldin 75 8,147 23 Presbyterian Roseville, MN Daniel Lindh 43 7,961 Homes & Services 24 Omega Healthcare Hunt Valley, MD C. Taylor Pickett 124 7,777 Investors, Inc. 25 Pacifica Senior Living San Diego, CA Deepak Israni 66 7,535

8 2019 ASHA 50 2019 ASHA50 2019 ASHA 50 Owners 50 Largest U.S. Seniors Housing Owners as of June 1, 2019* 2019 Chief 2019 2019 Rank Company Headquarters Executive Properties Units 26 USA Properties Fund Inc. Roseville, CA Geoffrey Brown 50 7,300 27 Greystar Real Estate Partners Charleston, SC Robert Faith 34 6,815 28 American House Bloomfield Hills, MI Dale Watchowski 60 6,615 Senior Living Communities 29 Highridge Costa Companies Los Angeles, CA Michael Costa 63 6,413 30 PGIM Real Estate Madison, NJ Eric Adler 52 6,324 31 Spectrum Retirement Denver, CO Jeffrey Kraus 39 5,971 Communities John Sevo 32 LTC Properties Inc. Westlake Village, CA Wendy Simpson 105 5,959 33 Brightview Senior Living Baltimore, MD Marilynn Duker 42 5,635 34 Benchmark Senior Living Waltham, MA Thomas Grape 62 5,548 35 Capital Health Group, LLC Baltimore, MD Kenneth Assiran 52 5,345 36 Healthcare Trust, Inc. New York, NY Michael Weil 63 5,323 37 American Healthcare Irvine, CA Dan Prosky 61 5,278 Investors 38 Ensign Group Mission Viejo, CA Christopher 57 5,107 Christensen 39 Capitol Seniors Housing Washington, DC Scott Stewart 37 4,877 40 Covenant Retirement Skokie, IL Terri Cunliffe 14 4,849 Communities 41 HumanGood Pleasanton, CA John Cochrane III 18 4,714 42 Westminster Communities Orlando, FL Roger Stevens 16 4,614 of Florida 43 Invesque Carmel, IN Scott White 52 4,258 44 Belmont Village Senior Living Houston, TX Patricia Will 29 4,163 45 Kisco Senior Living Carlsbad, CA Andrew Kohlberg 22 4,117 46 CPF Living Communities | Chicago, IL John Rijos 42 4,087 Grace Management, Inc. Guy Geller 47 CA Senior Living Chicago, IL Tom Scott 35 4,033 48 Lifespace Communities West Des Moines, IA Larry M. Smith 12 4,011 49 Vi Chicago, IL Randal Richardson 10 3,846 50 Presbyterian Senior Living Dillsburg, PA Stephen Proctor 20 3,601

*Select data has been collected in partnership with Ziegler by Lisa McCraken and Cathy Owen.

2019 ASHA 50 9

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2019 ASHA 50 11 2019 ASHA50 2019 ASHA 50 Operators 50 Largest U.S. Seniors Housing Operators as of June 1, 2019* 2019 Chief 2019 2019 Rank Company Headquarters Executive Properties Units 1 Brookdale Senior Living Brentwood, TN Lucinda Baier 811 76,803 2 LCS Des Moines, IA Joel Nelson 130 35,543 3 Holiday Retirement Winter Park, FL Lilly Donohue 259 31,313 4 Five Star Senior Living Inc. Newton, MA Katie Potter 255 29,450 5 Sunrise Senior Living Inc. McLean, VA Chris Winkle 266 27,800 6 Erickson Living Catonsville, MD R. Alan Butler 19 23,283 7 Atria Senior Living Inc. Louisville, KY John Moore 183 22,226 8 Senior Lifestyle Chicago, IL Jon DeLuca 190 19,790 9 The Evangelical Lutheran Sioux Falls, SD David Horazdovsky 142 15,914 Good Samaritan Society 10 Capital Senior Living Dallas, TX Kimberly Lody 128 12,566 Corporation 11 Affinity Living Group Hickory, NC Charles Trefzger 143 11,267 12 Enlivant Chicago, IL Jack Callison 231 10,873 13 Watermark Retirement Tucson, AZ David Barnes 59 9,926 Communities 14 ACTS Retirement- West Point, PA Gerald T. Grant 26 9,729 Life Communities Inc. 15 Eclipse Senior Living, Inc. Lake Oswego, OR Kai Hsiao 108 9,030 16 Discovery Senior Living Bonita Springs, FL Richard Hutchinson 60 8,666 17 Presbyterian Homes & Services Roseville, MN Daniel Lindh 47 8,553 18 Leisure Care Seattle, WA Dan Madsen 54 8,351 19 Frontier Management, LLC Portland, OR Greg Roderick 100 8,265 20 Pacifica Senior Living San Diego, CA Deepak Israni 73 8,100 21 Greystar Real Estate Partners Charleston, SC Robert Faith 41 7,832 22 Hawthorn Retirement Vancouver, WA Patrick Kennedy 63 7,700 Group LLC 23 Meridian Senior Living Bethesda, MD Robert Sweet 80 7,695 Timothy O'Brien 24 USA Properties Fund Inc. Roseville, CA Geoffrey Brown 50 7,300 25 Milestone Retirement Vancouver, WA Paul Dendy 77 6,760 Communities

12 2019 ASHA 50 2019 ASHA50 2019 ASHA 50 Operators 50 Largest U.S. Seniors Housing Operators as of June 1, 2019* 2019 Chief 2019 2019 Rank Company Headquarters Executive Properties Units 26 Spectrum Retirement Denver, CO Jeffrey Kraus 44 6,637 Communities John Sevo 27 American House Bloomfield Hills, MI Dale Watchowski 60 6,615 Senior Living Communities 28 CPF Living Communities | Chicago, IL John Rijos 59 6,352 Grace Management, Inc. Guy Geller 29 Senior Resource Group Solana Beach, CA Michael Grust 31 5,926 30 Integral Senior Living Carlsbad, CA Collette Gray 70 5,880 31 Benchmark Senior Living Waltham, MA Thomas Grape 63 5,841 32 Brightview Senior Living Baltimore, MD Marilynn Duker 42 5,635 33 Gardant Management Bradley, IL Rod Burkett 55 5,233 Solutions, Inc. 34 Bridgestone Tempe, AZ Brian Hulse 57 5,107 35 Sagora Senior Living Fort Worth, TX Bryan McCaleb 37 5,090 36 Covenant Retirement Skokie, IL Terri Cunliffe 14 4,849 Communities Inc. 37 Westminster Communities Orlando, FL Roger Stevens 16 4,614 of Florida 38 The Arbor Company Atlanta, GA Judd Harper 43 4,532 39 HumanGood Pleasanton, CA John Cochrane III 17 4,441 40 Merrill Gardens Seattle, WA David Eskenazy 33 4,241 41 Belmont Village Senior Living Houston, TX Patricia Will 29 4,163 42 Vi Chicago, IL Randy Richardson 10 4,049 43 JEA Senior Living Vancouver, WA Cody Erwin 59 4,031 44 Lifespace Communities West Des Moines, IA Larry M. Smith 12 4,011 45 Kisco Senior Living, LLC Carlsbad, CA Andrew Kohlberg 20 3,764 46 Pacific Retirement Services Medford, OR Brian McLemore 11 3,759 47 MBK Senior Living Irvine, CA Jeff Fischer 33 3,686 48 Presbyterian Senior Living Dillsburg, PA Stephen Proctor 20 3,601 49 The Kendal Corporation Kennett Square, PA Sean Kelly 13 3,544 50 Legend Senior Living, LLC Wichita, KS Tim Buchanan 39 3,479

*Select data has been collected in partnership with Ziegler by Lisa McCraken and Cathy Owen.

2019 ASHA 50 13 2019 ASHA50 2019 ASHA 50 Survey Highlights Publicly traded companies account for 57% of owned units and 23% of operated units.

The 2019 ASHA 50 survey was con- Number of units owned Samaritan Society ranks as the larg- ducted as of June 1, 2019. The data and operated, 2019* est not-for-profit ASHA 50 owner portrays some of the larger owners with 15,914 units, followed by ACTS Owners Units and operators selectively pruning Retirement-Life Communities (9,729 their portfolios amid a competitive Median portfolio size 7,418 units), Presbyterian Homes & Ser- period marked by continued access Mean portfolio size 12,124 vices (7,961 units), Covenant Retire- to capital, plentiful new supply, and ment Communities (4,849 units), muted demographic growth. Portfolio size and HumanGood (4,714 units). of largest owner 72,881 The minimum threshold for Seniors Housing Real Estate Owners Portfolio size ranking on the ASHA 50 owners list of owner ranked #50 3,601 The total number of units owned increased to 3,601 units in 2019. by the largest 50 U.S. seniors hous- Total units owned 606,208 ing owners is 606,208 units. Seniors Housing Operators Operators Units The largest five owners account The total number of units for nearly half (41%) of the total units Median portfolio size 6,699 managed by the largest 50 seniors in this year’s ASHA 50. As a result Mean portfolio size 10,876 housing operators is 543,815 units. of continued selective divestment by This year’s largest operator is Brookdale Senior Living, Welltower Portfolio size Brookdale Senior Living with 76,803 of largest operator 76,803 Inc. has become the largest owner of units (19,223 fewer units than it senior living in the U.S. with 72,881 Portfolio size operated the previous year). LCS is of operator ranked #50 3,479 units. Ventas Inc. has become the sec- the second largest operator (35,543 ond largest owner with 58,903 units, Total units operated 543,815 units), followed by Holiday Retire- followed by Brookdale with 55,236 *Select data has been collected in partnership ment (31,313 units), Five Star Senior units. Boston Capital, with 29,987 with Ziegler by Lisa McCraken and Cathy Owen. Living (29,450 units) and Sunrise units, and Senior Housing Properties Estate Capital (11,793 units), Bridge Senior Living (27,800 units). The five Trust, with 29,856 units, round out Seniors Housing Fund Manager largest operators account for around the largest five owners. (10,432 units), LCS (10,402 units), one-third (37%) of the total managed Publicly traded companies in this Holiday Retirement (10,254 units), units of the ASHA 50 operators. year’s ranking represent 16 of the and Enlivant (10,242 units). Although public companies largest 50 owners, and account for Welltower expanded its owned represent only four of the ASHA 50 nearly two-thirds (57% or 342,871 portfolio by 7,740 units from the operators, they account for close to a units) of the total owned units. previous year. Other owners with quarter (23% or 123,926 units) of the Privately held, for-profit compa- notable growth include LCS (3,251 reported units managed. The largest nies that own 10,000 or more seniors units added), Omega Healthcare publicly traded companies include: housing units include: Boston Cap- Investors (2,729 units added) and Brookdale Senior Living (76,803 ital (29,987 units), Senior Lifestyle Capital Health Group (2,236 units). units), Five Star Senior Living (13,898 units), Harrison Street Real The Evangelical Lutheran Good (29,450 units), and Capital Senior

Seniors housing units owned by largest 10 & largest 25 firms, 2000-2019( in hundred thousands)* 500 ● Largest 25 400 ● Largest 10 300

200

100 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 *Select data has been collected in partnership with Ziegler by Lisa McCraken and Cathy Owen.

14 2019 ASHA 50 2019 ASHA50

Seniors housing units operators by largest 10 & largest 25 firms, 2000-2019( in hundred thousands)*

500 ● Largest 25 450 ● Largest 10 400 350 300 250 200 150 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 *Select data has been collected in partnership with Ziegler by Lisa McCraken and Cathy Owen. Living Corporation (12,566 units). between 2018 and 2019. Other oper- portfolio of 15,914 units. ACTS Private, for-profit companies ators with notable growth include Retirement-Life Communities that operate more than 10,000 units Spectrum Retirement Communities follows with 9,729 units. Other large include: LCS (35,543 units), Holiday (2,069 units added), The Evangelical not-for-profit operators include Retirement (31,313 units), Sunrise Lutheran Good Samaritan Society Presbyterian Homes & Services Senior Living (27,800 units), Erick- (1,987 units added), Frontier Manage- (8,553 units), Covenant Retirement son Living (23,283 units), Atria ment (1,943 units added), LCS (1,660 Communities (4,849 units), West- Senior Living (22,226 units), Senior units added), Pacifica Senior Living minster Communities of Florida Lifestyle (19,790 units), Affinity (1,370 units added) and Discovery (4,614 units), and HumanGood Living Group (11,267 units), and Senior Living (1,336 units added). (4,441 units). Enlivant (10,873 units). The Evangelical Lutheran Good The minimum threshold for Eclipse Senior Living expanded Samaritan Society is the largest inclusion on the 2019 ASHA 50 oper- its managed portfolio by 2,534 units not-for-profit operator, with a ators list is 3,479 units. n

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2019 ASHA 50 15 2019 ASHA50 Q&A with Trilogy’s Randy Bufford Nimble Operator Pieces Puzzle Together Trilogy Health Services CEO and President Randy Bufford champions the integration of healthcare and housing into one seamless model of senior living.

By Jane Adler

As senior living providers navigate Q: How did Trilogy get its start? the tricky issue of how best to offer Randy Bufford: I was working healthcare services to residents, at a skilled nursing company in Trilogy Health Services continues to the 1990s when we started to see be ahead of the curve. Coming from the growth of stand-alone assisted the skilled nursing sector, Randy living facilities. They were taking Bufford founded the Louisville, our private pay residents because Kentucky-based company in 1997 the facilities looked less institutional with the intent of creating senior than our skilled nursing facilities. living campuses that offer a full I pitched the idea to the board continuum of care. of the company of adding assisted His strategic foresight has paid living services to our skilled nurs- off. Trilogy now operates 114 ing facilities. The board didn’t like communities with nearly 12,000 that idea, so I decided to leave the beds, and 15,000 employees. It also company and start Trilogy. I wanted owns rehabilitation and pharmacy to create a continuum of care, and companies (see sidebar, page 24). The that’s what we have done. growing company is positioned to reach new heights as the healthcare Q: Do you offer a continuum system transitions from a fee-for- of care at all of your facilities? service model to one based on ‘Our overall strategy is to be Bufford: A continuum of care quality outcomes. the provider of choice, employer is available at 105 of our 114 prop- Bufford doesn’t shy away from of choice and investment of choice. erties. We have a few freestanding healthcare. Instead, he embraces the In secondary and suburban skilled nursing facilities, a couple of challenge even as the environment locations, it’s easier to stand out freestanding memory care facilities, grows ever more complicated with and one seniors housing community and gain market reputation to bundled payments, new insurance that is not on a campus and which make this happen.’ plans and changing reimbursement offers independent living. models. His best advice: be strate- — Randy Bufford Our pharmacy and rehabilitation CEO and President gic, be prepared. companies serve our communities Trilogy Health Services In late June, Bufford announced as well as others not owned by Tril- plans to transition to the role of chairman of the board ogy. Select communities also offer adult day services. effective October 1. Leigh Ann Barney, Trilogy’s chief operating officer, will assume the position of president Locations part of strategy and CEO. Q: Where are your facilities located? The long-planned transition comes at a time when Bufford: We operate in four states: Kentucky, Ohio, the company is in a strong operating and financial Indiana and Michigan (see map, page 17). We are mostly position. Though stepping away from day-to-day busi- in secondary markets and in the suburbs of cities such ness, Bufford will continue to be involved in strategic as Indianapolis, Columbus and Detroit. decisions. He shed more light on the company and his We use local names on each building along with thinking during a recent interview, which is presented the tagline “A Trilogy Senior Living Community.” We here in a Q&A format. believe that each community is a local business, so we

16 2019 ASHA 50 2019 ASHA50 try to find names that relate to the Trilogy’s cluster approach to site selection areas in which they are located. By operating several properties in select markets across four states, Trilogy Health Services is able to leverage its resources to achieve maximum synergy. For example, a worker at one Q: Why does Trilogy focus senior living community can pick up a shift at another nearby campus if the need arises. Nimble Operator Pieces Puzzle Together on secondary and suburban Trilogy refers to this staffing initiative as its ‘Voyager Program.’ markets? What’s the strategy? Bufford: In our early years, many of these markets were underserved and less competitive to recruit employees. Our overall strategy is to be the provider of choice, employer of choice and investment of choice. In secondary and suburban locations, it’s easier to stand out and gain market reputation to make this happen.

Q: Who are your capital partners? Bufford: We are fortunate to work with two capital partners: Griffin American Healthcare REIT III/IV and NorthStar Healthcare Income Inc. They acquired Trilogy in 2015 for $1.1 billion. Griffin-American owns 76 percent of the investment and NorthStar has a 24 percent interest. Our management group, including me, remains invested in the company with approximately $24 million. Our operating partnerships are structured as RIDEA agreements with performance incentives.

Q: Do you have new projects underway? Bufford: Almost all of our facilities are purpose built. We have a fairly robust pipeline of new projects in Ohio and Michigan. Six are opening this year and seven are scheduled to ater and fitness center. In some subur- incentive to travel and work there, or open next year. ban markets our independent living beyond scheduled work hours. We product consists of patio homes. call them our “Voyagers.” Q: How big are your facilities? Bufford: Our prototypical facility Q: How do you select locations? Q: What is Trilogy’s occupancy rate contains either 92 or 116 units — all Bufford: We like clustering. For across the portfolio? rental. A typical building includes example, we have six properties Bufford: We are about 88 percent 34 assisted living units, and 15 of in Louisville. The density gives us occupied on average. It has been those are dedicated to memory care. market knowledge and synergy of higher at times, but now we have The healthcare center has about operations. more turnover of patients in the 58 units for skilled nursing and We don’t use any outside staffing post-acute business. A fair number long-term care, though this number agencies, and we have a great staffing of our campuses are above 90 per- can vary. In some markets with high initiative called the “Voyager Pro- cent occupancy. We are transitioning real estate costs, we add a second gram.” Our facilities are close enough some of our post-acute business to floor with 24 independent living that our workers can pick up a shift long-term care in order to stabilize apartments and its own bistro, the- at a nearby campus and get paid an occupancies.

2019 ASHA 50 17 2019 ASHA50 Q&A with Trilogy's Randy Bufford Diversifying service ers are new to this journey, but ‘We’ve been called a medical model healthcare has always been a part Q: Why is skilled care an important and take a little exception to that. We of our service offerings. part of your business strategy? have a lot of hospitality in all of our Bufford: We believe in a healthy buildings. But we’ve always been Q: Do you have any advice on how mix of offerings. Our strategy is to comfortable with the healthcare to integrate healthcare services? offer different levels of service. We component because we originally came Bufford: It’s a big commitment. have a fair amount of post-acute Taking on the responsibility for from a skilled nursing perspective.’ business and we offer long-term healthcare is much different than — Randy Bufford care. About 40 percent of our having others provide that care skilled beds are private pay and we their activities of daily living or they through home health or other out- accept Medicaid. We are deliberate have chronic illnesses and cannot side services. There are a multitude about maintaining a good balance of live independently. of regulatory issues that come into residents and payment sources. We We’ve been called a medical play and the states have a hodge- have beautiful real estate and a great model and take a little exception podge of licensing requirements. product to sell. to that. We have a lot of hospitality We seek the highest licensing in all of our buildings. But we’ve we can achieve for assisted living Q: What’s your approach always been comfortable with the because that more closely resembles to assisted living? healthcare component because the level of services we want to pro- Bufford: We have always consid- we originally came from a skilled vide to our residents. The healthcare ered assisted living to be a health- nursing perspective. We’ve had component is harder to do than care, need-driven product. These electronic health records for some hospitality and, I would argue, much residents either need support in time for all residents. Some provid- more important.

18 2019 ASHA 50 RELATIONSHIPS ANALYTICS AGILITY WE DELIVER.

www.BlueprintHCRE.com 2019 ASHA50 Q&A with Trilogy's Randy Bufford A great resident experience our tagline. For example, is crucial, but keeping residents we have an annual car wash healthy is first on our agenda. where managers, including me, wash our employees’ Q: Do you plan to introduce a cars and then host a barbe- Medicare Advantage plan like cue for them. We want them some other providers? to feel good about what Bufford: We have explored they’re doing so they want those programs, but they’re tricky. to do their jobs rather than We won’t participate in Medi- feeling they have to do their The Springs at Stony Brook, located in the Jefferson- care Advantage programs that town neighborhood of Louisville, opened in November jobs. don’t provide enough benefits to 2018. Developed by DMK Development Group and built cover our costs. Also, there’s a lot by Trilogy Health Services, the campus offers a full con- Q: How else do you stay of consumer confusion around tinuum of care that enables residents to age in place. in touch with employees? Medicare Advantage. It doesn’t Bufford: Our culture is safe, Bufford: Culture takes a long time provide the same access to benefits positive and supportive. Trilogy is to build the right way. High on my as traditional Medicare. But I think organized around the principle of radar screen is making sure our cul- you’ll see Medicare Advantage bene- “servant leadership.” It means that ture stays strong and aligned with fits expanded. It’s a great experiment. we prioritize the needs of others, our values. The only way to do that whether they are colleagues, custom- is to be out there with the people. A Mission is to serve others ers or employees. No one is more typical year for me includes about Q: How would you describe important than anyone else. “Caring 150 to 180 campus visits. I greet the culture at Trilogy? for you as you care for others” is every employee, attend meetings,

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20 2019 ASHA 50 BEST DAY EVER

NOW HIRING visit PegasusSeniorLiving.com 2019 ASHA50 Q&A with Trilogy's Randy Bufford and visit every part of rate has been 80 percent the facility. I hang out THE TRILOGY FOUNDATION for active apprentices in the break room and compared with 51 per- chat with people and AFTER 10 YEARS OF COMPASSIONATE SERVICE cent for non-apprentices. see how we’re doing. I IN 112 COMMUNITIES ,WE HAVE... Studies show that retain- could never be on the TV ing employees positively show “Undercover Boss” influences quality of care because everyone knows AWARDED OVER 8,700 and resident satisfaction, EMPLOYEE SCHOLARSHIPS me. We have an internal TOTALING $6.8 MILLION while also improving communications plat- employee satisfaction form called Red e App. I ASSISTED OVER and financial metrics. received three messages 7,500 EMPLOYEES RAISED OVER today from line employ- IN NEED BY PROVIDING GRANTED OVER Q: As the healthcare $3.7 MILLION ees asking about different 2.6 MILLION FOR HOPE FOR environment becomes IN EMERGENCY ASSISTANCE 2,500 things. Being connected THE HOLIDAYS LIVE A DREAMS more complex, how do *SINCE 2007 *SINCE 2011 is a good thing. Employ- you work with insurers, ees know that their RETENTION hospitals and other opinion is worthy. OF EMPLOYEES provider organizations? 81% WHO WERE AWARDED SCHOLARSHIPS IN 2017 OVER 2,000 Bufford: Our goal is to CERTIFICATIONS RETAINED 84% Q: Do you have employee COMPLETED IN THE show the best outcomes APPRENTICESHIP OF EMPLOYEES rewards programs? WHO HAVE COMPLETED we can and provide the PROGRAM AT LEAST 1 CERTIFICATION Bufford: When a new BIKED best experience for our building reaches 92 30,206 MILES residents. We think that DURING THE T200 percent occupancy — the *6 YEARS RUNNING! works. If you take great number we consider care of your customers, stabilization — we have you won’t be negatively a steak luncheon and impacted by changes in employees get a cash the healthcare system. bonus. We hold the RAISED OVER Our facilities look like luncheon every year after 8,000,000 LBS INCREASED beautiful hotels and EMPLOYEE WELLNESS that and every employee OF FOOD FOR THROUGH 58% we have great outcomes. INDEPENDENCE FROM HUNGER PARTICIPATION gets a higher bonus than *SINCE 2009 IN OUR WELLNESS PROGRAM Put that all together and the previous year. it’s a winning formula. The first year can be difficult at 30 days. If you work one day or a new facility. When we cross that one minute and leave, that counts Q: Starting this fall, skilled nursing mark of stabilization, employees as turnover. Our turnover rate is facilities will be reimbursed under should be rewarded. The sooner moving downward. the new Patient Driven Payment we get there, the sooner they get We’re excited about the invest- Model (PDPM). How will it impact their bonus. ments we’ve made in the last three Trilogy? We also host employee recogni- years to create career paths for our Bufford: We are planners and tion celebrations at every facility, employees. We have over 4,500 thinkers, so we have been preparing every month. Recognizing employ- employees in apprenticeship pro- for PDPM’s impact on our business ees and making them feel valued is grams in our nursing and culinary since last fall. We have been educat- part of our secret sauce. departments. Workers get advanced ing ourselves, and we have some training certifications, pay raises, outstanding strategies that will Q: What is your turnover rate? and earn college credits. The idea is do well for us. Assessing the well- Bufford: Our employee turnover to earn and learn. ness and condition of residents, rate is 42 percent, including both Those who participate in our as PDPM does, is a much more full- and part-time employees. apprenticeship programs also have holistic payment system versus We don’t adjust the numbers by a significantly higher retention rate. the old system where you got paid eliminating people who don’t stay Over the past year, our retention for your services.

22 2019 ASHA 50 The TV your residents deserve. Entertainment solutions custom-made for your senior living community, and their visiting families.

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888-422-2703 dish.com/seniorliving 2019 ASHA50 Q&A with Trilogy's Randy Bufford

Trilogy add-on services are healthy revenue generator for company Many senior living providers offer ancillary services, The reverse is true at PCA, which generates but is it better to outsource the work or handle it two-thirds of its business from non-Trilogy facilities. internally? Either way, it’s a big decision. The remainder comes from Trilogy buildings. With healthcare services integrated throughout PCA has 590 employees, and serves over 32,000 its communities, Trilogy Health Services opted to residents in 12 states, including Kentucky, Iowa, launch its own rehabilitation and pharmacy compa- Ohio, Michigan, Pennsylvania, Tennessee, Virginia, nies, Paragon Rehabilitation and PCA Pharmacy. North Carolina, South Carolina, Florida, Mississippi, “Controlling quality of service, pricing and access and Indiana. to leading-edge practices in both ancillary operations The company has grown through acquisitions were key drivers to the initial decisions to ‘insource’ and new pharmacy start-ups. Plans are underway to these services,” says Randy Bufford, president and expand in the Southeast, says Bufford. CEO at Trilogy. Paragon and PCA are based in Louisville, Ken- Doing what fits tucky, where Trilogy is also headquartered. Both Not every ancillary service is a fit for Trilogy. At Paragon and PCA service all Trilogy campuses as one time it operated a small home health division, well as outside clients. but exited that business about five years ago. Combined annual revenues at Paragon and PCA “We didn’t understand the business and it was exceed $250 million. a distraction,” recalls Bufford. He adds that there wasn’t a big need for the service because Trilogy Marketing takes different tact provides much of the medical support needed by Paragon and PCA serve markets beyond Trilogy’s residents. Midwest footprint, which is a different approach However, Trilogy works with local home health than that taken by other senior living providers. agencies and Bufford recognizes their value. Patients Paragon has 2,891 employees and serves about 170 discharged to their homes may need follow-up facilities in Colorado, Connecticut, Georgia, Illinois, home healthcare. The quality of the treatment may Indiana, Kentucky, Massachusetts, Michigan, New determine whether the patient is readmitted to the Mexico, Ohio and South Carolina. hospital or skilled nursing facility, which can result Paragon has grown exclusively by opening new in penalties. locations. About two-thirds of Paragon’s business “We do believe in having the right home health comes from Trilogy residents. The remainder stems partners,” says Bufford. from patients not living in a Trilogy facility. — Jane Adler

There will be some growing has improved enormously. middle-market product are needed. pains for us as well as the industry The industry has become We don’t have it all figured out, under PDPM, but the construct institutionalized with a real infra- but a lot of people in the industry and thoughts behind it are the right structure, resources and high-level are thinking about alternatives. ones. conferences. On the healthcare side, efficiency is mission critical. There are chal- Infrastructure improves Q: What’s your outlook lenges ahead, considering the rate Q: How has senior housing changed for the industry? of Medicare spending and the aging since you entered the business? Bufford: The future is bright. population. We’ll need lots of ideas. Bufford: I admire the profession- Senior living is now like the other We’re excited about where the alism of the people in our industry institutional real estate classes. The industry is headed. Like everything today. It started out as a mom-and- sharp focus on consumerism is else, it’s never a smooth journey. pop business. But the quality and healthy. I expect to see stratification But the depth of talent to take on professionalism of the people, of product lines with different types these challenges is the best it has from line staff to management, of communities. More brands and a ever been. n

24 2019 ASHA 50 Experience Meet the family: Second ™ Largest Is Everything Operator

As an industry pioneer with over 45 years of experience, making a difference in the lives of seniors has been our sole Development & Repositioning focus since day one. At LCS, we’ve created a dedicated Family of Companies designed to help fulfill your community’s mission. This structure allows us to develop and share Senior Living expertise across our company to deliver innovative solutions Investments to partners, seniors, and their communities.

LCS has the experience, leadership, and integrity to meet National any communities’ unique needs. When you partner with LCS, Group you receive more than just a single perspective; you get the Purchasing experience of six senior-focused companies working together as one. Community Insurance Expert

Learn more at LCSnet.com or contact us at: In-home Healthcare 515-875-4500 health TM Partner [email protected] at home 2019 ASHA50 ASHA Executive Committee

Michael Doug Bradley Mercedes Jerry David Grust Schiffer Dubin Kerr Frumm Schless Chairman Vice Treasurer Secretary Seniors President Senior Chairman Kandu Belmont Housing American Resource Allegro Capital LLC / Village Senior PAC Chair Seniors Group LLC Senior Living Bloom Senior Living Senior Housing Living Lifestyle Association

ASHA former chairs transforming William H. Elliott William F. TM Angeles Housing Thomas age Concepts Senior Star (1991–1993) (2006–2007) providing holistic solutions: Jeffrey L. Beck Patricia G. Transforming Age is a not-for-profit Capital Realty Will network of services, products and housing Corporation Belmont Village partnerships, that for over 50 years (1994–1995) Senior Living business services (2008–2009) has been dedicated to transforming Christopher J. technology Coates Edward R. the perception of age and enhancing community services American Kenny the lives of older adults. philanthropy Retirement LCS Corporation (2010–2011) (1996–1997) William D. Philip Downey Pettit, Jr. Marriott Senior Merrill Gardens Living Services (2012–2013) (1998–1999) John P. Rijos Mark J. Schulte Chicago Pacific Brookdale Founders Senior Living (2014–2015) (2000–2001) Larry Cohen William B. Kaplan Capital Senior Senior Lifestyle Living Corporation (2002–2003) (2016–2017) Noah R. Levy PGIM Real Estate learn more at TransformingAge.org (2004–2005)

26 2019 ASHA 50 B:8” T:7.75” S:7.25”

A SEASONED LEADER IN SENIOR HOUSING.

1 PRE_Senior_ Housing_SHB_

Over 20 years ago, we were the first in the industry to create a dedicated Studio Valeria Moumdjian senior housing investment strategy. Today, PGIM Real Estate and Job # A5020 Date 8-6-2019 4:03 PM PGIM Real Estate Finance lead the way in executing for clients across Live 7.25” x 10.25” the investing and financing spectrum, in every major U.S. market. Trim 7.75” x 10.75” Bleed 8” x 11” Gutter None $4.5 BILLION+ IN SENIOR HOUSING AUM/AUA* Pub SHB ASHA S:10.25” T:10.75” P. Date None B:11” EQUITY SOLUTIONS IN INDEPENDENT LIVING, ASSISTED LIVING Approvals: AND MEMORY CARE ______GCD ______CD DEBT SOLUTIONS ACROSS THE SENIOR HOUSING LANDSCAPE, ______AD ______CW INCLUDING SKILLED NURSING ______AE STRONG RELATIONSHIPS WITH SENIOR HOUSING OPERATORS ______Traffic ______Proof

Scaled None For financing, visitpgimref.com/seniorhousing Prudential Advertising For equity investing, visit pgimrealestate.com/seniorhousing 973-802-7361

* As of December 31, 2018. Inclusive of PGIM Real Estate and PGIM Real Estate Finance Senior Housing AUM and AUA. PGIM Real Estate gross AUM is $1.9 billion ($96.9 million net). PGIM Real Estate Finance AUM is $1.4 billion and AUA $1.1 billion.

© 2019 PGIM is the primary asset management business of Prudential Financial, Inc. (PFI). PGIM Real Estate is PGIM’s real estate investment advisory business and operates through PGIM, Inc., a registered investment advisor. Prudential, Pramerica, PGIM, their respective logos as well as the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. PFI of the United States is not affiliated with Prudential plc, a company headquartered in the United Kingdom.

PRE_Senior_Housing_SHB_ASHA_7.75x10.75.indd 1 8/6/19 4:03 PM 2019 ASHA50 ASHA Executive Board

David A. Reeve Walter Jossart Anthony C. Crooks Charles E. Trefzger, Jr. Marco Vakili Scott Rossbach Advent Group Aegis Living AEW Capital Affinity Living Alliance Ally Bank Bellevue, WA Bellevue, WA Management LP Group LLC Residential Bethesda, MD Boston, MA Hickory, NC Company Carlsbad, CA

Danny Prosky Dale Watchowski Robert Ian Ezer Daniel Kwon Kelly Q. Sheehy Edward T. Yarish American American House Senior Amica Senior Apollo Global Artemis Real Estate Artis Senior Living Healthcare Investors Living Communities Lifestyles Real Estate Partners Management LLC Irvine, CA Southfield, MI Toronto, ON, Canada New York, NY Atlanta, GA King of Prussia, PA

Ryan Haller Christopher Peter Cerrato Patricia G. Will Thomas H. Grape Tim Cobb Avamere Wardenburg Barings Multifamily Belmont Village Benchmark Berkadia Health Services Bank of the West Capital LLC Senior Living Senior Living Seniors Housing Portland, OR Denver, CO Hartford, CT Houston, TX Waltham, MA Chevy Chase, MD

Matthew Whitlock Joe Eby Qahir Madhany Kathryn A. Sweeney Jacob D. Gehl Phillip M. Berkshire Residential Bickford Blackstone Blue Moon Capital Blueprint Healthcare Anderson, Jr. Investment Senior Living New York, NY Partners LP Real Estate Advisors Bridge Seniors Boston, MA Olathe, KS Boston, MA Los Angeles, CA Orlando, FL

28 2019 ASHA 50 2019 ASHA50 ASHA Executive Board

James D. Gray Doug Dollenberg, Jr. Lucinda Baier Kenneth R. Assiran Mark Bultman James Seymour Bridgewood Brightview Brookdale Capital Health Capital One Capital One Property Company Senior Living LLC Brentwood, TN Group LLC Chicago, IL Healthcare Houston, TX Baltimore, MD Baltimore, MD Chicago, IL

Kimberly S. Lody Scott Stewart Aron Will Michael J. Damone Joshua Stevens John P. Rijos Capital Senior Living Capitol CBRE Cedarbrook Cedarhurst Chicago Pacific Corporation Seniors Housing Capital Markets Senior Living Senior Living Founders Dallas, TX Washington, DC Houston, TX Troy, MI Saint Louis, MO Chicago, IL

TO OUR SENIORS HOUSING CUSTOMERS AND LENDER PARTNERS, A SINCERE THANK YOU. Year-to-Date Our Team Has Closed Over $800M*

Our goal is to provide a great experience while meeting your unique financing objectives. We work with Freddie Mac, Fannie Mae, FHA, Banks, Life Companies, Debt Funds and Equity Investors. Our team provides financing for Acquisition, Refinance, Pre-Stabilization Take-Out, Bridge, Fixed Rate, Floating Rate & Non-Recourse Construction.

CONTACT OUR SENIORS HOUSING TEAM TO LEARN MORE ABOUT THE LATEST FINANCING OPPORTUNITIES

Cary Tremper Neal Raburn Shailini Nehra Matt Miller 214.679.9806 770.392.9221 540.428.2124 214.236.8491 [email protected] [email protected] [email protected] [email protected]

*As of August 1, 2019. Based upon seniors housing finance loan originations of Greystone Servicing Company LLC. ©2019 Greystone & Co., Inc. All rights reserved. Loan products are offered through Greystone Funding Company LLC, Greystone Servicing Company LLC and/or Greystone affiliated companies. For more information visit www.greyco.com or contact [email protected].

2019 ASHA 50 29 2019 ASHA50 ASHA Executive Board

Danielle Morgan Sarah Nixon Carl Mittendorff Ron Jeanneault Stephen M. McGee Guy Geller Clearwater Living CNL Colonial Oaks Colony Capital Inc. Contemporary CPF Living / Grace Newport Beach, CA Orlando, FL Senior Living Bethesda, MD Healthcare Capital LLC Management, Inc. Houston, TX Birmingham, AL Chicago, IL

Peter E. Pickette Richard Swartz Richard J. Hutchinson Charles Patenaude Susan V. Kayser Kai Hsiao CS Capital Cushman & Wakefield Discovery Dougherty Duane Morris LLP Eclipse Advisors LLC Boston, MA Senior Living Mortgage LLC New York, NY Senior Living, Inc. New York, NY Bonita Springs, FL Vienna, VA Lake Oswego, OR

Patriot Angels’ War Heroes earn over $7M a month for their Senior Living! “I’m in love with Patriot Angels.” Jack Hamlin BM1c(R) Coast Guard World War II

Are you partnering with Patriot Angels?

Suzette Graham PatriotAngels.com 844-757-3047 Patriot Angels CEO

30 2019 ASHA 50 2019 ASHA50 ASHA Executive Board

Jan Burman Jack Callison Todd Hudgins Alan Butler Brian Dowd Roosevelt Davis The Engel Enlivant ERDMAN Erickson Living Evergreen Senior Fannie Mae Burman Group Chicago, IL Jensen Beach, FL Baltimore, MD Living Properties LLC Washington, DC Garden City, NY Ridgewood, NJ

Katherine E. Potter Brian Beckwith Arnold M. Whitman John Foster Kevin Wilbur Steven Schmidt Five Star Formation Formation Foster Franklin Companies Freddie Mac Senior Living Capital LLC Capital LLC Senior Living San Antonio, TX Chicago, IL Newton, MA Atlanta, GA Atlanta, GA Springfield, MO

CBRE delivers outcomes that CONNECTED CAPITAL. drive business and bottom-line performance. Our CBRE National SENIOR HOUSING ADVANTAGE. Senior Housing team consists of 15 sales and debt professionals CBRE National Senior Housing closed a combined total in key markets across the United of more than $1 billion in sales and loan originations in States. Whether the challenge 2019 year-to-date*. is investment sales or mortgage financing, let CBRE be your trusted advisor. How can we help CLOSED SALES & INVESTMENT BANKING you transform your real estate $6.8 SINCE 2014 into real advantage? BILLION ACROSS 225 ASSETS cbre.us/seniorhousing

CLOSED LOAN ORIGINATIONS $6.5 SINCE 2014

BILLION ACROSS 316 ASSETS

#1 GSE LENDER IN 2018

*Data through YTD July 2019 Source: CBRE Capital Markets

201CBRE9 ASHA Senior 50 Housing ASHA Ad_FINAL.indd 1 7/31/19 9:51 AM31 2019 ASHA50 ASHA Executive Board

Greg Roderick David A. Smith Jim Pusateri Richard A. Thomas Mitch Brown Cary Tremper Frontier The Gatesworth GCP / True Connection Grandbridge Real Greystar Greystone Management LLC Communities Communities Estate Capital LLC Newport Beach, CA Irving, TX Portland, OR Saint Louis, MO Clearwater, FL Atlanta, GA

ACQUISITIONS – DEVELOPMENT – ASSET MANGEMENT Capitol Seniors Housing is a real estate private equity firm with an exclusive focus on the senior housing sector. Since 2003, CSH has acquired and developed senior housing ACQUISITIONScommunities in every major – DEVELOPMENTMSA, investing over $2. 5–BillionASSETof assets MANGEMENTon behalf of its joint Paul A. Gordon Sarabeth Hanson TerryCapitol ventureHowardSeniorspartnersHousing. Michaelis a real E. Gordonestate privateDustinequity Warnerfirm with an exclusivePatrickfocus F. Kennedyon the Hanson Harbor Retirement HarmonyseniorACQUISITIONS housing sectorHarrison. Since – DEVELOPMENT Street2003 , CSH hasHarrisonacquired –StreetASSETand developed MANGEMENTHawthornsenior housing Bridgett LLP Associates LLC SeniorcommunitiesACQUISITIONS Services in every majorReal – EstateMSA,DEVELOPMENT Capitalinvesting overReal$2. 5EstateBillion – ASSET Capitalof assets MANGEMENTonSeniorbehalf Livingof its LLCjoint Capitol Seniors Housing Celebrating 15 Years inCapitol CapitolSeniorSeniorsSeniors Living!HousingHousingisisaarealrealestateestateASSISprivateprivateTED LequityIequityVINGfirm firm•MwithEwithMOananRYexclusiveexclusive CARE focus focus on on the the venture partners. San Francisco, CA Vero Beach, FL Charleston,seniorsenior SChousinghousing sectorsectorChicago,.. SinceSince IL 20032003IND,E, PCSHCSHENDhashasEChicago,NTacquiredacquired LIV IILN G and•and ACdevelopeddevelopedTIVE ASeattle,DUseniorLseniorT WA housinghousing communities in every major MSA, investing over $2.5 Billion of assets on behalf of its joint Capitol Seniors Housing Celebrating 15 Years in Scommunitiesenior Livingin! every major MSA, investing over $2.5 Billion of assets on behalf of its joint ventureventurepartnerspartners.. ASSISTED LIVING •MEMORY CARE ASSISTED LIVING • MEMORY CARE • INDEPENDENTINDEP ELIVINGNDENT L•IV ACTIVEING • AC TADULTIVE ADULT CCaappiittooll SSeenniioorrss HHoouussiinngg CCeelleebbrraattiinngg 1155 YYeeaarrss iinn SSeenniioorr LLiivviinngg!! AASSSSIISSTTEEDD LLIIVVIINNGG ••MMEEMMOORRYY CCAARREE IINNDDEEPPEENNDDEENNTT LLIIVVIINNGG •• AACCTTIIVVEE AADDUULLTT

The Chelsea at Shrewsbury – Shrewsbury, NJ • Opened June 2019 FOR MORE INFORMATION Thewww Chelsea.capitolseniorshousing.com at Shrewsbury – Shrewsbury, NJ • Opened June 2019 1275 Pennsylvania Avenue, NW Second Floor FOR MORE INFORMATION Washington, DC 20004 wwwTheThe.capitolseniorshousing.com Chelsea Chelsea at at Shrewsbury Shrewsbury – –Shrewsbury,Shrewsbury, NJ NJ • • Opened Opened June June 2019 2019 Arbor Terrace Fulton – Fulton, MD • Opened May 2019 1275 Pennsylvania Avenue, NW Second Floor FORFOR MORE MORE INFORMATION INFORMATION Washingtonwwwwww.capitolseniorshousing.com.capitolseniorshousing.com, DC 20004 Arbor Terrace Fulton – Fulton, MD • Opened May 2019 12751275 Pennsylvania Pennsylvania Avenue, Avenue, NW NW SecondSecondFlooFloorr WashingtonWashingtonACQUISITIONS, ,DC DC 20004 20004 – DEVELOPMENTArborArbor Terrace Terrace – Fulton FultonASSET – –Fulton,Fulton, MD MD MANGEMENT• • Opened Opened May May 2019 2019 Capitol Seniors Housing is a real estate private equity firm with an exclusive ACQUISITIONSfocus on the – DEVELOPMENT – ASSET MANGEMENT senior housing sector. Since 2003, CSH has acquired and developed seniorCapitolhousingSeniors Housing is a real estate private equity firm with an exclusive focus on the communities in every major MSA, investing over $2.5 Billion of assets on behalfseniorof itshousingjoint sector. Since 2003, CSH has acquired and developed senior housing communities in every major MSA, investing over $2.5 Billion of assets on behalf of its joint venture partners. venture partners.

Capitol Seniors Housing Celebrating 15 Years in Senior Living! CACQUISITIONSaApiStoSl ISSeTnEioDrs LHIoV u–IsNDEVELOPMENTinGg •CeMleEbrMatOinRg Y1 5C – YAeASSETRarEs in S MANGEMENT e n i o r L i v ing! ASSISTED LIVING •MEMORY CARE 1275Capitol PennsylvaniaSeniors Housing Avenue,is a real NW,estate Secondprivate Floorequity firm with an exclusive focus on the INseniorDEPhousingENDsectorENT. SinceLIVI2003NG, •CSH AChasTIacquiredVE ADandULdevelopedT senior housing INDEPENDENT LIVING • ACTIVE ADULT Washington,communities inDCevery 20004major MSA, investing over $2.5 Billion of assets on behalf of its joint www.capitolseniorshousing.comventure partners.

Capitol Seniors Housing Celebrating 15 Years in Senior Living! ASSISTED LIVING •MEMORY CARE 32 INDEPENDENT LIVING • ACTIVE ADUL20T 19 ASHA 50

The Chelsea at Shrewsbury – Shrewsbury, NJ • Opened June 2019

The Chelsea at Shrewsbury – Shrewsbury, NJ • Opened June 2019 FOR MORE INFORMATION The Chelsea at Shrewsbury – Shrewsbury, NJ • Opened June 2019 FOR MORE INFORMATION www.capitolseniorshousing.com www.capitolseniorshousing.com 1275 Pennsylvania Avenue, NW FOR MORE INFORMATION 1275 Pennsylvania Avenue, NW Second Floor Second Floor Washington, DC 20004 Arbor Terrace Fulton – Fulton, MD • Opened May 2019 www.capitolseniorshousing.com Washington, DC 20004 Arbor Terrace Fulton – Fulton, MD • Opened May 2019 1275 Pennsylvania Avenue, NW Second Floor Washington, DC 20004 Arbor Terrace Fulton – Fulton, MD • Opened May 2019 YEAH, UNTIL IT ISN’T.

Until you learn there’s a CRE firm that’s not tied to quarterly earnings reports, because it’s privately held. That’s not straitjacketed by banking regulations, because it’s not a bank. Where Investment Sales, Mortgage Banking and Servicing collaborate under one roof. And around one table.

We’re Berkadia.

With industry-leading investments in technology, and data-driven insights from the country’s most skilled CRE experts, we’re built to be more flexible, creative, innovative and smarter. Deal after deal. Year after year.

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BERKADIA.COM

Commercial mortgage loan banking and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. In California, Berkadia Commercial Mortgage LLC conducts business under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116, and Berkadia Real Estate Advisors Inc. under CA Real Estate Broker Lic. #01931050. For state licensing details for the above entities, visit: http://www.berkadia.com/legal/licensing.aspx © 2019 Berkadia Proprietary Holding LLC. Berkadia® is a registered trademark of Berkadia Proprietary Holding LLC. 2019 ASHA 50 33

Seniors-Housing-7.75x10.75.indd 1 3/8/19 11:17 AM 2019 ASHA50 ASHA Executive Board

Scott M. Brinker Alan C. Plush Ted Flagg R. Jeffrey Sands Matthew Ryan David S. Passero HCP, Inc. HealthTrust HFF HJ Sims Houlihan Lokey HTG Consultants LLC Irvine, CA Sarasota, FL New York, NY Fairfield, CT Chicago, IL Newark, DE

Kathryn Burton Gray Mickey Fisher Charles Bissell Lynne Katzmann Max G. Newland Tiffany Tomasso Hunt Real Estate Capital ILP Asset Management JLL Capital Markets- Juniper Communities Kayne Anderson Real Kensington Irvine, CA Dallas, TX Seniors Housing Bloomfield, NJ Estate Advisors Senior Living LLC Dallas, TX Boca Raton, FL Herndon, VA

34 2019 ASHA 50 2019 ASHA50 ASHA Executive Board

Kevin P. Murray Andrew S. Kohlberg Kass Matt Michael A. Stoller Joel Nelson Dave B. Edwards KeyBank Kisco Senior Lancaster Pollard LCB Senior Living LLC LCS Legacy Lifestyles Real Estate Capital Living LLC Columbus, OH Norwood, MA Des Moines, IA Senior Housing Atlanta, GA Carlsbad, CA Fort Myers, FL

Thilo D. Best Wendy Simpson Jesse Jantzen Jack Lewin Matthew Pipitone Mary G. Leary Longview LTC Properties, Inc. Lutheran Life M&T Bank M&T Realty Capital Mather LifeWays Senior Housing Westlake Village, CA Communities Baltimore, MD Corporation Evanston, IL Advisors LLC Arlington Heights, IL Baltimore, MD Tampa, FL

trustedAMBITION Your investment goals are our top priority. Our national seniors housing platform provides full-service capital markets solutions – from investment advisory and debt placement to loan servicing. We have a growing team, with the best people in the industry to provide the right opportunities, capital solutions and prompt advice for your seniors housing assets.

us.jll.com/seniorshousing © 2019 Jones Lang LaSalle IP, Inc. All rights reserved. Agency/GSE lending and loan servicing are performed by Jones Lang LaSalle Multifamily, LLC, a wholly owned indirect subsidiary of Jones Lang LaSalle Incorporated. Loans made or arranged in California are pursuant to a California Financing Law license. [email protected]

2019 ASHA 50 35 2019 ASHA50 ASHA Executive Board

Jeff Fischer Kevin McMeen Eric Mendelsohn Susan Givens Ryan Maconachy Joseph G. Lin MBK Senior Living MidCap Financial National Health New Senior Newmark Oakmont Irvine, CA Services LLC Investors, Inc. Investment Group Knight Frank Senior Living LLC Chicago, IL Murfreesboro, TN New York, NY Dallas, TX Windsor, CA

Sara Veit Dan B. Madsen Jerome E. Finis Steve Blazejewski Thomas Goodsite Jesse Marinko Omega Healthcare One Eighty | Pathway to Living PGIM Real Estate PGIM Real Estate Phoenix Investors, Inc. Leisure Care Chicago, IL Atlanta, GA Finance Senior Living Hunt Valley, MD Seattle, WA Atlanta, GA Roswell, GA JCH DOESN’T JUST SELL FACILITIES. WE SELL THEM FOR ALL THEY’RE WORTH.

BUILDING TRUST AND LONG-TERM RELATIONSHIPS FOR OVER 20 YEARS WITH EACH SALE.

Call 888.916.1212 or visit www.theJCHgroup.com and let JCH plan an exit strategy for you that yields the results you want and achieves your goals.

Jim Hazzard Cindy Hazzard Lee Blake 714.463.1677 714.463.1672 541.317.1547

National Investment Center [email protected] [email protected] [email protected] for Seniors Housing & Care

36 2019 ASHA 50

2019 ASHA50 ASHA Executive Board

John Thompson Jason Schreiber David Hubble Margaret A. Laura McDonald Thomas Wellner PinPoint Senior Living PNC Real Estate Principal Wylde, Ph.D. Protective Life Revera Houston, TX Chapel Hill, NC Senior Living Group ProMatura Group LLC Insurance Company Mississauga, ON Alpharetta, GA Oxford, MS Birmingham, AL Canada

Jeff Dickerson Sebastian Brown Talya Nevo-Hacohen Donny Edwards James T. Hands Mel Gamzon Ridge Care, Inc. RSF Partners Sabra Health Care Sagora Senior Living Salem Equity Senior Housing Kernersville, NC Dallas, TX REIT, Inc. Fort Worth, TX Dallas, TX Global Advisors Irvine, CA Miami, FL

Contact Larry Graeve, SVP, National Senior Living to learn more! E: [email protected] P: 515.286.4822 www.weitz.com

38 2019 ASHA 50 CR6524_Healthcared_Ad_for_ASHA_v9.pdf 1 8/1/19 1:12 PM

C Flexible solutions and M

Y CM guidance you can trust MY

CMY $136,891,000 $50,330,000 $11,200,000 $49,500,000 Senior Mortgage supporting Senior Mortgage supporting Senior Mortgage supporting Senior Mortgage supporting K Skilled Nursing Facilities Assisted Living Facilities Assisted Living Facility Windsor at Celebration acquisition acquisition acquisition and renovation reﬁnance

Administrative Agent Joint Lead Arranger Bookrunner Administrative Agent Administrative Agent Administrative Agent

CIT provides comprehensive ﬁnancing and treasury services that help companies across the healthcare industry achieve their full growth potential. With deep industry expertise and established relationships with healthcare companies and private equity sponsors, we understand your unique challenges and design ﬂexible solutions to meet your needs.

Learn more about our healthcare ﬁnance lending solutions and advisory services. Visit cit.com/healthcare-ﬁnance or call Michael Coiley at (973) 740-5273 or Wil Pollock at (212) 461-7933.

Jennifer Francis William B. Kaplan Donald O. Jeff D. Binder Robert D. Thomas William F. Thomas Senior Housing Senior Lifestyle Thompson, Jr. Senior Living Senior Star Senior Star Properties Trust Chicago, IL Senior Living Investment Tulsa, OK Tulsa, OK Newton, MA Communities LLC Brokerage, Inc. Charlotte, NC Saint Louis, MO

Loren B. Shook Jeffrey D. Kraus Chad Gorsuch Sharon Grambow Chris Winkle Evelyn Lee Silverado Spectrum Retirement Stifel, Nicolaus & Sun Health Sunrise SunTrust Bank Irvine, CA Communities LLC Company, Inc. Communities Senior Living, Inc. Washington, DC Denver, CO Saint Louis, MO Sun City West, AZ McLean, VA

CREATIVITY AND EXECUTION

Financing solutions for senior housing, affordable and market rate multifamily housing, student housing and healthcare facilities nationwide.

Our mortgage banking professionals analyze and develop financing alternatives to help make our clients’ projects successful. We understand the complex requirements involved with integrating multiple sources of funding. When government programs are involved it takes a sophisticated banking team to coordinate the process and ensure agency requirements are met. Financing solutions we offer may include:

Fannie Mae DUS® and FHA-insured mortgages | Tax-exempt bond credit enhancement | Low-income housing tax credit Historic and new markets tax credits | Various government programs for subordinated loans or grants

Loan servicing for More than clients throughout the term of the loan. $9.2 Currently servicing billion in excess of in loans closed since 2007. $6.7 billion of loans.

Active nationwide Over DARTS Senior Apartments Faribault Senior Living with transactions Affordable Senior Apartment Property Affordable Senior Housing completed in 1,050 172 Units | West St. Paul, MN 90 Units | Faribault, MN loans closed 39 since 2007. $20,912,500 | HUD 221(d)(4) $9,289,000 | Fannie Mae states.

40 2019 ASHA 50 RELATIONSHIPS

> We do what we say and we say what we do.

INTEGRITY

> We approach every opportunity with transparency, collaboration and a partnership orientation.

EXPERIENCE

> Our history of investments in top markets across the country enables quick responses and creative solutions at all levels of the capital stack.

KAYNECAPITAL.COM

Kayne Anderson Capital Advisors, L.P., founded in 1984, is an independent alternative investment management firm focused on niche investing in upstream oil and gas companies, energy infrastructure, specialized real estate, middle market credit and growth private equity. Kayne’s investment philosophy is to pursue niches, with an emphasis on cash flow. We believe our knowledge and sourcing capabilities enable us to deliver above average, risk-adjusted investment returns. Kayne manages approximately $30 billion in assets (as of 3/31/19) for institutional investors, family offices, high net worth and retail clients and employs over 350 professionals in eight offices across the United States. 2019 ASHA50 ASHA Executive Board

Randall J. Bufford Lawrence Carlson Marcus Lussier John D. Cobb John L. Sweeny, Jr. Jeff Ringwald Trilogy Health United Methodist Valuation & Ventas, Inc. Virtus Real Walker & Dunlop Services LLC Communities Information Group Chicago, IL Estate Capital Dallas, TX Louisville, KY Neptune, NJ Culver City, CA Austin, TX

David Barnes Lynn Carlson Schell Larry Graeve Catherine Voreyer Joseph Timothy M. Wolff Watermark Retirement The Waters The Weitz Company Wells Fargo Bank Weisenburger The Wolff Company Communities Senior Living Des Moines, IA Irvine, CA Welltower, Inc Scottsdale, AZ Tucson, AZ Minnetonka, MN Toledo, OH UNIQUE. Your financial needs. Our can-do approach.

Donald L. Husi Ziegler Investment Banking Sims is the Right Capital Partner Nashville, TN n Higher leverage n Non-recourse financing n Flexible structure n Trusted partner

Mezzanine and Subordinate Loans, Preferred Equity, Sims HUD PlusSM, High-Leverage First Mortgages, FHA-Insured Loans

Curtis King hjsims.com Senior Vice President, HJ Sims 512.519.5003 • [email protected] Anthony Luzzi President, Sims Mortgage Funding 201.307.9383 [email protected] simsmortgage.com

Sims Mortgage Funding is a wholly-owned subsidiary of HJ Sims. Member of FINRA ,SIPC.

42 2019 ASHA 50 SAVE YOUR RESIDENTS FROM TV, INTERNET & PHONE ISSUES. (and help reduce costs at the same time)

The DIRECTV Terms of Service for Hospitality Establishments and the DIRECTV Terms of Service for Institutions; copy provided with new customer information packet. Taxes not included. DIRECTV programming, hardware, pricing, terms and conditions subject to change at any time. ©20192019 AT&T ASHA Intellectual 50 Property. All rights reserved. AT&T, Globe logo, DIRECTV, and all other DIRECTV marks contained herein are 43 trademarks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners. OPENING DOORS. CLOSING DEALS.

We are a fully capitalized nationwide bridge lender providing nancing on commercial real estate. Our loans range from $5 million to $75 million and we work fast, typically closing in 30 DAYS. We oﬀer loans for all care levels in the Seniors space, including skilled nursing. Give us a call to discuss your next investment. We’d love to hear from you.

COLUMBIA PACIFIC ADVISORS

(206) 734-3979 (206) 576-0769 (206) 257-3724 (206) 294-7932 (206) 576-0092 [email protected] [email protected] [email protected] [email protected] [email protected]

44 2019 ASHA 50 COLUMBIA PACIFIC ADVISORS

Represents most recent seniors housing transactions. Provided as an example only. Loan amounts and terms vary per transaction.

Columbia Pacific Advisors, LLC is an SEC registered investment adviser. Registration does not imply any level of skill or training. 2019 ASHA50 ASHA Advisory Committee

12 Oaks Bloomfield Capital Chancey Design Direct Supply, Inc. Greenleaf Isakson Living Senior Living Nick Coburn Partnership Brett Gardner Energy Solutions E. Andrew Isakson Richard K. Blaylock Birmingham, MI Walton Chancey Milwaukee, WI Kevin Siebrecht Roswell, GA Dallas, TX Blue Harbor Tampa, FL Edge Principal Oxford, CT It's Never 2 Late The Aegis Senior Living Chicago Title Advisors LLC Greystone Lisa Taylor Group LLC Tana Gall Chris Miller Bo Hu Communities Englewood, CO Vincent Brown Portland, OR Newport Beach, CA New York, NY Michael B. Lanahan JCH Consulting Nashville, TN BMO Harris CIT English Meadows Irving, TX Group, Inc. Ambrose Urban Healthcare Real Michael Coiley Senior Living Griffin-American James E. Hazzard Capital Group, Inc. Estate Finance Livingston, NJ Mike Williams Healthcare REIT IV Anaheim, CA Christopher J. Imran Javaid Civitas Christiansburg, VA Chris Belford JEA Senior Living Urban Chevy Chase, MD Senior Living Enquire Irvine, CA W. Cody Erwin San Diego, CA BOK Financial Wayne Powell Erin Hayes Guest Services, Inc. Vancouver, WA Arena Steve LeBlanc Fort Worth, TX Englewood, CO Chase Leonard JES Holdings LLC Laura Armstrong Dallas, TX Clark Nuber PS Era Living Fairfax, VA Monica Swoboda Baltimore, MD Bourne Financial Amber Busch Eli J. Almo Hamilton Columbia, MO Arent Fox LLP Group LLC Bellevue, WA Seattle, WA Insurance Agency Kaufman Jacobs Kenneth S. Jacob Robert A. Bourne Coastal Fidelity Jason Zuccari Jay Patel Washington, DC Winter Park, FL Reconstruction National Title Fairfax, VA Chicago, IL Arnall Golden Brandywine Living Group Michelle Terpstra Harbert Kithward Gregory LLP Kenneth Segarnick Scott McCurdy Santa Ana, CA Management Amber Ju Hedy S. Rubinger Mount Laurel, NJ Longwood, FL Fifth Third Bank Corporation New York, NY Atlanta, GA Bridge the Gap Columbia Ryan Stoll Brian Landrum Dallas, TX KKR ASSA ABLOY Podcast Pacific Advisors Denver, CO Willard Butcher Hospitality Lucas McCurdy Todd Seneker Fifth Third Healthcare New York, NY Riise Walker Orlando, FL Seattle, WA Trust, Inc. Commercial Bank Koelsch Richardson, TX CA Senior Living Confluent Brian Robinson John Rimbach Carlsbad, CA Communities Attuned Care Ben Burke Senior Living Chicago, IL Aaron Koelsch Brian Cloch Denver, CO John Reinsma First Midwest Bank Holiday Olympia, WA Rosemont, IL Denver, CO Retirement Cadence Mike Taylor Kwalu Aureus Senior Living Cordia Chicago, IL Lilly Donohue Winter Park, FL Michael Zusman Investors LLC Eric Gruber Senior Living Foley & Atlanta, GA Robert T. Halpin, Jr. Scottsdale, AZ Karen M. Anderson The Howard Lardner LLP LifeLoop Dallas, TX Cambridge Charlestown, MA Michael A. Okaty Hughes Corporation Amy Johnson Balfour Realty Capital Cornell Orlando, FL Omaha, NE Senior Living LLC Companies Communications Peter Doyle Fremont The Woodlands, TX Lifespace Michael K. Jeffrey A. Davis Jerel (JJ) Johnson Realty Capital Schonbrun Chicago, IL Milwaukee, WI HPI Architecture Communities, Inc. Ashminder Singh Larry Smith Louisville, CO Capital Cottage San Francisco, CA John Paris Newport Beach, CA West Des Moines, IA Banko Design Solutions, Inc. Senior Living G5 Linda Gerety Jason Morganroth W. Clifford White, III HumanGood Lincoln Healthcare Rob Day Leadership Marietta, GA Blue Bell, PA Huntsville, AL Bend, OR John H. Cochrane, III Glendale, CA David Ellis Barrington Caremerge Covenant Ganzhorn Suites Southport, CT Venture Holding Alyssa Butuso Retirement Philip A. Hoffman Huntington Company LLC Chicago, IL Communities National Bank Live Oak Bank Powell, OH Adam B. Sherman Thomas S. Herb CARF Terri Cunliffe Dan Storer Barrington, IL Skokie, IL GlynnDevins Cleveland, OH Wilmington, NC Jed Johnson Senior Living Baxter Washington, DC CREATIVCAP Institutional Lockton Marketing Companies Construction The Carlyle Group Scott A. Kavel Solutions Property Advisors, Company Peachtree a Division of Michael Welz Zachary Crowe Sue McClure Blue Bell, PA Greg Schulte Washington, DC Corners, GA Kansas City, MO Marcus & Millichap Fort Madison, IA CrossHarbor Mark L. Myers Love Funding Cascadia Senior Goldman Chicago, IL Corporation BBVA Compass Living / Fieldstone Capital Sachs & Co. Peter Delmage Partners LLC Integrated Leonard Lucas Communities Auren Kule Teton Village, WY Vancouver, WA Douglas Ellison Eric Boyd New York, NY Health Systems Bellwether Yakima, WA Newport Beach, CA Brian Enright Marcus & GreatCall Overland Park, KS Millichap Enterprise CBRE, Inc. davisREED Sarah Jones John Powell Construction, Inc. Invesque Rob Reis Zach T. Bowyer San Diego, CA San Francisco, CA Chicago, IL Boston, MA Lee Conant Adam Zeiger San Diego, CA Carmel, IN

46 2019 ASHA 50 2019 ASHA50 ASHA Advisory Committee Masterpiece Nixon Principle Provision Qypsys Ray Stone, Inc. Living LLC Peabody LLP Valuation LLC Living LLC Charles B. English J. Todd Stone Lawrence L. Landry Thomas F. Brett, II Timothy H. Baker Todd Spittal Tampa, FL Sacramento, CA Palm Beach Chicago, IL Chicago, IL Saint Louis, MO Radiant RealPage Gardens, FL The Northbridge Propel Insurance PS Lifestyle LLC Senior Living, Inc. Senior Living MatrixCare Companies Michael Ferreira John Polatz James T. Guffee Heather Gullickson Mike Orzechowski Wendy A. Tacoma, WA Cleveland, OH Portland, OR Richardson, TX Bloomington, MN Nowokunski Medication Burlington, MA Management NorthMarq Capital Partners Gordon P. Mickelson Brenda Brinka Centennial, CO Crestwood, IL NRC Health Meridian Capital Rich Kortum Group LLC Lincoln, NE Ari Adlerstein Old Second New York, NY National Bank The Moments Donald Clark Elizabeth Wright Chicago, IL Lakeville, MN Omega Monticello Asset Senior Living Management, LLC Craig Hanson F. Donald Kelly III Wichita, KS New York, NY OnShift, Inc. Moore Diversified Mark Woodka Services, Inc. Cleveland, OH James A. Moore ORIX USA Fort Worth, TX Robert Wetzler Morgan Stanley Dallas, TX Matthew Johnson Pacific Wisdom entails sharp focus and a New York, NY Western Bank MorningStar Senior Jung Park clear perspective of the risks and Living Westlake Village, CA Ken Jaeger Palatine opportunities on the horizon. Denver, CO Capital Partners Morrison Jason Betesh Community Living New York, NY Choose Wisely. Daniel Thomas Patriot Angels Charlotte, NC Suzette Graham Choose Experience. Mutual Hendersonville, TN Choose MidCap. of Omaha Bank Pegasus Kevin Halloran Senior Living Scottsdale, AZ Chris Hollister National Church Farmers Branch, TX Residences People's Tanya K. Hahn United Bank Columbus, OH Matthew Huber National Manlius, NY Investment Pi Architects Center for Seniors Rose Vera Housing & Care Austin, TX Brian R. Jurutka Eastern Region Central Region Western Region FHA Group Head Annapolis, MD PointClickCare Alexis Evanich Lawrence Brin David Sharp Jason McMeen Brett Patrick National Austin, TX Multifamily (301) 841-6484 (312) 488-4524 (312) 288-8603 (303) 757-2148 Housing Council Polsinelli Douglas M. Bibby Bobby Guy Washington, DC Nashville, TN Popular Bank visit us @ www.midcapfinancial.com Andrew E. Boland New York, NY 2019 ASHA 50 47

190705_Midcap_Owl_Ad_4.5x7.25.indd 1 7/31/19 10:57 AM 2019 ASHA50 ASHA Advisory Committee REES ReNew REIT Rockwood Senior Sherpa CRM TD Bank Associates, Inc. John Getchey Pacific Inc. Housing News Jennifer Dixon Linda L. Walker Chris Muder Toledo, OH Francesco John Yedinak Saint Louis, MO West Palm Beach, FL Dallas, TX The Roche Rockwood Chicago, IL Sienna Senior Living Touchmark Regions Bank Associates, Inc. Orinda, CA ServiceTrac Lois Cormack Marcus P. Breuer Christopher E. Honn Joseph L. Roche Senior Care Michael Johnson Markham, ON Beaverton, OR Chicago, IL Wilbraham, MA Development LLC Scottsdale, AZ Canada Touchtown David Reis SilverCrest Christian Kratsas Harrison, NY Properties LLC Oakmont, PA Michael F. Gould Triloma St. Louis Park, MN Senior Housing Silversphere James Hendrix Rick Taylor Winter Park, FL Daytona Beach, FL Unidine Silverstone Chad Bellville Senior Living Denver, CO Rosanne McAdam United Dallas, TX Community Bank Singerman Dennis Rowlen Real Estate Birmingham, AL Seth Singerman United Properties Chicago, IL Raymond Oborn SmartStop Asset Denver, CO Management VCPI John Strockis Bethany Hatch Ladera Ranch, CA Milwaukee, WI Sodexo Seniors The Vinca Denise Miller Group LLC Gaithersburg, MD Alice Katz Solutions Owings Mills, MD Advisors Group Visa, Inc. Kristin Kutac Ward April Niemiec Saint Petersburg, FL Highland Village, TX South Bay Watercrest Senior Partners, Ltd. Living Group Joel Sherman Marc Vorkapich Professional services Dallas, TX Vero Beach, FL Spring Hills Senior Webster Bank customized for the senior Communities Elizabeth Shelley Alexander C. Hartford, CT Markowits housing and care industry Edison, NJ Welch Senior Living The Springs Living Paul T. Casale F. Fee Stubblefield, Jr. Norwell, MA McMinnville, OR Willis Market Assessments | Financial Planning STANLEY Towers Watson Healthcare John M. Atkinson Feasibility Studies | Post-Acute Care Strategy Nancy Myers Chicago, IL Waltham, MA Strategic & Development Planning | Audit & Tax Wohlsen Steadfast Construction Companies Company James D. Yoder Kenneth Noreen Irvine, CA Hamden, CT Sterling Bay Yardi Systems, Inc. Dave Mazurek Richard Nix Chicago, IL Santa Barbara, CA Stroud ZOM Properties, Inc. [email protected] // dhg.com/healthcare // 800.850.5199 Greg West James A. Stroud Fort Lauderdale, FL Dallas, TX

48 2019 ASHA 50 How we structure a successful deal.

At M&T Realty Capital Corporation, our business is built on values that we use to construct every deal. We take the time to get to know you and your business to create custom financing solutions that meet your needs. Even after closing, our focus on service continues for you. Let’s build something meaningful together. Call Matthew Pipitone at 410-244-4183 or Steve Muth at 518-925-1657 to get the conversation started today.

FANNIE MAE | FREDDIE MAC | FHA/HUD | LIFE INSURANCE COMPANY

rcc019179 RCC Ad Campaign | 8” x 11” | Senior Housing Business (Coated) 2019 ASHA50 ASHA Associate Members

Activated Insights, BA Resources LLC Caring Covia Group GenCare Lifestyle Immanuel A Great Place to Elias P. Papasavvas Communities Kevin J. Gerber Leon Grundstein Eric N. Gurley Work Company Alexandria, VA Shared Walnut Creek, CA Seattle, WA Omaha, NE Jacquelyn Kung Bank of America Services, Ltd. D2 Generations LLC Integral Oakland, CA Merrill Lynch G. James Caldwell Architecture LLC Chip Gabriel Senior Living LLC ACTS Gray W. Hampton Libertyville, IL David Dillard Clackamas, OR Tracee DeGrande Retirement-Life New York, NY Carlton Dallas, TX GlenAire Carlsbad, CA Communities, Inc. BCT Architects Senior Living LLC Dial HealthCare LLC Integral Gerald Grant Janet Meyer David Coluzzi Communities, Inc. James P. Bowe Senior Living LLC West Point, PA Baltimore, MD Concord, CA Joel M. Katleman Sturgis, MI Collette Gray Alcore Senior LLC Beztak Cascade San Antonio, TX Global Carlsbad, CA Benjamin J. Byers Adam Snyder Living Group, Inc. Dixon Hughes Premier America Invidia for Seniors Dublin, OH Farmington, MI Thomas E. Stanley Goodman LLP Christine Hanna Charles Turner Bothell, WA Alden Realty Brecht Keith Seeloff, CPA Irvine, CA Houston, TX Services Inc. Associates, Inc. Cedarwood Atlanta, GA GMF Capital Irving Levin Randi Susan B. Brecht Development, Inc. The Douglas Daniel O'Keefe Associates, Inc. Schlossberg-Schullo Pine Beach, NJ Laura J. Hester Company New York, NY Stephen M. Monroe Chicago, IL Shelby Township, MI Brinkmann Bob Ritter Granite Norwalk, CT American Constructors Cerulean Holland, OH Investment Group Irwin Partners Eagle Lifecare Rebecca Randolph Partners LLC The Ehlers Group Jason Price Architects Corporation Chesterfield, MO Rick Shamberg Janis R. Ehlers Irvine, CA Gregory R. Irwin Scott Kellman Saint Paul, MN Fort Lauderdale, FL Costa Mesa, CA Ann Arbor, MI C.C. Hodgson Great Lakes Architectural Charles Herman Elderlife Management Jackson Property Americare Group Consulting Financial Services Company Company Senior Living Cornelia C. Charles J. Herman, Jr. Darryl Copeland Michael Pagh Douglas Jackson Clay Crosson Hodgson Ann Arbor, MI Derwood, MD Golden Valley, MN Kennedale, TX Sikeston, MO Beachwood, OH Chesapeake The Evangelical Green Street JMC Planning Angelo, Caddis Contracting Group Lutheran Good Advisors Engineering Gordon & Co. Tami Cumings Daniel Hannon Samaritan Society Lukas Hartwich Landscape Frank Virga Dallas, TX Reisterstown, MD Shane Knutson Newport Beach, CA Architecture & New York, NY California Ruby Christenson Sioux Falls, SD Guardian Land Surveying The Arbor Company Bayrock LLC Advisors LLC Fidelity National Barmi Akbar PLLC Judd Harper Lee-Ling Lin Jonathan A. Boba Title, National Louisville, KY Anthony Nester Atlanta, GA Downers Grove, IL Armonk, NY Oakland, CA Commercial Harborview Arch Cambridge Clancy & Theys Services Capital Partners Kaplan Consultants, Ltd. Healthcare Construction Candace Chazen Jonathan Kutner Development Frank Muraca Management LLC Company Washington, DC Lawrence, NY Group Lincolnshire, IL Jeff Mock Raymond Graham Adelman Focus Healthcare HHHunt Properties ARCO Living Group Richmond, VA Orlando, FL Partners LLC DioGuardi Richard Williams Jericho, NY Drew Blaylock Cappella CoastalStates Bank Curt P. Schaller Raleigh, NC Saint Louis, MO Brittany Foster Chicago, IL Kindred at Home Living Solutions Highgate Atlantic Shores Camille Burke Birmingham, AL FPL Advisory Carrie Coumbs Senior Living Edgewood, WA Cooperative Englewood, CO CoastWood Seniors Group Marjorie Todd Association Capri Senior Housing Partners William J. Ferguson Issaquah, WA KIRCO Eden B. Jones Communities Daniel A. Decker Chicago, IL Dean Kiriluk Virginia Beach, VA Dallas, TX The Hill at Troy, MI Cindy Robinson Freedom Senior Whitemarsh Auctus Waukesha, WI Cogir Real Estate Management Judith McGruther Kleger Associates Capital Partners Captec Financial Mathieu Duguay Steven Roskamp Lafayette Hill, PA Barbara Kleger Chris Rosenstock Holdings Corp. Brossard, QC Sarasota, FL Philadelphia, PA Bozeman, MT Canada Hord Coplan Macht Patrick Beach Frontline Duncan Walker Lane Powell Avanti Senior Living Santa Barbara, CA Commonwealth Management Baltimore, MD Barbara J. Duffy Timothy Hekker Senior Living Steven Veluscek Seattle, WA Carefield Housing & The Woodlands, TX Senior Living Richard Brewer Lafayette, CO Lantz-Boggio Charlottesville, VA Healthcare Finance Avista Steve Barklis Gardant Charles Dabich Architects, PC Senior Living Solana Beach, CA Contractors Management Rockville, MD Dennis R. Boggio Kris Woolley Incorporated Solutions Englewood, CO Carefree Holdings Howard & Mesa, AZ Ken L. Templeton Brian Scott Rod Burkett Hutto, TX Bradley, IL Associates Las Vegas, NV Evelyn R. Howard Washington, DC

50 2019 ASHA 50 2019 ASHA50 ASHA Associate Members Littler McNeil Street LLC North American Pacifica Companies Plante Moran Prestige Mendelson, P.C. Philip A. Brooks Senior Living Adam M. Bandel Living Forward Senior Living Jeffrey Harrison Richmond, VA Thomas Becker San Diego, CA Dana Wollschlager Jason Delamarter Detroit, MI Methodist Medford, OR Palo Alto Commons Chicago, IL Vancouver, WA LivGenerations ElderCare Services Nuveen Real Estate Sue Jordan PMB Prevarian Eric Johnston Bob Wehner William Harrison Palo Alto, CA Mark Jones Senior Living Tempe, AZ Columbus, OH Charlotte, NC Paradigm San Diego, CA Dodd Crutcher Lloyd Jones Capital Milestone Och-Ziff Real Estate Senior Living PMD Advisory Dallas, TX Christopher Finlay Retirement Nicole Sermier Lee E. Cory Services LLC Pridgen Miami, FL Communities LLC New York, NY Portland, OR Michael Starke Development Los Angeles Paul W. Dendy OneDay Peninsula Hebron, KY Grady Pridgen Jewish Home Vancouver, WA Cameron Barajas Alternative Real Powell Homes Saint Petersburg, FL Molly Forrest Mosaic Dallas, TX Estate Jan Wieder Prime Care Reseda, CA Design Studio Oppidan Juan Fernando Des Moines, WA Properties LLC LWDA Design Greg Cini Investment Valdivieso PRDG Architects Jay L. Hicks Thomas Levi Columbus, OH Company Miami, FL Paul E. Donaldson Indianapolis, IN Concord, MA Nascentia Health Shannon Rusk Perkins Eastman Dallas, TX Primrose M&T Bank Cheryl Manna Excelsior, MN Architects Premier Retirement Sharon O'Brien Syracuse, NY Orcutt Winslow Lori Miller Senior Living LLC Communities Washington, DC New Perspective Neil Terry Pittsburgh, PA Wayne Kaplan Brian Morgan Aberdeen, SD MCAP Advisers LLC Senior Living Phoenix, AZ Piper Jaffray & Co. New York, NY Brendan Phalen Todd Novaczyk Pacific Retirement Richard Lohr Presbyterian Priority Life Care New York, NY Eden Prairie, MN Services, Inc. Spring, TX Senior Living Severine M. Brian McLemore James Bernardo Petras Wells Medford, OR Dillsburg, PA Tequesta, FL

great outcomes rely on trusted relationships

At Bridge Investment Group, we believe business is built on relationships. That’s why we make building them our business.

We partner with seniors housing owners, operators and developers to provide quick access to capital and full access to the wealth of our relational capital.

Because great outcomes aren’t just about closing deals. They’re also about opening relationships.

seeking better, always

2019 ASHA 50 51 2019 ASHA50 ASHA Associate Members PRN Capital LLC RBC Capital REDMARK Resort Lifestyle Retirement Singh Senior Lawrence Katz Markets Economics Communities Companies Living Birmingham, AL Corporation for Real Estate Breck of America LLC Steven Tyshka Providence Frank Morgan Development and Collingsworth Charles S. Trammell West Bloomfield, Life Services Nashville, TN Market Research Lincoln, NE Memphis, TN MI Richard Schutt Harvey Singer Retirement SL Residential, Inc. Tinley Park, IL Williamsburg, VA Housing Greg Sadick Foundation Irvine, CA Dr. Laverne R. Solera Joseph Senior Living Long Beach, CA Adam J. Kaplan Ryan Greenwood 2,600 closed transactions in excess of $27 Companies US, Inc. Village, CO Daniel Walsh Sonata billion, $6 billion in mortgage servicing, Naperville, IL Senior Living SAK Management Stuart Beebe 30+ years debt underwriting, dedicated Services LLC Orlando, FL M&A team*, loan syndications and Suzanne Koenig Sound Riverwoods, IL Health Hawaii placements, bridge loan funding, taxable Samaritan Village Rick Skelton Daniel Aguilar Honolulu, HI and tax-exempt bonds*, Fannie Mae Hughson, CA Specialty Seasons Consultants, Inc. Seniors Housing Program equity Management LLC Eric Lesnock Eric Jacobsen Pittsburgh, PA financing for new development Lake Oswego, OR Springpoint Senior Living Senior Living andPerspective acquisitions Matters proprietary Valuation Anthony Services, Inc. Argondizza sale-leaseback financing, leading Michael G. Boehm Wall Township, NJ HUD LEAN lender, approved USDA San Francisco, CA St. Barnabas Senior Services Health System lender, experienced trading desk, of America LLC James D. Turco D. Lee Field Gibsonia, PA balance sheet lending, focused on Tacoma, WA Stephens Inc. Seniors Housing Dana Hambly seniors housing and care since 1988. Business / Nashville, TN France Media studioSIX5 Richard Kelley Dean Maddalena Harrison, NY Austin, TX We listen. We evaluate. We deliver. SeniorVu Summit Healthcare Tom Goldman REIT, Inc. Kansas City, MO Kent Eikanas Sentio Investments Lake Forest, CA John Mark Ramsey Summit Orlando, FL Senior Living LLC Shelbourne Frank J. Nigro, III Healthcare Albany, NY Development Sun Care Group Holdings LLC James W. Kane, III Clancy Becker Speak with a professional today Radnor, PA Walnut Creek, CA lancasterpollard.com | (866) 611-6555 Silvervine Symphony Senior Living Senior Living, Inc. Mark Cytrynbaum Lisa M. Brush Denver, CO Kanata, ON Canada Lancaster Pollard Mortgage Company is a division of ORIX Real Estate Capital, LLC, a Fannie Mae DUS®, MAP- and Lean-approved FHA, and Freddie Mac small balance lender. ORIX Real Estate Capital Holdings, LLC is headquartered in Columbus, OH and is a wholly owned subsidiary of ORIX Corporation USA.

*Securities, Investment Banking and Advisory Services are provided through OREC Securities, LLC, member FINRA/SIPC.

52 2019 ASHA 50 2019 ASHA50 ASHA Associate Members Synovus Financial Unified Westmont The Whiting- Wiencek+ WSU - Granger Corporation Property Group Living, Inc. Turner Associates Cobb Institute Sarah S. Duggan Steve Falcone, CPM Andrew S. Plant Contracting David Banta for Senior Living Birmingham, AL Brighton, MI La Jolla, CA Company Washington, DC Melanie Werdel TCF Bank United Adult White Brendan Baloh Mercer Island, WA Andrew Helmuth Ministries Construction Towson, MD Troy, MI Douglas Kurtz Company Texas Capital Bank Flushing, NY William G. Farnum Matt Miller UPMC Senior Austin, TX

Dallas, TX Communities Thoma-Holec Deborah S. Brodine Design LLC Pittsburgh, PA LuAnn URBEK Thoma-Holec Gilbert Till MERIDIAN’S Mesa, AZ Seattle, WA three: living USA Properties architecture Fund, Inc. SENIOR HOUSING AND Rockland A. Berg Geoffrey C. Brown Dallas, TX Roseville, CA HEALTHCARE TEAM Thrive Validus Senior Living Senior Living ARRANGED Alan Moise Stephen Benjamin Atlanta, GA Tampa, FL $1.6 BILLION IN THW Design Venue Ken Baker Capital LLC Atlanta, GA Michael S. FINANCING YTD Titan Fund Goldberg Management New York, NY Brian Vita W.M. Jordan Austin, TX Company Titan SenQuest Glenn Thompson Kevin Kaseff Richmond, VA El Segundo, CA Wakefield Tradition Capital Senior Living, LP Management, Inc. Jonathan Perlman Edward P. Dallas, TX Nordberg, Jr. Chevy Chase, MD Trammell Crow Company Waypoint Cheri Clarke Doyle Residential WE KEEP CLOSING DEALS. Conshohocken, PA Juan Dominguez Boca Raton, FL Triquetra Capital Group Wedgewood Andrew Diebold Investment Group Louisville, KY Rudolph Trebels Northfield, IL Turtle Creek Management, Inc. Wegman Blake Jackson Companies, Inc. Indianapolis, IN Jay Wegman Rochester, NY UMBC Aging / The Erickson Weis Builders, Inc. School Erik Weis Dana Burr Minneapolis, MN ARI ADLERSTEIN Bradley, Ph.D. Westminster 212.612.0174 Baltimore, MD Communities [email protected] of Florida Roger A. Stevens ARI DOBKIN Orlando, FL 212.612.0165 [email protected]

2019 ASHA 50 53 ASHA 50_Meridian_7-24-19.indd 1 8/5/19 1:55 PM 2019 ASHA50 ASHA Staff David S. Schless has the University of North Texas for his Doris K. Maultsby, Vice served as ASHA’s Pres- work on behalf of seniors. President of Member ident since its creation Services, joined ASHA by the National Multi- Jeanne McGlynn in 1999. Her roles family Housing Council Delgado, Vice Presi- include management (NMHC) in 1991. With dent of Government of the Association’s over 25 years of indus- Affairs, joined ASHA meetings, member- try experience, David has an exten- in 2015. She leads ship, and operations. Prior to joining sive understanding of seniors hous- ASHA’s public policy ASHA, Doris held member services ing research, policy and regulatory efforts on Capitol Hill, and meeting management roles at the issues, and an intimate knowledge of before federal agencies and in indus- National Multifamily Housing Coun- the seniors housing business. He is try coalitions. Prior to ASHA, Jeanne cil and The Advisory Board Company. currently involved with the Alzhei- served as Vice President for Busi- mer’s Association Brain Ball Commit- ness & Risk Management Policy for Meghan “Megs” Ber- tee, the Cornell Institute for Healthy the National Multifamily Housing toni, Manager, Member Futures, the Granger Cobb Institute Council (NMHC) and she spent the Services, joined ASHA for Senior Living at Washington State early part of her career representing in 2016. Her responsi- University and serves on the editorial the National Association of REAL- bilities include meeting board of the Seniors Housing & Care TORS on a range of real estate policy registrations and on-site Journal. David has been honored as issues. She earned her B.A. from the event facilitation, assist a Distinguished Alumnus by both Catholic University of America in ing with ASHA’s newsletters, coordi- the University of Connecticut and Washington, D.C. nating the “Where You Live Matters” campaign, and supporting ASHA President, David Schless, on the Rising Leaders Program and various other projects. She is also responsible for maintaining the Association’s Colliers International website. Additionally, Meghan over- Seniors Housing Group Has Global Connections sees ASHA’s annual research project, the Seniors Housing State Regulatory Handbook, the ASHA 50 supplement 17,000 professionals and assists with the State of Seniors Housing publication. She received in 68 countries her B.A. in Communications from the $127+ billion USD in total transaction value University of Maryland. Sheffield “Sheff” Strategizing with our Colliers Partners worldwide Richey, Manager, Gov- expands our platform globally. Seize the opportunity. ernment Affairs, helps coordinate ASHA’s Collaborate with a team that is experienced, qualified public policy efforts and knows the differences between a seniors housing on Capitol Hill and asset and traditional commercial space. administers the association’s Seniors Housing PAC. He works closely with Jeanne McGlynn Call: +1 800 858 5904 Delgado. Before joining ASHA, Sheff4 Email: [email protected] worked as a political fundraiser and colliers.com/seniorshousing advisor for 16 members of Congress. He received his B.A. in Politics from Accelerating success. Washington & Lee University in Lexington, Va.

54 2019 ASHA 50 Bringing What’s Next to SENIOR LIVING DISCOVER WORLD-CLASS SOLUTIONS TO HELP YOU CREATE AMAZING ENVIRONMENTS, OPTIMIZE BUILDING OPERATIONS, STREAMLINE PROCUREMENT, AND IMPROVE CARE AND OUTCOMES. DIRECT SUPPLY IS YOUR PARTNER IN PUSHING SENIOR LIVING FORWARD. DirectSupply.com

ASHA_2019_7.75x10.75.indd 1 7/31/19 12:07 PM 2019 ASHA50 Walk To End Alzheimer’s

The American Seniors Raising Housing Association awareness (ASHA) is a proud ASHA partner of the Alzhei- has created a mer’s Association in National Team in the fight to end Alzhei- the Walk to End mer’s disease. Alzheimer’s, the Alzheimer’s disease nation’s largest Above, is the sixth leading cause event to raise awareness Senior of death in the United and funds for Alzhei- Star's 2018 States today, with an mer’s care, support, and Team. estimated 5.4 million research. In 2018, ASHA Americans of all ages member companies Left, living with the disease. formed over 2,200 teams, Frontier These numbers are and raised over $5.4 mil- Management's expected to escalate lion for the Alzheimer’s 2018 Team. rapidly in the coming Association. pating in one of 600 Walks online education pro- years, as the baby boom held nationwide. grams, and promising generation has begun to Walks held nationwide Every dollar raised worldwide research. reach age 65 and beyond, We encourage readers benefits those affected the age range of greatest to join the Walk to End by Alzheimer’s disease To learn more, visit risk of Alzheimer’s. Alzheimer’s by partici- through support services, alz.org/asha.

RE ULTS ASHA Staff S and Family posing for a photo in front CONFIDENTIA ITY of the Capitol L before the 2018 Walk to End COMMITMENT Alzheimer's. CREDIBILITY Amount raised by ASHA members from WE WORK FOR YOU. 2012–2018 for Walk to End Alzheimer’s OUR EXPERIENCE AND ENTREPRENEURIAL (in millions $) APPROACH ALLOWS US TO WORK WITH YOU TO DESIGN THE MARKETING APPROACH THAT 5.7 5.4 IS BEST FOR YOUR SUCCESS. 5.1 5.1

3 3.4 CHICAGO | 630.858.2501 ST. LOUIS | 314.961.0070 2 WWW.SLIBINC.COM 2012 2013 2014 2015 2016 2017 2018

56 2019 ASHA 50 A Culture of Excellence Innovation&

PERFORMANCE FOCUSED I RESULTS DRIVEN

With almost three decades of experience, the award-winning management group has been developing, building, marketing and operating upscale, luxury senior-living communities across the United States. With a flourishing portfolio of more than 9,500 existing homes for seniors, Discovery Senior Living has become a recognized industry leader in creating world-class resort-style communities.

Developers and Operators of Senior Apartments, Villas, Independent Living, Supervised Independent Living, Personal Care, Assisted Living, Memory Care and Skilled Nursing.

239.908.2921 I 27599 Riverview Center Boulevard, Suite 201 I Bonita Springs, FL 34134 2019 ASHA 50 DiscoverySeniorLiving.com 57 2019 ASHA50 The ASHA Mission ASHA is the industry thought leader ASHA core principles For more than 25 years, ASHA’s promoting quality and innovation, legislative team has worked to n Promote a favorable business climate advancing research, exchanging that supports quality, competition, educate policymakers about the strategic business information and innovation and long-term investment in industry and protect the interests seniors housing influencing legislative and regula- of seniors housing owners and tory matters. n Advance information and research operators, as well as advocating for that frame and influence key industry initiatives policies that benefit our residents Why become a member and their families. n Promote the identification and The American Seniors Hous- advancement of emerging industry Our federal legislative team has ing Association (ASHA) is at the leaders who reflect the increasing extensive experience on Capitol Hill, diversity of the business forefront of advancing the interests and works year-round with members of executives engaged in the devel- n Support research and national of Congress to ensure the industry initiatives that enable senior customers opment, ownership, operations and to receive high-quality services and age has a strong voice in policy matters. financing of seniors housing. with dignity in the setting of their choice We are the premier source for Consumer education research, conferences and advocacy, exclusive 24-hour access to our “Where You Live Matters” is the and our commitment to excellence robust online research archive. first-of-its-kind national consumer makes us an outstanding investment education initiative designed to help for busy executives. Peer-to-peer insight seniors, families and ASHA’s all-inclusive annual mem- ASHA membership meetings bring other influencers bership fee is a tremendous value. leaders from all sectors of the indus- understand their As a member, you access the thought try together to find ways of moving senior living options leadership, innovation, research senior living forward. At national and and make empow- and strategic relationships that have regional meetings, you can: ered decisions. made ASHA a trusted industry n Hear from nationally-renowned Combining a com- leader for more than 25 years. leaders in business and academia. prehensive website rich with n Participate in candid learn and content and powerful PR and social Research grow sessions on topical and media campaigns, “Where You Live Original research and jointly emerging issues. Matters” is educating thousands of sponsored reports provide guidance n Network, learn and grow through people across the country and shap- on the opportunities and challenges dialogue that shapes the industry. ing their perceptions of the senior facing the seniors housing business. living experience in a positive way. Relevant, substantive and actionable, Advocacy ASHA members actively partici- ASHA’s research initiatives cover ASHA is proud to have established pate in this initiative by sharing its dozens of topics such as construction one of the first and largest seniors free content in their marketing, sales trends, the senior consumer and housing PACs focused exclusively on and PR efforts. ASHA members are operational performance. supporting federal candidates who offered exclusive, complimentary As a member, you receive special understand and are favorable toward listings on the Where You Live Mat- issue briefs, detailed reports and the interests of our industry. ters Community Locator Tool.

1 2 3 4 Photos, left to right: 1) Dr. Marci Rossell, world-renowned vision have reshaped the concepts of service and hospitality economist and financial expert, spoke at the 2019 ASHA across industries. He spoke at a joint session of the Rising Annual Meeting. 2) Diane Bridgewater (LCS), Karen Doering Leaders and Mid-Year Meeting attendees this past June. and Anja Rogers (both of Senior Star) before the whale 4) Bret Stephens, an op-ed columnist and associate editor watching excursion at the 2019 Annual Meeting. 3) A legend for The New York Times, will be the keynote speaker at the and leader in the hotel world, Horst Schulze's teachings and 2020 ASHA Annual Meeting. 58 2019 ASHA 50  ASHA Membership Application

Company Name Website

Full Name of Lead Representative Preferred First Name

Title E-mail Address

Main Telephone Number Direct Telephone Number Fax Number

Exec. Assistant Phone Number E-mail Address

Mailing Address

City State Zip Please select a level of membership ❏ Executive Board* ❏ Advisory Committee ❏ Associate* Three company contacts Two company contacts One company contact receive the following all-inclusive receive the following all-inclusive receives the following all-inclusive complimentary benefits: complimentary benefits: complimentary benefits: • All new Reports, Briefs, • All new Reports, Briefs, ASHA’s decision-making body, Seniors Housing, Federal & Seniors Housing, Federal & and the highest level of membership State Policy Updates State Policy Updates • All new Reports, Briefs, • Invitations to ASHA’s Annual • Invitation to ASHA’s Annual Seniors Housing, Federal & meeting in January, Mid-Year meeting in January meeting in June, and select State Policy Updates Access to the Members-Only Regional Roundtables • • Invitations to ASHA’s Annual section of the website which includes meeting in January, Mid-Year meeting • Access to the Members-Only a comprehensive archive of Reports, in June, Fall meeting in September, section of the website which includes Briefs, Updates and exclusive and select Regional Roundtables a comprehensive archive of Reports, member-only publications Briefs, Updates and exclusive Consultation with ASHA’s • Access to the Members-Only member-only publications • section of the website which includes professional staff Consultation with ASHA’s a comprehensive archive of Reports, • Complimentary listing on the Where professional staff • Briefs, Updates and exclusive You Live Matters Community Locator member-only publications Complimentary listing on the Where • * This level is not available You Live Matters Community Locator • Consultation with ASHA’s to suppliers/vendors professional staff • Complimentary listing on the Where You Live Matters Community Locator • Complimentary participation in the Rising Leaders Program for next-generation leaders • May serve as officers of ASHA, participate on Task Forces / Committees, and may be selected to represent ASHA before Congress Apply online or mail application to Subject to approval by Executive Board www.seniorshousing.org * This level is not available 5225 Wisconsin Avenue, NW | Suite 502 | Washington, DC 20015  to suppliers/vendors 2019 ASHA50 ASHA Bookstore For in-depth operational analyses, constructions trends, consumer insights, and other timely seniors housing reports, visit the ASHA Bookstore: www.seniorshousing.org ASHA members benefit from complimentary copies of all current publications and online access to an extensive archive of sought-after industry reports.

Coming Soon Now Available

The State of Seniors People, Place, Housing 2019 Programming Fall 2019 Summer 2019 The premier research This new report by report on seniors hous- ProMatura Group summa- ing operational perfor- rizes findings from a study mance with robust data of 2,322 assisted living from independent living customers from 106 com- communities, assisted munities. ASHA hoped to living residences, and identify how assisted living continuing care retirement communities can provide communities/life plan a more satisfying envi- communities. ronment, a greater sense The report contains all n staffing ratios and of feeling at home, and a cators (KQI). The report is a pertinent financial and labor costs, and greater quality of life. The must-read for owners and performance measures n key financial perfor- study captures data from operators of assisted living including: mance indicators. both residents and family because it also measures n resident turnover and This is a must-have members in different types over 20 operational attri- length of stay, resource for owners, opera- of assisted living communi- butes and examines those n annual financial results tors, lenders, and investors. ties, and provides insights having the greatest impact per occupied unit, on eight Key Quality Indi- on the ratings of the KQIs.

Now Available ASHA Member Exclusive

Seniors Housing Seniors Housing State Regulatory Construction Monitor Handbook 2019 Summer 2019 Summer 2019 Quarterly report on con- Features easy-to-use met- struction activity by metro rics of key state licensure area featuring property and regulatory require- type analysis, metro ments in all 50 states and market rankings, activity the District of Columbia segment type, and an esti- for assisted living resi- mate of seniors housing dences and CCRCs/LPC. supply in the 100 largest n State-by-state com- MSAs featuring: parisons are made easy n property type analysis, by using this annually n Updated state agency n metro market rankings, seniors housing supply revised report. contact information is also n activity segment type, in the 100 largest provided. n and an estimate of MSAs.

60 2019 ASHA 50 WHAT’S

NEXTIN MAXIMIZING SENIOR HOUSING YIELDS

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2019 ASHA 50 61 2019 ASHA50 ASHA’s Advocacy Focus The American Seniors Housing Association By working closely with Congress, the (ASHA) plays an integral role in advocating Executive Branch, and Federal Agencies, on behalf of owners, operators and their ASHA’s legislative team educates and employees who are committed to developing promotes policies favorable to the devel- market-driven housing options, services, and opment and preservation of quality seniors amenities for seniors. housing nationwide. 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 Political Action Committee.

Allegro Senior Living Hamilton Jeanne Insurance Agency McGlynn Ambrose Urban Delgado, left, Capital Group Hanson Bridgett LLP and Jerry Frumm, right, Benchmark Hawthorn meet Senator Todd Young Senior Living Senior Living (R-IN). Blueprint Healthcare HealthTrust Real Estate Advisors HJ Sims Bridge Seniors Houlihan Lokey Bridgewood Hunt Real Estate Capital Property Company Public Policy Committee Chair ILP Asset Management Capital One Jerry Frumm, left, meets with Healthcare Real Estate Juniper Communities Congressman George Holding Capitol Seniors Housing Kisco Senior Living (R-NC). Chicago Pacific Koelsch Communities Founders LTC Properties Inc. Cushman & Wakefield National Health Direct Supply Inc Investors Inc. Partners PAC REES Associates Senior Star Oppidan Discovery Senior Living Investment Company RSF Partners Sherpa Duane Morris LLP Pathway to Living Senior Lifestyle Silverado Elderlife Financial PGIM Real Estate Senior Living The Springs Living Services Communities LLC PointClickCare The Vinca Group Evergreen Senior Senior Living ProMatura Group, LLC Trilogy Health Services Living Properties Investment Generations Ray Stone Brokerage Inc. Watermark Retirement Senior Living Communities

62 2019 ASHA 50 “NIC MAP is the DATA best source for a truly

NIC MAP® Data Service provides the reliable and objective reliable data time-series data that investors, operators, and analysts depend set that provides on to make informed investment decisions. Learn more by leading indicators to visiting www.nic.org/nic-map the market.” - Lindsay Casillas, Senior Vice President of Business Development, ANALYTICS Sodexo Seniors The Forgotten Middle: Middle Market Seniors Housing Study This NIC-funded study, which was conducted by NORC at the University of Chicago, is the first of its kind and defines American’s large middle-income seniors’ cohort–not only by its demographic characteristics but its housing and healthcare needs—today and in 2029. Learn more by visiting www.nic.org/middlemarket.

NIC Investment Guide The definitive resource on investing in the seniors housing and care property markets is now available for purchase at www.nic.org/IG.

“I always look forward to the CONNECTIONS NIC. It’s always SAVE THE DATES a highlight of 2020 Spring Conference 2020 NIC Fall Conference my year.” San Diego, CA Washington, DC March 4–6, 2020 October 7–9, 2020 – Gerald Stoll, Rosemont Healthcare Group Register now for the 2019 NIC Fall Conference September 11-13 in Chicago, IL. Visit www.nicevent.org for more information.

The National Investment Center for Seniors Housing & Care (NIC) is a 501(c)(3) organization established in 1991 whose mission is to enable access and choice by providing data, analytics and connections that bring together investors and providers. For more information, visit www.nic.org. nic.org @natl_inv_ctr Join the Conversation ntl_invctr

Seniors Housing Business Ad August2019.indd 1 8/5/2019 3:15:30 PM 2019 ASHA50 Senior Living Hall of Fame

The Senior Living Hall of Fame 2019 Inductees was launched by the American Seniors Housing Association in 2018 in order to recognize those whose significant contributions have helped shape the senior living profession. The inaugural class of inductees included Granger Cobb, Bill Colson, Bill Kaplan, Jim Moore, Bill Sheriff, and Stan Thurston. The class of 2019 included Debra Cafaro, Paul Klaassen and Tony Mullen. The class of 2020 will be announced at the ASHA Annual Meeting next Janu- ary at the JW Marriott Desert Springs. Debra Cafaro Ventas, Inc. The Senior Living Hall of Chicago, IL Fame selection committee is chaired by Larry Cohen, a longtime ASHA member and former ASHA Chairman. Committee members are Lois Bowers of McKnight’s Senior Living, Steve Monroe of The SeniorCare Investor, Matt Valley of Seniors Housing Tony Mullen Business, and John Yedinak of NIC Senior Housing News. Annapolis, MD

Paul Klaassen Sunrise Senior Living McLean, VA

64 2019 ASHA 50 2019 ASHA50 Senior Living Hall of Fame

2018 Inductees

Granger Cobb Bill Sheriff Emeritus Senior Living Brookdale Senior Living Seattle, WA Bill Kaplan Brentwood, TN Senior Lifestyle

Chicago, IL

Stan Thurston Bill Colson Holiday Retirement Corp. Life Care Services

Salem, OR Jim Moore Des Moines, IA Moore Diversified Services Fort Worth, TX

Background graphic design by Annette Moinette

2019 ASHA 50 65 2019 ASHA50 Washington Update

ASHA policy priorities focus on enhancing Photo of washington.org courtesy industry awareness, solving labor shortage, growing individual retirement savings. We are more than halfway through the first year of the 116th Congress and, as expected, the partisan divide has prevented much of any significant legislation from getting over the finish line. Many priorities of the new Democratic House and Republican Senate have advanced, but until agreed to by both chambers those agenda items By Jeanne remain stalled, mostly for political reasons. McGlynn Heading into the 2020 election year, even the Delgado, chances for enacting common-ground issues Vice President such as drug pricing, infrastructure and tax of Government extenders are growing dimmer. With the mem- Affairs, American ory of the recent government shutdown on Seniors Housing the minds of Congress, it shifted focus to the Association “must pass” items such as agreeing to budget caps, raising the debt ceiling and the appropri- ations bills. While ASHA’s lobbying efforts cover a

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66 2019 ASHA 50 2019 ASHA50 Washington Update broad range of issues, much of our senior living model, which does not associated with being lonely and the current focus is on enhancing con- put stress on the existing federal benefits of staying connected. Social gressional awareness of the benefits reimbursement programs and can engagement, good nutrition, fitness of senior living, advancing polices even save the government money. programs, medication compliance to improve the workforce shortage We need to continue to educate and maintenance-free living, the crisis, and promoting retirement sav- policymakers about the health risks hallmarks of senior living, contrib- ings incentives and other programs to help pay for long-term care costs. ASHA is well positioned to be a leading voice in these matters and will continue to engage with Con- gress to advance meaningful policies in the following specific areas.

1 Seniors housing not only allows residents to ‘age in place,’ but also empowers people to live well as they age. It is important now more than ever that we continue our work to enhance Congress’s understanding and awareness of the senior living industry and promote its benefits. Policies aimed at allowing seniors to “age in place” are not new, but as healthcare costs associated with an aging population rise, these efforts will only accelerate in Congress and the federal agencies. New technologies, resources and caregiver support to accommo- date seniors who wish to remain at home are deserving of policymakers’ attention. However, there also needs to be more emphasis placed on private pay senior living as an equally important option for those who need care and support with their daily needs. ASHA members understand that if we do not work now to change what is perceived as an either/or choice between remaining at home with outside support or moving into a nursing home, we risk missing the opportunity to frame the policy discussions going forward. Changing that mindset is the overarching goal in our lobbying efforts. This includes highlighting the state-regulated private pay

2019 ASHA 50 67 2019 ASHA50 Washington Update ute to the well being of seniors and ber of people age 65 and over is ing/housekeeping positions. overall healthcare savings. expected to be 78 million, while the According to the Bureau of Labor As Congress continues to address number of children under age 18 is Statistics (BLS), home health aides the challenges of an aging popula- projected to be 76.7 million. and personal care aides rank as the tion, our goal is to make sure that Simply put, in less than two third and fourth fastest growing seniors housing is recognized as a decades older adults are projected jobs, respectively, in the U.S. critical and important part of the to outnumber kids for the first time Additionally, a new report from solution. The content offered in in U.S. history. Furthermore, the the Paraprofessional Healthcare ASHA’s “Where You Live Matters” projected increase in Alzheimer’s Institute (PHI) presents stagger- website and campaign underscores disease and dementia coupled with ing numbers. PHI indicates that this message. an unemployment rate at a nearly there will be 7.8 million direct care two-decade low creates a significant worker openings from 2016-2026. 2 A compassionate and reliable supply-demand challenge as we The institute cites BLS data that workforce is critical to the care think about our future workforce. projects 3.6 million workers will of our residents. The senior living industry is leave the labor force during that The graying of America is hap- already feeling the impact on its period, another 2.8 million workers pening. The data is overwhelming, ability to recruit and retain employ- will leave the field for other occupa- and the impact is significant. People ees. There is a need for workers tions, and 1.4 million new positions are living longer, healthcare costs at all levels, but this problem is will be created due to rising demand. are increasing and birth rates have especially acute when it comes to There is much the industry not kept pace. According to the U.S. filling Certified Nursing Assistant can and is doing to address the Census Bureau, in 2035 the num- (CNA), direct caregiver, and din- labor shortage, such as working

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68 2019 ASHA 50 2019 ASHA50 Washington Update to improve the attractiveness of immigration reform must be part of So, until “Buddy the Robot” can senior living as a career choice with the comprehensive solution to close learn how to bathe, dress and fully unlimited opportunity. The creation the gap in the labor shortage. While engage a frail senior, ASHA will of partnerships with colleges and the sharp divide continues over continue to identify and advance all universities, internship programs as border security and any thoughts reasonable approaches to address well as company-branded education of immigration reform seem out of the labor shortage. and training programs are among reach in this current environment, the efforts currently underway. many policymakers recognize that 3 Retirement savings present These are smart and necessary additional sources of labor will have obstacles for baby boomers. strategies, but these alone will not to come from outside our borders. Also looming on the horizon is a be enough to meet the projected ASHA continues to work in con- shortage in retirement savings among demand. Technology creates greater junction with our business industry seniors. Here’s what we know: efficiency in the workplace and can partners in the Essential Worker The oldest segment of the more replace functions once performed Immigration Coalition (EWIC) than 70 million baby boomers turned by a person. But its full potential and is independently pursuing all 73 this year. According to the Depart- in the senior living workspace — opportunities to advance reasonable ment of Health and Human Services which relies heavily on the human and necessary policies. One such (HHS), someone turning 65 today touch — to meaningfully address proposal under consideration will has an almost 75 percent chance of workforce shortages remains a lofty create a new visa category for direct needing some type of long-term care goal for now. care workers to work in the U.S. services and support. The number Most business industry advo- under a strict employer contract and of people living with Alzheimer’s cates, including ASHA, agree that economic conditions. disease and related dementia is

2019 ASHA 50 69 2019 ASHA50 Washington Update expected to increase from 5.8 mil- in its current form does not pay The House recently passed a bill lion today to 14 million by 2050. for senior living and Medicaid to, among other things, encour- Therefore, we can expect a sig- is reserved for the low-income age individuals to save more for nificant wave of residents will be in resident. On average, boomers are retirement. need of senior living or some form of more than $110,000 in the red. Key provisions include delaying long-term care in the next 10 years. Health Affairs, a leading health- required distributions from tax- With respect to retirement sav- care journal, and the National favored retirement accounts, allow- ings, we know the following: Investment Center for Seniors ing contributions to these accounts Forty-five percent of baby Housing and Care (NIC) recently beyond the age of 70.5, providing boomers have no retirement savings, captured this less-than-optimistic employer incentives to auto-enroll reports data and research firm IRI. outlook in a report that concluded employees into a retirement savings Fifty-five percent of baby boom- that a majority of middle-income plan, and providing small business ers have some retirement savings, Americans will not be able to afford tax incentives to establish new plans. and of that group 42 percent have senior care. The takeaway is that A few other promising proposals less than $100,000. Social Security the baby boomers will need the care or policy concepts include allowing provides most of the income for and support offered by senior liv- health savings accounts (HSAs) to about half of households age 65 and ing, but it is questionable whether cover the cost of assistance with older, according to the Government they will be able to afford it. activities of daily living, a new Accountability Office (GAO). There is much Congress can do long-term care benefit under Medi- More than half of baby boomers to improve retirement security for care, and designing a long-term believe that Medicare provides a Americans, and ASHA is working care benefit under supplemental long-term care benefit. Medicare to advance some of these ideas. Medicare plans known as Medigap.

America is Facing an Affordable Housing Crisis Our Mission is Providing America’s Seniors and Families with Quality, Affordable Housing . . . .We currently serve in 29 states, Washington, D. C., Puerto Rico and the U. S. Virgin Islands. .Our 197 communities include HUD subsidized and tax credit apartments, Multi-Level Retirement Communities with Assisted Living, Memory Care, and Skilled Nursing units. .More than 21,500 people call an RHF community “home.” .We are inclusive, serving many races, creeds and cultures. .We are a faith-based nonprofit, recognized by the United Church of Christ. We continue to expand our Mission with new construction and acquisitions. We encourage you to contact us if you have land or an existing building you would like to discuss with us. 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]

70 2019 ASHA 50 2019 ASHA50 Washington Update ASHA is currently exploring the but is showing promise in the after it, or the senior living commu- new Medicare Advantage flexibility multifamily market relative to nities that will serve this market. that permits new benefits for sup- meeting affordable housing needs. It is more likely that solutions portive services and its application Middle-market tax credits and the will come in several forms over in the senior living model. time that, when taken in their Creating incentives to It’s a fact entirety, will result in mean- purchase long-term care n More than four in 10 boomers erroneously ingful improvements. insurance is also in the mix, believe Medicare will cover long-term care costs. It is noteworthy that in such as allowing penalty-free addition to the proposals n Only 55 percent of boomers have any money withdrawals from 401(k) offered by the 116th Congress, saved for retirement, and almost one-half of the plans and IRAs. 45 percent who do not have retirement savings most of the top-tier Demo- Other states are also getting did have savings at one time. cratic presidential candidates in on the action. For example, have already released some Source: IRI baby boomer study (2019) the state of Washington estab- version of healthcare reform lished the first payroll tax deduction reform of Fannie Mae and Freddie that includes a long-term care bene- to fund a long-term care benefit. And Mac are also on the radar. fit for seniors. continued funding to find a cure for These issues are complex, but I’d As in most complex policy pro- Alzheimer’s is critical to achieving a like to think not insurmountable. posals, details will matter as well comprehensive plan to provide care However, there will not be one as the price tag. The critical point for seniors. solution or program to address the is that these issues are on the radar, The opportunity zone program challenges facing the baby boomer and ASHA will have a voice in that has yet to take off in senior living, generation and those that come debate. n

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CIB201 RE9 ASHA Senior 50Ad_6.75x4.75_1293201_Final_BU.indd 1 7/19/19 9:58 AM 71 2019 ASHA50 How Annual Research Report Moved the Needle Forward ‘State of Seniors Housing’ analysis provided data and transparency at a crucial time for fledgling industry in 1990s and is still making an impact today.

By Jane Adler The State of Seniors Housing 2018

In the late 1980s, a group of developers and investors saw the promise of the seniors American Seniors Housing Association www.seniorshousing.org 5225 Wisconsin Avenue, NW, Suite 502 | Washington, DC 20015 housing market but had littleArgentum www.argentum.org 1650 King Street, Suite 602 | Alexandria, VA 22314

LeadingAge www.leadingage.org data to back up their vision.2519 Connecticut Avenue, NW | Washington, DC 20008 National Center for Assisted Living www.ahcancal.org 1201 L Street, NW | Washington, DC 20005

Congregate care properties,National a Investment Center for Seniors Housing & Care www.nic.org 1997 Annapolis Exchange Parkway, Suite 480 | Annapolis, MD 21401 form of independent living for THE STATE OF SENIORS HOUSING 2018 HEALTHTRUST THE STATE OF HAS BEEN PRODUCED IN COLLABORATION WITH: 6801 Energy Court, Suite 200 2018 persons age 55 and older, and a Sarasota, FL 34240 www.healthtrust.com SENIORS HOUSING new type of facility referred to as assisted living were being built. But there was no information on

American Seniors National Center National Investment Center Argentum LeadingAge investment returns, unit types or Housing Association for Assisted Living for Seniors Housing & Care property sizes. There wasn’t even a standard definition of the different erty size, unit mix, pricing, operat- property types. Get a copy ing margins, debt-service coverage, Developers and investors oper- of the 2019 report resident turnover and length of stay, ated by guesswork and capital was revenue and expense measures, and scarce. Lenders didn’t have data Please go to the bookstore a number of other indicators. The needed to help underwrite loans. on the ASHA website at: report is precise, clearly spelling out With a mission to support the www.seniorshousing.org its methodology and measures. nascent industry, the American The cost is $325 per copy. “The industry has made real prog- Seniors Housing Association For a summary of the report, ress,” says David Schless, president (ASHA) was formed in 1991. see page 60. of Washington, D.C.-based ASHA. Among its first major initiatives was “The report provides a deep dive the launch in 1992 of the annual LCS, Capital Senior Living, Senior into the benchmark numbers that “State of Seniors Housing” report. Star, Sodexo, PGIM, HTG Consul- matter to providers and investors.” Over the past 26 years, the report tants, Chicago Pacific Founders, He adds that the report is accessi- has become a significant bench- Grace Mgmt., Ventas, and Brookdale ble to a wide range of stakeholders, marking tool for the industry. It Senior Living. ranging from nonprofit groups to has also emerged as a symbol of The report itself is an ongoing for-profit companies. the collaborative nature of industry effort to tally the most current and initiatives. accurate seniors housing data. Con- ‘Starved for information’ Co-sponsors of the report include tinually being improved, the report A look back at the history of LeadingAge, Argentum, National today is based on a survey of nearly the report provides insights into Center for Assisted Living (NCAL), 1,900 senior living properties that how the industry has changed and and National Investment Center recaps critical performance metrics. evolved to become a commercial for Seniors Housing & Care (NIC) Owners and operators can review real estate asset class of its own. — the groups that have built the industry trends and compare their The report itself has come a industry. results to those of other properties long way too by including more A number of senior living in the same category. types of pertinent data to assist in companies help underwrite the The robust data covers a wide decision-making. A variety of mea- report, including Senior Lifestyle, range of measures, including occu- sures provide in-depth perspectives Welltower, Hunt Real Estate Capital, pancies, revenues, expenses, prop- on emerging trends.

72 2019 ASHA 50 SENIORS HOUSING SOLUTIONS

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ASHA has relied of NIC who passed n What should the buildings on the expertise of Hands describes the away in 2018, to be called? industry leaders to early days as akin convince provid- n What kind of performance create the report. to the Wild West. ers to submit their measures did lenders want? Notable contributions ‘People were reluctant property data for n What was a reasonable profit early on were made to share information.’ the report to better margin? by Neal Bermas, — Jim Hands the industry. “Peo- “The industry was starved for Ph.D. and William Managing Partner ple were reluctant information,” recalls Bill Thomas, P. Donohue, Jr., Salem Equity to share informa- principal and co-owner of Senior both with Coopers & Lybrand/ tion,” says Hands. Star, an owner and operator in PricewaterhouseCoopers. Reflecting on Tulsa, Oklahoma. He and his Jim Hands recognized the power the industry’s brother Bob Thomas acquired their of data in the 1980s during the sav- early days, Hands first senior living property in 1991 ings and loan crisis when he worked describes that and quickly became involved in as a consultant at the real estate period as akin to ASHA’s mission. accounting firm of Kenneth Leven- the Wild West. Bill Thomas notes that the idea thal & Co., which merged with Ernst There were lots of for “State of Seniors Housing” was & Young in 1995. questions and few answers. really driven by Schless. He under- “Nobody had information on n Who were the customers? stood the need for reliable bench- the industry,” says Hands, who is n Were they need-driven or marks to attract debt and equity now managing partner at Dallas- looking for a resort lifestyle? capital to the market because of his based Salem Equity, a boutique n Where was the best place to background. Schless has led ASHA private equity firm that invests in build? since its formation when it was spun seniors housing. He worked with n How should projects be off from the National Multifamily Tony Mullen, one of the founders marketed? Housing Council.

More than 16,000 residents call Senior Lifestyle home because of our mission to purposefully brighten and enrich the lives of those we serve through dedication to our core values: HOSPITALITY, EXCELLENCE, APPRECIATION, RESPECT and TEAMWORK.

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As an operator, director at NIC in A work in progress ‘ Thomas describes The industry was starved the late 1990s. Eight years ago, the task force how the report has for information. . . . We Singer’s goal made a change to the report in evolved over time. have a rich sample of every has been to collect response to suggestions from own- In the early years, segment. . . . The report the biggest and ers and operators, says Singer. the report’s sample brings a richness to most representative Instead of reporting median included about 45,000 your thinking.’ industry sample expenses for a line item, such as units compared with — Bill Thomas of properties as housekeeping, a new measure was more than 250,000 Principal, Co-owner possible. introduced. It averages the middle units today. While dif- Senior Star Today, Singer group of responses — from the ferent product types such as assisted helps write the initial 40th to 60th percentiles — in order living and memory care were draft of the report, to provide a representative figure. lumped together at first, the report which he says is then “Operators pay great attention to now measures six distinct product edited by the other that number,” says Singer. categories. “We have a rich sample task force mem- Another major improvement in of every segment,” says Thomas. bers and sponsors. 2011 refined property descriptions. Harvey Singer has served on the He’s proud that the Previously, for example, the inde- ASHA task force that produces the authors of the report pendent living category included report for more than 20 years. “I are transparent about its methodol- both independent living properties view my role as ensuring the report’s ogy. For example, the report delin- and those that combined indepen- accuracy,” says Singer, principal eates weighted versus unweighted dent living and assisted living. and founder of Redmark Economics averages. Weighted averages take Now the independent living based in Williamsburg, Virginia. the sample size into consideration. category includes only independent Singer first got involved in the “We’ve tried to make the report as living units. “We keep the data very production of the report as research useful as possible,” says Singer. clean,” according to Singer.

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Advisory firm time. “There’s more ations from the broader average can Coopers & Lybrand The sample size has tripled data,” she says. lead to questions about operations, handled data col- over time. ‘There’s more “We slice and dice it such as whether efficiency could be lection and anal- data. We slice and dice it more accurately.” improved, says Thomas. “The report ysis for the early more accurately.’ The report pres- brings a richness to your thinking.” reports. Consulting — Colleen Blumenthal ents results based Chuck Harry was instrumental and appraisal firm Managing Partner on performance in the effort about five years ago to HealthTrust took over HealthTrust by quartiles. That add time series data to the report. the job in 2000. Since way owners and “We recognized the importance of then, Colleen Blumen- operators can see being able to compare data year over thal, managing partner at Sarasota, how their properties year,” says Harry, chief of research Florida-based HealthTrust, has stack up against and analytics at NIC. For example, spearheaded the report. She has led the best and worst the 2018 report lists resident turnover its task force since 2006. performers and rates by property type from 1995 to Blumenthal manages the survey where they stand in 2017. A history of operating margins design, collects the data and crunches relation to the aver- and occupancies are also tallied. the numbers. “It’s a seven- to ages. “It’s more meaningful,” says Published annually, “State of eight-month process,” says Blu Blumenthal. Seniors Housing” complements menthal, whose goal is to have the Thomas at Senior Star uses the the quarterly data produced by printed report ready for NIC’s annual report to compare his properties to NIC’s data service, NICMap, says fall conference. “It’s a labor of love.” the broader sample group. Harry. NICMap is focused on local Reflecting on the evolution of the For example, the report provides market data and national trends. report, Blumenthal says, “Today’s the average of full-time equivalent “In an ideal world the resources report is far more comprehensive.” employees (FTEs) for different job all work together for the industry,” The sample size has tripled over categories and property types. Vari- says Harry.

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78 2019 ASHA 50 2019 ASHA50

He adds that “State of Seniors change doubled the filled out paper sur- ‘ Housing” compiles revenues and number of survey par- State of Seniors Housing’ veys by hand. A lot expenses across a variety of sources ticipants, she notes. compiles revenues and of information was by property segment. “The report Blumenthal speaks expenses across a variety missing because does a good job of breaking it at industry meetings of sources by property it wasn’t tracked. down,” says Harry. “It gets as close to encourage partici- segment. ‘It gets as close “Nobody really to a benchmark as possible for a pation in the survey. to a benchmark as possible knew what the subject property.” “The industry needs for a subject property.’ benchmarks should more transparency,” — Chuck Harry be,” says Schless. Make it better she says. The diffi- Chief of Research and Analytics Today, owners The biggest challenge is getting culty, she explains, NIC and operators can operators to participate and respond is that seniors housing — unlike judge property to the survey in a timely fashion, other commercial real estate asset performance against says Blumenthal. But she makes classes except hospitality — has reliable industry sure operators submit their results an operating component. Simple results. in order to produce a reliable report. metrics such as revenue, expenses Looking ahead, The report is based on a survey of and net income are inadequate for Schless points 250 questions on the physical plant, lenders and investors to evaluate out that “State of financial operations, staffing, unit an opportunity. They need detailed Seniors Housing” is mixes, move-ins and move-outs, information on operations, such as a work in progress. There’s always and other measures. To ease the pro- staffing levels and the cost of dining room to fine-tune the report with cess, since 2010 large operators have services, she says. new ways to analyze the data. “We had the option to submit financial Looking back, ASHA’s Schless feel good about having played a role data in the Excel format or what- recalls that data collection early in making sure the data is out there ever system they already use. That on was rudimentary. Respondents and accessible.” n

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2019 ASHA 50 79 2019 ASHA50 Rising Leaders Up for the Challenge ASHA’s education, mentoring and networking program helps prepare next generation of top executives for the uncertain road ahead.

By Matt Valley

Succession planning and leadership development were not top-of-mind priorities for most seniors housing owners and operators 15 years ago. But the industry has grown and evolved significantly since then, creating a sense of urgency to cultivate the next generation of CEOs, CFOs and high-level managers. That’s especially true in today’s tight labor market. This sharp focus on identify- ing and developing talent at the highest ranks of companies is a sign fronts including The inaugural Rising of a maturing industry, says David research and advo- Leaders Fall Forum Schless, president of the Ameri- cacy, and nurtures was in 2015. Noah Levy, above, can Seniors Housing Association their professional managing director of (ASHA), which boasts about 900 development. PGIM Real Estate's members. “There was a seniors housing group “It’s one of those instances where consensus across and former ASHA there is both a lot more awareness the industry in chairman (2004-2005) was the keynote of the need to develop leadership 2015 — and certainly speaker. talent and more of a sense of oppor- today — that we tunity for individuals in a variety of had a tremendous Steven Vick, left, different roles,” he says. need to try and help CEO of Pegasus Senior Schless and members of ASHA’s educate and nurture Living, addressed executive board had the foresight the development of the Rising Leaders in to identify this issue as among their leadership in this June 2017 at Incline top priorities. The Rising Leaders industry. I think we Village, Nev. program was one of five major have really accomplished what we Brown of Greystar; Kathryn Burton initiatives included in ASHA’s set out to do,” says Schless. Gray, formerly of RED Capital 2015-2020 Strategic Plan that was One might say that ASHA is suc- and now with Hunt Real Estate drafted five years ago. The program cessfully developing a farm system Capital; and Danielle Morgan of identifies up-and-coming leaders of highly regarded prospects. Clearwater Living. from ASHA Executive Board mem- The subcommittee that helped Determining the best way to incor- ber companies and representatives formulate the program included porate the Rising Leaders program from select Advisory Committee industry veterans Lori Alford of into the overall structure of the orga- member companies, exposes them Avanti Senior Living; Steve Blaze- nization was one of the challenges to the organization’s work on many jewski of PGIM Real Estate; Mitch facing the subcommittee. That’s

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Loan products subject to credit approval. Banking products are provided by Synovus Bank, Member FDIC. 2019 ASHA50 because ASHA’s annual meeting, aging director of the seniors housing private. The panelists, all of whom which takes place in late January, is group at PGIM and former ASHA were retired, included Vicki Clark tailored exclusively for C-suite exec- chairman in 2004-2005, was the (Vintage Senior Living), Kayda John- utives, as is the mid-year meeting in keynote speaker for that inaugural son (Senior Resource Group) and June. That’s a striking contrast from program. Jerry Meyer (Áegis Living). the NIC Fall Conference, which annu- Levy described in detail the myr- “Everyone that we've asked to ally attracts more than 2,000 industry iad changes that he had experienced participate in the Rising Leaders professionals, including but certainly in the seniors housing business program — it’s a long list of people not limited to C-suite executives. over a 20-year period. He recalled — have been so incredibly willing The ASHA subcommittee’s solu- that in the early days development to help and have been gracious tion was to launch a twice-yearly revolved around either independent with their time. They’ve been very meeting exclusively for rising lead- living or assisted living communi- thoughtful. It’s been a pleasure to ers that would include rich network- ties. A continuum of care that com- watch,” says Schless. ing opportunities and educational bined both service lines in one build- The guest speakers at the Rising programming. ing was a rarity, and stand-alone Leaders meetings provide insights memory care was unheard of. that are more personal than the High-profile guest speakers The first Rising Leaders meeting presentations they make during The inaugural Rising Leaders took place June 15-16, 2016 at the the ASHA annual meeting or board assembly was a luncheon that Omni Interlocken Resort in Broom- meeting, says Schless. “They are occurred in the fall of 2015 and was field, Colorado. ASHA assembled a really talking about things that held prior to the NIC Fall Confer- panel of legendary operators who influence their thinking, their own ence, which took place at the Gay- shared their insights gleaned from career path, their own develop- lord National Resort & Convention decades of managing thousands of ment. There is a unique twist on the Center, located at National Harbor senior living communities for com- programming.” in Maryland. Noah Levy, then man- panies large and small, public and John Erickson, who in 1983

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82 2019 ASHA 50 2019 ASHA50 founded Erickson Retirement Communities (renamed Erickson Living in 2009 after the sale of the company) and became a pioneer in the development of large-scale continuing care retirement communities, spoke at the Rising Leaders Fall Forum in Washington, D.C., a few years ago. “He is incredibly articulate on so many aspects of the business, but we spent probably as much time having him talk about healthcare since he was one of the pioneers when it came to some of the early Medicare pilot programs involving senior living communities. It’s really important to get that perspective of Grant Kraus, left, of Spectrum Retirement Communities, speaks with John Erickson, where the industry has come from right, who was the keynote speaker at the 2016 Rising Leaders Fall Forum in and — as it’s being recalibrated — Washington, D.C. Erickson, a pioneer in the development of large-scale continuing care retirement communities, founded Erickson Retirement Communities in 1983. where it is going.” Steven Vick, CEO of Pegasus Idaho, the group took a guided at some point down the road. In other Senior Living, which manages hike of the Mineral Ridge National instances, they are individuals who dozens of communities across the Recreation Trail. “I know it sounds are climbing the ladder,” says Schless. country, has been involved in the counterintuitive, but you really do Several of the rising leaders work seniors housing industry since the end up having a chance to talk with at the property level as executive late 1980s. Vick addressed a Rising a number of people,” says Schless. directors, but collectively the group Leaders gathering a few years ago in A craft beer-tasting event also exhibits a wide range of professional Incline Village, Nevada, located on has become a signature part of the experience. “We have had rising lead- the north shore of Lake Tahoe. Rising Leaders program. “It so ers from human resources, interior “When you have an opportunity happened that the first year we were design, operations, capital markets to listen to somebody like Steven in (Broomfield) Colorado there was and development,” says Schless. talk candidly about the business for a little brewpub at the hotel. At the Over 100 of the program’s par- 45 minutes or an hour, it’s a remark- suggestion of Jacob Gehl of Blue- ticipants attend the June meeting, able experience because he’s some- print Healthcare Real Estate Advi- and roughly 75 attend ASHA’s fall one who has seen so many things. sors, we added the beer tasting. It forum that piggybacks onto NIC’s He has just an incredible under- was a big hit and a lot of fun. Again, Fall Conference. As participants in standing of development, operations, it’s an opportunity to have a beer the program, they receive access software, accounting, people and and connect with other rising lead- to ASHA’s archive of e-newsletters, labor,” says Schless. ers from companies across the field. “ special issue briefs and research Speakers are encouraged to not reports. “We’re giving them carte only share their successes, but also What’s the profile of a rising leader? blanche to a lot of great materials on their failures. How did they deal There are about 200 participants a whole range of different topics,” with adversity in their careers and in the Rising Leaders program. Their emphasizes Schless. what were the lessons learned? “It’s ages vary, but most are in their late Program participants aren’t just a slightly different wrinkle on the 20s and 30s. Many have already absorbing information from mentors. traditional programming,” says attained a level of success within They’re trying to leverage their skills Schless. their organization, with some already as a group to complete projects. For A group activity, frequently a hike, at the senior vice president level. example, the group conducted a sur- has become an important part of the “They’re not in the C-Suite, but vey that examined the length of time, Rising Leaders program because it they are people who have significant complexity, and cost of the change of allows for networking in a relaxed experience and have had significant ownership process in assisted living setting. During the June meeting success — someone that a corporate in all 50 states and the District of that took place at Coeur d’Alene, leader sees in a position of leadership Columbia. ASHA e-mailed a report

2019 ASHA 50 83 2019 ASHA50

program, Paris feels as if she has become plugged into the seniors housing industry. At the same time, the program has given her a deeper appreciation of her job and the work ProMatura does. “It’s been fun to see the impact of the research stack on my desk — how it gets put into practice.” At the recent meeting in Coeur d’Alene, Paris provided her colleagues with a few takeaways from ProMatura’s newly completed study, titled “People, Place, Programming: Quality of Life in Assisted Living.” Conducted on behalf of ASHA, Rising Leaders during the 2017 June meeting hike in Lake Tahoe. Guides spoke to the online survey of 2,322 assisted the participants about the local geology, native Washoe culture and the unique sub-alpine conditions of the Tahoe Basin. living customers and 605 family members across 106 communities of the survey's findings to its mem- housing. She also leads ProMatura’s revealed that the opinions and per- bers late this summer. resident satisfaction and employee ceptions of assisted living residents Based on the surveys that ASHA engagement studies conducted in were frequently different from those regularly conducts after the meet- large and small markets across the of family members on an assortment ings, the feedback from participants United States, Canada, Australia, of issues. in the Rising Leaders program has and the United Kingdom. For example, 40 percent of been tremendous, according to The 36-year-old Paris has been a assisted living customers cited Schless. “They have enjoyed the pro- member of the Rising Leaders pro- camaraderie as a primary driver of gram content, and they’ve enjoyed gram since its inception in 2015 and feeling at home compared with only the networking and the social has attended all but one meeting. 32 percent of family members who connections.” Her only absence came two years indicated it was a primary driver. ago when she was on maternity Some 16 percent of assisted living Staying plugged in pays off leave for the adoption of her new- customers indicated that quality of Kristen Paris joined ProMatura born son. family visits was a primary driver of Group LLC in 2012 as a senior “In any career, any job, making their overall satisfaction compared research analyst after receiving her connections is a big deal. It’s a goal with just 7 percent of family mem- doctoral degree in experimental that everyone should have,” says bers who felt that way. social psychology from the Univer- Paris. “The Rising Leaders program “It was my first time speaking at an sity of Mississippi. She was later provides numerous opportunities ASHA conference, but it seemed to be promoted to director of market for networking and collaboration. It very well received,” says Paris. “I got research and then vice president of allows for the sharing of information lots of questions and it spurred lots of market research. and ideas, as well as opportunities discussion throughout the rest of the Founded in 1984 by CEO Mar- to learn and grow. I personally have conference. I’ve sent my presentation garet Wylde, ProMatura is a global made a number of connections to a number of folks who requested market research and advisory firm with other rising leaders across the a copy to take back for their team based in Oxford, Mississippi, that country. I've had opportunities to meetings and such. Overall, it was a specializes in consumers 50 years collaborate on projects.” great experience for me.” of age and older. Wylde serves on In a sense, Paris grew up in the ASHA’s executive board. seniors housing industry. Her dad, Program spurs expansive thinking As part of ProMatura’s consumer aunt and grandparents were all Anne Campbell, regional direc- research team, Paris is primarily skilled nursing owners and oper- tor of operations and innovative responsible for analyzing and ators. “I didn't ever plan to work programming at Juniper Commu- reporting the findings stemming in the industry, but the stars have nities, has been active in the Rising from telephone, mail and Inter- aligned and here I am,” she says. Leaders program since 2016. Camp- net surveys that focus on seniors Since joining the Rising Leaders bell joined Juniper in 2014 when the

84 2019 ASHA 50 2019 ASHA50

company acquired executed and has live two miles from the CCRC that I ‘ Brookline Village, I personally have made a reinforced the was originally with. I don’t go there a continuing care number of connections importance of own- every day, but I go there frequently retirement commu- with other rising leaders ers and operators enough that I can spend time with nity (CCRC) in State across the country. I've having an align- the people who live there. That’s the College, Pennsylvania. had opportunities to ment of interests. social worker in me.” At the time, Camp- collaborate on projects.’ “Rising Leaders Campbell also works closely with bell was serving as — Kristen Paris, Ph.D. made it all a little Juniper’s founder and CEO Lynne executive director Vice President, Market Research bit more macro for Katzmann and other core team mem- of Brookline Village, ProMatura Group LLC me,” she says. bers on innovative programming, now known as Juni- Campbell has primarily through Connect4Life. per Village at Brookline. been particularly A national owner and operator of “I like to say that I was adopted impressed with seniors housing communities, Bloom- by Juniper in 2014,” says Campbell. the high caliber field, New Jersey-based Juniper Com- “I came with the building when of speakers fea- munities developed Connect4Life a Juniper acquired the CCRC.” Camp- tured at the Rising few years ago in an effort to improve bell switched to her new role with Leaders meet- the overall resident experience and Juniper Communities in January of ings. “I’ve had the achieve better health outcomes. this year, following seven years as opportunity to meet people from Connect4Life integrates on-site executive director of Juniper Village different sectors within the indus- comprehensive therapy, primary at Brookline. try. These are the experts in their care, pharmacy and lab ser- Campbell is quick to point out respective fields working in the vices with other services using a that the four Rising Leaders meet- trenches. They’re not consultants to “high-tech/high-touch” communica- ings she has attended have helped the industry. Hearing their perspec- tions protocol that transfers infor- her develop a more well-rounded tive on [issues and trends] is really mation through an electronic health understanding of the seniors hous- interesting.” record (EHR) and coordinates care ing industry that goes far beyond The 45-year old Campbell is a through a human navigator, accord- the perspective of a local operator. graduate of Bloomsburg University ing to the company’s website. “I knew my own market. I knew of Pennsylvania — located along After attending a few Rising my buildings. I knew my team. I the Susquehanna River in northeast Leaders meetings, Campbell began knew all of those things, and I was part of the state — where she earned to think more expansively about really good at that,” says Campbell. a bachelor’s degree in social work. her job and the programs she had “The Rising Leaders program opened Prior to joining Juniper, Campbell implemented at Juniper Village at up the broader world spent approxi- Brookline. “It made me ask, ‘Wait a to me in the indus- The Rising Leaders program mately five years minute, how could this impact our try, not only on the ‘exposed me to different working for various whole company? How can we recre- operations side but people in different settings. state and county ate this somewhere else?’” also on the finance The whole thing has been a agencies as a social Two successful pilot programs side. That was all learning experience for me worker serving that began at Juniper Village at new to me, and the because I was pretty local older adults. “I Brookline are in the process stages of program exposed me in my thinking and the way really had no inten- being rolled out across the company. to different people in I operated day to day.’ tion of joining this The first program is REfresh Body, different settings. The — Anne Campbell industry, but it kind Mind & Spirit, which encourages whole thing has been Regional Director of Operations of found me and it’s both senior living residents and staff a learning experience and Innovative Programming where I found my members to be more attuned to the for me because I was Juniper Communities home [career-wise],” health of the body and mind in order pretty local in my thinking and the she says. to function with more awareness. way I operated day to day.” Despite her new REfresh draws upon the theory While Campbell possesses years role, she is still able and research of positive psychology, of experience analyzing profit-and- to stay abreast of neuroscience, mindfulness training, loss statements at the property level, what’s happening and mind-body disciplines such the Rising Leaders program content at Juniper Village as yoga and movement therapy, has educated her on the finer points at Brookline. “I according to Juniper’s website. The of how property acquisitions are am fortunate that I program has received favorable

2019 ASHA 50 85 2019 ASHA50

product and the service delivery,” says Schless. “For this current group of rising leaders, you can just see the disruptors out there. You’re not really sure exactly how they will impact the senior living business, but they clearly will.” One of the biggest challenges facing owners and operators today is finding a way to stand out from their competitors in order to gain customers, says Paris. “Along that same vein, as our industry grows the rising leaders who want to stand out, who want that next promotion, who want to be recognized for their Rising Leaders enjoy the rustic scenery of Park City, Utah, as they network during positive impact on our industry, the welcome reception of the 2018 June meeting at the Grand Summit Hotel. have to find unique and meaningful ways to do so.” reviews among survey participants community was chosen as a test site Paris recognizes that seasoned because of its effectiveness in reduc- part because of its close proximity industry veterans that came before ing stress. to Penn State University in State her like Erickson, Levy, Vick and The second program that Juniper College. The college students are Wylde and many others have set the has just started to roll out is Broad- incorporated into the rehearsal and bar quite high for the next genera- way Senior, a new series of adapta- performance process in order to tion of leaders. “You can't be medio- tions of popular Broadway musi- assist and support seniors through- cre and succeed in this industry.” cals performed by senior citizens. out the experience. What worked 20 or 30 years ago According to Playbill, a major the- on the development and operational ater news outlet, Broadway Senior Challenges and opportunities front, may no longer work today, is tailored to meet the needs of older The next generation of leadership says Campbell. “That model we individuals. The adaptations feature in seniors housing is going to have relied on for so long needs to be shortened running times and spe- to grapple with more rapid change looked at. We need to say, ‘We need cific production resources, such as than its predecessors because of to do something new.’ It’s like the the use of of bold fonts and light- disruptive forces such as technology leaders of the past had to do.” weight scripts, in addition to apps and a revamped healthcare system, that allow performers to rehearse in says Schless. Measuring success their own keys, while slowing down The product is also changing Much like a teacher is cheering tempos during rehearsals. in response to evolving consumer for his or her students to go on and The program is the brainchild of preferences. The location of where accomplish great things, Schless Freddie Gershon, the co-chairman properties are built also is likely to wishes the same for the Rising and former CEO of theatrical licens- shift to meet the new demands of Leaders participants. “There is just ing company Music Theatre Inter- consumers. And then there is the a great feeling when you know that national (MTI), reports Playbill. In issue of whether many seniors will you are helping someone build 1994, Gershon conceived of adapting even be able to afford private-pay connections and friendships and and condensing Broadway musicals seniors housing in the future. In professional relationships,” he says. to be performed by elementary and short, moving forward a heightened Schless is also hopeful that 10 middle school students. sense of uncertainty exists as to who years from now many of the current Gershon tested the Broadway is likely to move into seniors hous- participants in the Rising Leaders Senior program’s viability by ing communities. program will be actively involved seeking feedback from cast mem- “For many years we knew who as executive board members of bers, communities, artistic direc- we were serving. We knew how ASHA. “I am confident we will have tors, and audiences with a handful they were going to pay for their leaders of ASHA down the road of sites across the U.S., including housing and services. There were who say, ‘I was involved in that Juniper Village at Brookline. The obvious ways to improve upon the program.’” n

86 2019 ASHA 50 SENIOR CARE IS CHANGING. IS YOUR STRATEGY?

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