2020 ASHA

The 50 largest U.S. 50seniors housing real estate owners and operators

The Hacienda at the River in Tucson, Arizona, operated by Watermark Retirement Communities.

Special supplement to n Seniors Housing Business n Heartland Real Estate Business n Northeast Real Estate Business An exclusive n Southeast Real Estate Business report from the n Texas Real Estate Business American Seniors n Western Real Estate Business Housing Association Excellence. Sustained. Strong relationships with true industry leaders are more vital than ever in these unprecedented times. For more than 20 years, Ventas has been a proud partner and investor supporting best-in-class senior living operators and providers. We continue to be inspired by their tireless work in helping to keep seniors safe and well.

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Sustained. Our nationally-recognized platform has expertise Strong relationships with true industry leaders are more vital in projects of all sizes and scopes than ever in these unprecedented times. For more than 20 years, Ventas has been a proud partner and investor supporting best-in-class senior living operators and providers. We continue to be inspired by their tireless work in helping to keep seniors safe and well.

As one of the world’s premier capital providers, Ventas remains deeply committed to the success of our shareholders and business partners, and to the individuals and families they serve. ventasreit.com $5B $6B TOP RANKED IN SENIORS AND IN SENIORS AND LENDER HEALTHCARE HEALTHCARE WITH FANNIE MAE, FINANCING* PROPERTY SALES** FREDDIE MAC & HUD

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ASSISTED LIVING  SUPPORTIVE LIVING  INDEPENDENT LIVING  MEMORY CARE SKILLED NURSING  TRANSITIONAL CARE  CONTINUING CARE  LAND LONG TERM CARE  PHARMACIES  AGE RESTRICTED To fund your vision, visit WalkerDunlop.com SENIOR HOUSING | MEDICAL OFFICE BUILDINGS | RESEARCH & INNOVATION HEALTH SYSTEMS | POST ACUTE CARE * Since 2009. **Transactions completed while at another brokerage fi rm. CA loans made or arranged pursuant to a California Financing Law license. 2020 ASHA50 Inside The 2020 ASHA 50 2020 Top 50 Owners 8 This special edition of Seniors designed and operated exclusively Housing Business features the 27th for adults age 55 years and over. 2020 Top 50 Operators 12 annual compilation by the Amer­ Units where residents receive Section ASHA 50 Survey Highlights 16 ican Seniors Housing Association 8 or equivalent rental subsidies, Q&A: Allegro’s Doug Schiffer (ASHA) of our industry’s author­ single-family homes, hotel rooms, and ASHA’s David Schless 18 itative ranking of the nation’s stand-alone skilled nursing beds, or largest seniors housing owners mobile home units and pads are not For Allegro, and operators. included. Additionally, the ASHA 50 Tri-State Region Beckons 44 To ensure the accuracy of the rankings do not include properties ASHA Executive Committee 48 2020 ASHA 50, ASHA assembled where more than 30% of the units are a list of prospective ranked compa­ licensed for skilled nursing. ASHA Executive Board 49 nies from every available source. Respondents were requested not ASHA Advisory Committee 60 A senior officer from each firm to report properties owned indi­ was asked to provide its current rectly through ownership of shares ASHA Associate Members 64 holdings as of June 1, 2020. Data in another company and were ASHA Staff 70 was also used from outside sources instructed not to include proper­ deemed reliable, such as public ties leased from other owners for Walk To End Alzheimer’s 72 filings. Companies listed in the purposes of calculating the ASHA ASHA Mission 74 ASHA 50 are not required to be 50 owners list. members of ASHA, although most The ASHA 50 was compiled ASHA Member Application 75 that appear in this year’s rankings and analyzed by Meghan “Megs” ASHA Bookstore 76 are ASHA members. Bertoni and David Schless of ASHA, For purposes of this survey, who express their appreciation to ASHA’s Advocacy Focus 77 seniors housing units include inde­ the industry leaders for their partic­ Senior Living Hall of Fame 78 pendent living units and assisted ipation in this annual effort. living beds, as well as memory Washington Update care/Alzheimer’s units and skilled For those readers interested ASHA’s lobbying efforts yield nursing beds, which are part of a in more information about COVID-19 relief funds 80 larger retirement living complex the American Seniors Ventas exec Justin Hutchens (such as a continuing care retirement Housing Association, is up for the challenge 82 community/life plan community), please visit our website at and include rental, entrance fee units www.seniorshousing.org.

The 2020 ASHA 50 is a publication of American Seniors Housing Association 5225 Wisconsin Ave., NW, Suite 502 Washington, DC 20015 www.seniorshousing.org

The 2020 ASHA 50 is published in cooperation with France Media Inc., Atlanta, GA. ©2020 France Publications Inc., d/b/a France Media Inc., www.francemediainc.com. The 2020 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 2020 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 and design by Robin Sherman Editorial and Design Services, Savannah, GA, www.linkedin.com/in/robin-sherman-edit-design

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MARKET ACTIVITY SINCE INCEPTION

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Senior Housing investment activity includes over 225 properties with a gross cost of $8.9 billion

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housing, student housing, healthcare delivery, life sciences and storage real estate as well as

social and utility infrastructure.

Data as of June 30, 2020

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SHB ASHA Ad_final.indd 1 8/5/2020 1:18:24 PM 2020 ASHA50 2020 ASHA 50 Owners 50 Largest U.S. Seniors Housing Owners as of June 1, 2020* 2020 Chief 2020 2020 Rank Company Headquarters Executive Properties Units 1 Welltower Inc. Toledo, OH Thomas DeRosa 701 68,689 2 Ventas Inc. Chicago, IL Debra Cafaro 665 58,425 3 Brookdale Senior Living Brentwood, TN Lucinda Baier 348 31,130 4 Healthpeak Properties Irvine, CA Thomas Herzog 218 30,401 (formerly HCP Inc.) 5 Boston Capital Boston, MA Jack Manning 404 29,193 6 Diversified Healthcare Trust Newton, MA Jennifer Francis 247 27,253 (formerly Senior Housing Properties Trust) 7 Colony Capital, Inc. (formerly Los Angeles, CA Richard Welch 208 18,764 Colony NorthStar Healthcare) 8 Harrison Street Real Estate Capital Chicago, IL Christopher Merrill 114 16,419 9 National Health Investors (NHI) Murfreesboro, TN Eric Mendelsohn 148 12,852 10 Senior Lifestyle Chicago, IL Jon DeLuca 133 12,475 11 New Senior Investment Group New York, NY Susan Givens 103 12,439 12 Bridge Seniors Housing Orlando, FL Robb Chapin 99 11,500 Fund Manager 13 Kayne Anderson Boca Raton, FL Al Rabil 82 11,357 Real Estate Advisors 14 Enlivant Chicago, IL Jack Callison 229 10,798 15 Holiday Retirement Winter Park, FL Lilly Donohue 85 10,253 16 LCS Des Moines, IA Joel Nelson 48 10,095 17 ReNew REIT Toledo, OH George Chapman 98 10,067 18 ACTS Retirement-Life West Point, PA Gerald T. Grant 26 9,551 Communities Inc. 19 Pacifica Senior Living San Diego, CA Deepak Israni 76 9,234 20 Erickson Living Baltimore, MD R. Alan Butler 10 8,758 21 Omega Healthcare Investors Inc. Hunt Valley, MD C. Taylor Pickett 132 8,277 22 Presbyterian Homes & Services Roseville, MN Daniel Lindh 51 8,264 23 Merrill Gardens Seattle, WA Tana Gall 70 8,195 24 Sabra Health Care REIT Inc. Irvine, CA Richard K. Matros 101 8,074 25 CNL Healthcare Properties Orlando, FL Steve Mauldin 71 7,950

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

8 2020 ASHA 50 2020 ASHA50 2020 ASHA 50 Owners 50 Largest U.S. Seniors Housing Owners as of June 1, 2020* 2020 Chief 2020 2020 Rank Company Headquarters Executive Properties Units 26 Greystar Real Estate Partners Charleston, SC Robert Faith 40 7,949 27 American Healthcare Investors Irvine, CA Dan Prosky 83 7,911 28 Capital Senior Living Corporation Dallas, TX Kimberly Lody 79 7,650 29 The Evangelical Lutheran Sioux Falls, SD Randy Bury 93 7,619 Good Samaritan Society 30 Hawthorn Retirement Group LLC Vancouver, WA Patrick Kennedy 62 7,564 31 USA Properties Fund Inc. Roseville, CA Geoffrey Brown 50 7,151 32 American House Southfield, MI Dale Watchowski 62 6,891 Senior Living Communities 33 Highridge Costa Companies Los Angeles, CA Michael Costa 63 6,413 34 LTC Properties Inc. Westlake Village, CA Wendy Simpson 107 6,173 35 Invesque Carmel, IN Scott White 72 5,804 36 Healthcare Trust Inc. New York, NY Michael Weil 70 5,663 37 Benchmark Senior Living Waltham, MA Thomas Grape 61 5,616 38 Spectrum Retirement Denver, CO Jeffrey Kraus | 41 5,564 Communities John Sevo 39 Brightview Senior Living Baltimore, MD Marilynn Duker 41 5,539 40 HumanGood Pleasanton, CA John Cochrane III 21 5,474 41 Lifespace Communities West Des Moines, IA Jesse Jantzen 15 5,238 42 Covenant Living Communities & Skokie, IL Terri Cunliffe 17 5,229 Services (formerly Covenant Retirement Communities) 43 Capitol Seniors Housing Washington, DC Scott Stewart 39 4,764 44 CPF Living Communities | Sarasota, FL John Rijos | 43 4,655 Grace Management Inc. Guy Geller 45 PGIM Real Estate Madison, NJ Eric Adler 38 4,504 46 Capital Health Group LLC Baltimore, MD Kenneth Assiran 45 4,435 47 Belmont Village Senior Living Houston, TX Patricia Will 30 4,368 48 Kisco Senior Living Carlsbad, CA Andrew Kohlberg 22 4,232 49 Westminster Communities Orlando, FL Terry Rogers 13 4,155 of Florida 50 Pennant Group, Inc. Eagle, ID Daniel H. Walker 53 4,127 (formerly Ensign Group)

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

2020 ASHA 50 9 There’s strength in community.

Now more than ever, community matters. At Erickson Living,® the size and strength of our network of communities makes it possible for us to meet the needs of seniors, in body, mind, and spirit. Perhaps that’s why 27,000 people in 11 states say they’re living better lives at their Erickson Living-managed community.

Visit EricksonLiving.com to learn why our managed communities are such great places to live and work. 14258931 Experience Is Everything®

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Experience makes all the difference. ® For more than 45 years, the LCS CPS Family of Companies has dedicated itself to exceeding the expectations of every resident and partner we serve. As the second-largest operator of senior living communities, our team provides an expansive portfolio of Hexagon support services, including expertise in the management and development of Life Plan and rental communities. We are committed to boosting your community’s financial performance, increasing occupancy, and developing See the difference at new lifestyle and health initiatives. LCSnet.com See what the LCS difference can do for you. 2020 ASHA50 2020 ASHA 50 Operators 50 Largest U.S. Seniors Housing Operators as of June 1, 2020* 2020 Chief 2020 2020 Rank Company Headquarters Executive Properties Units 1 Brookdale Senior Living Brentwood, TN Lucinda Baier 728 62,562 2 LCS Des Moines, IA Joel Nelson 134 40,001 3 Holiday Retirement Winter Park, FL Lilly Donohue 261 31,684 4 Five Star Senior Living Inc. Newton, MA Katie Potter 242 27,398 5 Sunrise Senior Living Inc. McLean, VA Chris Winkle 268 24,641 6 Erickson Living Baltimore, MD R. Alan Butler 19 23,441 7 Atria Senior Living Inc. Louisville, KY John Moore 178 21,722 8 Senior Lifestyle Chicago, IL Jon DeLuca 190 19,027 9 Capital Senior Living Corporation Dallas, TX Kimberly Lody 124 11,878 10 Enlivant Chicago, IL Jack Callison 229 10,798 11 Watermark Retirement Tucson, AZ David Barnes 59 10,023 Communities 12 Eclipse Senior Living Inc. Lake Oswego, OR Kai Hsiao 108 9,792 13 ACTS Retirement-Life West Point, PA Gerald T. Grant 26 9,551 Communities Inc. 14 Discovery Senior Living Bonita Springs, FL Richard Hutchinson 62 9,310 15 Pacifica Senior Living San Diego, CA Deepak Israni 76 9,234 16 Leisure Care Seattle, WA Dan Madsen 54 9,113 17 Greystar Real Estate Partners Charleston, SC Robert Faith 46 8,983 18 Presbyterian Homes & Services Roseville, MN Daniel Lindh 55 8,772 19 Frontier Management LLC Portland, OR Greg Roderick 108 8,737 20 Merrill Gardens Seattle, WA Tana Gall 70 8,195 21 The Evangelical Lutheran Sioux Falls, SD Randy Bury 104 8,027 Good Samaritan Society 22 Hawthorn Retirement Group LLC Vancouver, WA Patrick Kennedy 65 7,867 23 Meridian Senior Living Bethesda, MD Robert Sweet | 83 7,815 Timothy O’Brien 24 Integral Senior Living Carlsbad, CA Collette Gray 69 7,778 25 Capstone Real Estate Services Austin, TX Grant Berkey 49 7,082

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

12 2020 ASHA 50 2020 ASHA50 2020 ASHA 50 Operators 50 Largest U.S. Seniors Housing Operators as of June 1, 2020* 2020 Chief 2020 2020 Rank Company Headquarters Executive Properties Units 26 USA Properties Fund Inc. Roseville, CA Geoffrey Brown 48 7,004 27 American House Southfield, MI Dale Watchowski 62 6,891 Senior Living Communities 28 CPF Living Communities | Sarasota, FL John Rijos | 58 6,760 Grace Management, Inc. Guy Geller 29 Spectrum Retirement Denver, CO Jeffrey Kraus | 47 6,284 Communities John Sevo 30 Senior Resource Group Solana Beach, CA Michael Grust 31 6,114 31 Sagora Senior Living Fort Worth, TX Bryan McCaleb 39 5,704 32 Benchmark Senior Living Waltham, MA Thomas Grape 61 5,616 33 Brightview Senior Living Baltimore, MD Marilynn Duker 41 5,539 34 Gardant Management Bourbonnias, IL Rod Burkett 56 5,458 Solutions Inc. 35 Lifespace Communities West Des Moines, IA Jesse Jantzen 15 5,238 36 HumanGood Pleasanton, CA John Cochrane 20 5,201 37 Covenant Living Communities & Skokie, IL Terri Cunliffe 16 5,175 Services (Formerly Covenant Retirement Communities Inc.) 38 The Arbor Company Atlanta, GA Judd Harper 42 4,801 39 Westminster Communities Orlando, FL Terry Rogers 16 4,614 of Florida 40 Belmont Village Senior Living Houston, TX Patricia Will 30 4,368 41 Bridge Seniors Housing Orlando, FL Robb Chapin 29 4,358 Fund Manager 42 Elegance Living Baltimore, MD Joshua Krull 43 4,300 43 Kisco Senior Living LLC Carlsbad, CA Andrew Kohlberg 22 4,232 44 American Healthcare Investors Irvine, CA Danny Prosky 44 4,200 45 Pinnacle Senior Living Longview, TX Brian Hulse 53 4,127 (formerly Bridgestsone) 46 Integrated Real Estate Group Southlake, TX Rick Simmons 28 4,110 47 Vi Chicago, IL Randy Richardson 10 4,096 48 Pacific Retirement Services Medford, OR Brian McLemore 11 3,785 49 Retirement Center Management Houston, TX James Gray 35 3,759 50 The Kendal Corporation Kennett Square, PA Sean Kelly 13 3,629

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

2020 ASHA 50 13 We are a fully capitalized bridge lender based in Seattle, WA serving borrowers nationwide. Our loans range from $10 million to $100 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.

VILLAGE AT WHITE RIVER JUNCTION, VT Avant garde senior living tarzana, ca LOAN AMOUNT $29,000,000 LOAN AMOUNT $11,250,000 PURPOSE Stabilization and Bridge to Refinance PURPOSE Bridge to HUD OVERVIEW Refinanced the construction loan on a newly OVERVIEW The loan was a Second Lien mortgage constructed high-end AL/MC facility in White and provided cash out proceeds to River Junction, VT. Loan proceeds were also acuire another seniors housing facility used to pay off minor cost over-runs and in Southern California. preferred equity partner.

Billy Meyer ERIC JORDAN Kari Luttinen Lauren smyle Will Nelson (206) 734-3979 (206) 350-5190 (206) 294-7932 (206) 257-3724 (206) 576-0769 [email protected] [email protected] [email protected] [email protected] [email protected]

*Represents the most recent Seniors Housing loan transactions. Provided as representative examples of some of the types of loans provided. Terms of each loan may vary. Columbia Pacific Advisors, LLC is an SEC registered investment adviser. Registration does not imply any level of skill or training.

2020 ASHA50 2020 ASHA 50 survey highlights Publicly traded companies account for 53% of owned units and 20% of operated units.

The 2020 ASHA 50 survey reflects Number of units owned Merrill Gardens expanded its totals as of June 1, 2020. Collected and operated, 2020* owned portfolio by 4,723 units from a few months into the COVID-19 2019. Other owners with notable pandemic, the data does not por­ Owners Units growth include Harrison Street Real tray any significant changes to the Estate Capital (4,626 units added) Median portfolio size 7,949 portfolios of the largest owners and and Healthpeak Properties (4,652 operators that are a consequence of Mean portfolio size 11,902 units added. the coronavirus outbreak in the U.S. Portfolio size ACTS Retirement-Life Com­ of largest owner 68,689 munities ranks as the largest Seniors Housing Real Estate Owners Portfolio size not-for-profit ASHA 50 owner with The total number of units owned of owner ranked #50 4,127 9,551 units, followed by Presbyte­ by the largest 50 U.S. seniors hous­ rian Homes & Services (8,264 units), Total units owned 595,101 ing owners is 595,101 units. The Evangelical Lutheran Good The largest five owners account Operators Units Samaritan Society (7,619 units), for over a third (37%) of the total HumanGood (5,474 units), Lifes­ units in this year’s ASHA 50. Median portfolio size 7,043 pace Communities (5,238 units) and Welltower Inc. remains the largest Mean portfolio size 10,576 Covenant Living Communities & owner of senior living in the U.S. Services, formerly Covenant Retire­ Portfolio size with 68,689 units followed by Ventas of largest operator 62,562 ment Communities, (5,229 units). Inc. with 58,425 units. Brookdale The minimum threshold for Senior Living remained the third Portfolio size ranking on the ASHA 50 owners list of operator ranked #50 3,629 largest owner with 31,130 units increased to 4,127 units in 2020. despite shedding ownership of Total units operated 528,794 more than 20,000 units. Healthpeak *Select data has been collected in partnership Seniors Housing Operators Properties, formerly HCP, moved with Ziegler by Lisa McCraken and Cathy Owen. The total number of units man­ into the number four slot with housing units include: Boston Cap­ aged by the largest 50 seniors hous­ 30,401 units, followed by Boston ital (29,193 units), Harrison Street ing operators is 528,794 units. Capital, with 29,193 units rounding Real Estate Capital (16,419 units), Brookdale Senior Living remains out the largest five owners. Senior Lifestyle (12,475 units), the industry’s largest operator Publicly traded companies in this Bridge Seniors Housing Fund Man­ with 62,562 units, despite shedding year’s ranking represent 16 of the ager (11,500 units), Kayne Anderson management of 14,241 units since largest 50 owners, and account for Real Estate Advisors (11,357 units), the previous year. LCS remains over half (53% or 313,671 units) of Enlivant (10,798 units), Holiday the second largest operator (40,001 the total owned units. Retirement (10,253 units), LCS units), followed by Holiday Retire­ Privately held, for-profit compa­ (10,095 units) and ReNew REIT ment (31,684 units), Five Star Senior nies that own 10,000 or more seniors (10,067 units). Living (27,398 units) and Sunrise

Seniors housing units owned by largest 10 & largest 25 firms, 2000-2020( in thousands)*

500 ● Largest 25 400 ● Largest 10 300

200

100

0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 *Select data has been collected in partnership with Ziegler by Lisa McCraken and Cathy Owen.

16 2020 ASHA 50 2020 ASHA50

Seniors housing units operated by largest 10 & largest 25 firms, 2000-2020( in thousands)*

450 400 ● Largest 25 350 ● Largest 10 300 250 200 150 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 *Select data has been collected in partnership with Ziegler by Lisa McCraken and Cathy Owen.

Senior Living (24,641 units). The five which assumed management of 21 closely follows with 8,772 units. largest operators account for around communities that had been operated Other large not-for-profit operators one third (35%) of the total managed by Blue Harbor, increased its man­ include The Evangelical Lutheran units of the ASHA 50 operators. aged portfolio by 3,954 units. Other Good Samaritan Society (8,027 There are only four public compa­ operators with notable growth over units), Lifespace Communities (5,238 nies among the ASHA 50 operators, the past year include Integral Senior units), HumanGood (5,201 units), but collectively they account for a Living (1,898 units added), Lifespace Covenant Living Communities & fifth (20% or 105,965 units) of the Communities (1,227 units added), Services, formerly Covenant Retire­ reported units managed. The largest and Greystar Real Estate Partners ment Communities, (5,175 units), publicly traded companies include (1,151 units added). and Westminster Communities of Brookdale Senior Living (62,562 ACTS Retirement-Life Communi­ Florida (4,614 units). units), Five Star Senior Living (27,398 ties is the largest not-for-profit oper­ The minimum threshold for units), and Capital Senior Living ator, with a portfolio of 9,551 units. inclusion on the 2020 ASHA 50 oper­ Corp. (11,878 units). Presbyterian Homes & Services ators list is 3,629 units. n Private, for-profit companies that operate more than 10,000 units include: LCS (40,001 units), Holiday Retirement (31,684 units), Sunrise Senior Living (24,641 units), Erickson Living (23,441 units), Atria Senior Living (21,722 units), Senior Life­ style (19,027 units) Enlivant (10,798 units), and Watermark Retirement Communities (10,023 units). LCS expanded its managed portfolio by 4,458 units between 2019 and 2020, and newly created Elegance Living makes its ASHA 50 debut with 4,300 units under management. Merrill Gardens,

There are only four public companies among the ASHA 50 operators, but collectively they account for a fifth (20% or 105,965 units) of the reported units managed. The largest publicly traded companies include Brookdale Senior Living (62,562 units), Five Star Senior Living (27,398 units), and Capital Senior Living Corp. (11,878 units).

2020 ASHA 50 17 2020 ASHA50 Q&A with Doug Schiffer and David Schless Senior living navigates through ‘unprecedented’ storm It’s all hands on deck as operators take extreme measures to keep residents healthy amid the COVID-19 pandemic, while ASHA leaders secure federal assistance and ramp up consumer outreach efforts.

By Matt Valley which the virus emanated, accord­ ing to health officials. When Doug Schifferwas elected to By the end of March, there a two-year term as chairman of the were approximately 3,900 deaths American Seniors Housing Associ­ and more than 189,000 confirmed ation (ASHA) in late January, little cases in the U.S., according to did he know that his world was Johns Hopkins University based in about to be turned upside down. Baltimore. To stop the spread of the Schiffer, who serves as president virus, governors in more than three and chief operating officer of St. dozen states issued a shelter-in- Louis-based Allegro Senior Living place mandate by early April. and is based in the firm’s Atlanta The coronavirus-induced shut­ office, succeeded Michael Grust, down of a wide swath of the econ­ CEO of Senior Resource Group, as omy led to massive furloughs and ASHA chairman. Prior to becoming layoffs and resulted in a 31.7 per­ chairman, Schiffer spent two years cent contraction of gross domestic as vice chairman of ASHA, which product (GDP) in the second quar­ helped prepare him for the chair­ ter on an annualized basis, accord­ man’s position. ing to a revised estimate from the Although the seniors housing ‘What ASHA and hopefully I can U.S. Commerce Department. sector was already facing chal­ bring to the table is that we’ve got Even with the temporary lock­ lenges at the start of Schiffer’s to get the word out about what downs and myriad other precau­ tenure due to pockets of over­ senior living really is. To me the tionary measures taken to stop the building, rising operating costs most surprising thing is how spread of the virus, the number and a labor shortage, the vital misunderstood senior living is.’ of COVID-19 deaths climbed to signs of the industry were still — Doug Schiffer approximately 191,000 nationally relatively healthy. Chairman, ASHA; as of Sept. 10, according to Johns Seniors housing occupancy President and Chief Operating Officer Hopkins University. increased 0.1 percent nationwide Allegro Senior Living The New York Times reported in the fourth quarter of 2019 to 88 that as of Sept. 10, the virus had percent, according to the National as “a critical or disastrous situation claimed the lives of more than 72,000 Investment Center for Seniors Hous­ created by a powerful concurrence residents and workers at nursing ing & Care (NIC). Notably, assisted of factors” — was brewing and homes and other long-term care living occupancy increased to 85.7 about to hit the U.S. full force. facilities for older adults in the U.S. percent in the fourth quarter — The first confirmed case of The figures are based on the news­ following a record low of 85.1 per­ COVID-19 in the U.S. occurred on paper’s database of over 18,000 cent earlier in 2019 — as demand Jan. 21 in Washington state. That’s long-term care facilities. Tragically, outpaced new inventory growth. when a man in his 30s was diag­ the deaths of residents and workers But a perfect storm — which the nosed with the virus after traveling at these long-term care facilities Merriam-Webster dictionary defines to Wuhan, China, the area from accounted for nearly 40 percent of all

18 2020 ASHA 50 2020 ASHA50 coronavirus deaths nationally as of communities had experienced More broadly speaking, in the Sept. 10, the newspaper found. positive cases of COVID-19 and that early days of the pandemic many To ensure the health and safety it was working with the National seniors housing operators expressed of their staffs and residents, private- Guard to sanitize the affected frustration over a lack of access to pay senior living communities such communities. “Residents who have testing, slow turnaround times on as Allegro Senior Living are follow­ tested positive are isolating in their testing and/or shortages of PPE. ing guidelines established by the apartment, where they will be cared Schiffer, who has more than 30 Centers for Disease Control and for by a dedicated team who is years of experience in commercial Prevention (CDC) and the states in following all CDC recommendations real estate, discussed Allegro’s which they operate. related to personal protective equip­ response to COVID-19, his top prior­ The company — which currently ment (PPE) and hygiene. Associates ity as ASHA chairman, and his out­ operates 22 luxury senior living who have tested positive will be look for the seniors housing industry communities mostly in the Southeast self-isolating and resting comfort­ in an hour-long interview conducted and Midwest and is in the midst ably at home for at least 14 days,” through Zoom video conferencing. of an expansion into the Northeast according to the statement. ASHA President David Schless also that will give it a total portfolio of In a July 13 update to its overall participated in the call. An edited slightly more than 3,000 units — coronavirus response, the company version of the interview follows: took early and aggressive action stated that visiting restrictions had to combat the virus. On March 13, begun to be lifted across the country, Q: To what extent has COVID-19 Allegro Senior Living established a but that the restrictions varied by impacted your communities? no-visitor policy to protect its resi­ location. The company advised the Doug Schiffer: We’ve experienced dents and employees from coming families and friends of loved ones COVID-19 positive cases at about into contact with the infection. to log on to their local community’s five of our communities. Two of our In April, Allegro announced on Facebook page for real-time updates buildings had it pretty intensely. its website that some of its Atlanta on visitor restrictions. In one building, we had 19 cases

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2020 ASHA 50 19 2020 ASHA50 between residents and associ­ The family member of an Allegro ates, and at another building I resident created this sign think the number was 15. So, acknowledging the ‘heroes’ working on the front lines at the unfortunately we had the virus senior living community. impact those two buildings pretty significantly, but we handled it aggressively. Knock on wood, your communities slowing? we’re now down to two cases in Schiffer: We have not expe­ the first building and one in the rienced any infections in quite other. a period of time now. That’s because we closely track who’s Q: Were the outcomes as good as coming and going at our you could have hoped for? buildings, and we also test staff Schiffer: We did suffer some and residents for COVID-19 as loss of life among residents in necessary. But there is reason our buildings. We did have some to be cautious as more families folks who were in the process of Q: And what about the associates? start to visit their loved ones in our actively dying, and while they did Have there been any serious illness or communities and our residents test positive for COVID-19, frankly I deaths to report across the portfolio? travel with their families before don’t think COVID had much to do Schiffer: No, all of our associates returning back to our buildings. with their deaths. We’re tracking the came through this beautifully, thank deaths that way in the event gov­ goodness. Stocking up on PPE ernmental entities seek our input Q: Much was written early on about about the cause of death at some Q: Have you seen the rate of seniors the insufficient supply of medical later point. testing positive for the virus in masks, gloves and gowns for health-

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© 2020 RealPage, Inc. All trademarks are the property of their respective owners. 2020 ASHA50 care workers. Has Allegro had During the early spring stages any problems securing the neces- of shelter-in-place, an Allegro sary PPE? Tallahassee family member’s colorful sign stated he misses Schiffer: We really didn’t. I the workers, residents and know that this is an issue many his grandpa. other operators have struggled with. Sometimes you’re lucky, and sometimes you’re good. I to the office. We had the PPE sent think in this case we were both. to St. Louis, and then he would We started the process in late personally box up the supplies February or early March, and needed at the various buildings we used unconventional sources. One [supplier] was a across our portfolio and send them out. We have some guy who had previously dealt with sanitary products amazing team members. I just conducted a Zoom confer­ for adult diapers. He said, “I see what’s happening with ence call with him earlier today, and behind him was a COVID, I’m going to see what sources I can get in China stack of boxes. It looked like a Tetris game behind him. or elsewhere.” He went for it, and we said, “Let’s go for it together.” We didn’t have as big of an issue as others did Q: How do you know how much PPE that you’ll need? with regard to PPE, but I guess we were scared early. Schiffer: I personally have no clue, but I know that we probably have three staff members who have it all Q: Did you stockpile PPE? Do you have a reservoir to tap figured out at this point. If we were to get a COVID-19 as needed? case in a building, they would know what supplies need Schiffer: Yes, we have very much stockpiled PPE. For a to be sent. At that point you are moving quickly from while, our director of operations answered the phone as a quarantine environment to an environment in which if he were the chief quartermaster. At the start of the pan­ a person is in isolation. Every time our nursing team demic, he was one of the few people who regularly went needs to enter that room, it’s going to require gloves, gowns, face shields, masks and all of that. And they have the necessary PPE. We have an entire isolation protocol set up for those situations.

Q: Early on during this pandemic did Allegro experience either a lack of access to testing or slow turnaround times on testing? WHEN NAVIGATING Schiffer: There was a small lab here in Atlanta that we UNCERTAIN TIMES, worked with very early on. We were able to essentially get 24-hour testing. We were getting results back by EXPERIENCE that evening. That went on for a few weeks until others MATTERS. got the name of the lab, and then things backed up to two or three days. But we’ve really never had it worse

Wood Memorial ElderHealth Village LBJ Medical Center than two or three days in terms of waiting to get the test results. Now we work with a total of three labs. We are still firm believers that the only very good test 115-Bed SNF 59-Unit MC 60-Bed SNF is the nasal swab. I know that the antibody test is starting Mineola, Texas Springfield, Oregon Johnson City, Texas July 2020 July 2020 July 2020 to pick up steam. There is the saliva test that is starting to pick up steam as well. But the only test that we’re Bishop Davies RidgeCrest Health Campus really using to give people the ability to come to work DELIVERING or to make sure they’re safe is still the nasal swab. (Since RESULTS this interview, Allegro has started to use other testing SINCE 1997 161-Bed SNF 90-Unit ALF|SNF Hurst, Texas Jackson, Michigan protocols, including the mid-turbinate swab. This test is a July 2020 August 2020 swab to the middle of the sinus cavity without needing to go as deep as the standard nasal swab.) CONFIDENTIALITY • COMMITMENT • CREDIBILITY

CHICAGO | 630.858.2501 Employees go the extra mile ST. LOUIS | 314.961.0070 Q: What have you learned about your company since this WWW.SLIBINC.COM pandemic hit the U.S. in mid-March?

22 2020 ASHA 50 2020 ASHA50

Schiffer: I always realized that I home. In the beginning of this viral tainly, independent living residents had great people, but now I’m into outbreak, the unit was considered were able to personally pick up their the amazement category. At one their home. The residents were truly meal because we closed the dining of our properties that experienced quarantined in their unit. That got rooms, but at least they had some infections, two of the individuals old very quickly. level of social interaction. Many who were totally asymptomatic, but Unless we had an incidence residents did not take us up on the infected, were our director of resi­ of COVID-19 in the building, we offer and stayed in their apartment, dent care and our wellness nurse. moved more toward the idea that so we delivered their meals. So, our two lead healthcare-type the building was the residents’ As daily life began to evolve into people had it, and they worked home, so they were able to move more of a routine, we were able to from home. They were doing all around inside the building. Cer­ start having some minor lifestyle the calls in terms of contact tracing. They continued working. I was amazed by that. We said, “Get out of here, go home.” And they said, “OK, but we want to continue working.” I said, “great.” At the same time, we needed to cover those shifts in their absence. My vice president of nurs­ ing willingly drove from her home to this particular property and she sat in their seat for four weeks. She ran to the fire. I was amazed. Here’s what I learned: You treat people ARI ADLERSTEIN well, and they’ll treat you even Managing Director 212.612.0174 better. [email protected] ARI DOBKIN Fatigue factor sets in Managing Director 212.612.0165 Q: This COVID-19 crisis has been [email protected] ongoing at various intensities since March. Nobody knows when it will ‘s end. As time goes on, what impact has that had on the employees and the residents both physically and emotionally? Schiffer: Just what you would MERIDIAN’S SENIOR HOUSING expect. The associates have been AND HEALTHCARE TEAM handling it very well because they get to go home at the end of their PROVIDING SOLUTIONS IN: shift. We are not a company that says you have to live here. They • DEBT FINANCING have been highly protected. We • EQUITY PLACEMENT

have been doing start-of-shift and

SHB – March 2020.indd 1 3/24/20 1:04 PM end-of-shift temperature checks. SHB •– March INVESTMENT 2020.indd 1 SALES We expect our associates to be very

honest about how they feel. And if they aren’t feeling well, we tell meridiancapital.com them to please not come into work, and we’ll do testing. meridiancapital.com The residents are totally fed up. Part of our discussion early on was

whether the individual unit or the SHB – March 2020.indd 1 3/24/20 1:04 PM entire building was the residents’

INVESTMENT SALES

2020 ASHA 50 • 23

EQUITY PLACEMENT •

DEBT FINANCING •

PROVIDING SOLUTIONS IN:

AND HEALTHCARE TEAM

MERIDIAN’S SENIOR HOUSING

‘s

[email protected]

212.612.0165

Managing Director

ARI DOBKIN

[email protected]

212.612.0174

Managing Director ARI ADLERSTEIN 2020 ASHA50 events where the res­ Residents of Avidor Edina idents could work on in Edina, Minnesota enjoy a pottery or partake in an water aerobics class while practicing social distancing. art class in a room where they were distanced from one another. We have all been feeling our way to this extent. We didn’t through this situation have days and days of right from the beginning. PPE set aside in a box and ready for use. Some Yearning for a return of our properties are in to normal hurricane areas, so we Q: How long do you think already knew how to you’re going to be in this store a lot of equipment two-minute drill as a for when those storms hit result of this virus that has us. In terms of when this persisted for several months? going to be fearful of this virus. I situation calms down, we’re going Schiffer: Do you know when the hate to make this analogy, but when to have to just watch and wait. vaccine is coming? As long as it is it like the flu? is important to be masked, we’re Because we were ready for the Q: How many hours have you been going to be in this [crisis]. We’re flu or the norovirus, or for other working per day during this crisis? either going to get a vaccine or illnesses that certainly affect this Schiffer: Well, I usually get into we’re going to get herd immunity. population, we were already a few the office between 7:30 a.m. and 8 I mean that very seriously. It’s a steps down the road toward being a.m., and I’m not leaving until 7:30 question of when are we no longer ready for this coronavirus — but not p.m. or 8 p.m. I haven’t had dinner

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24 2020 ASHA 50

2020 ASHA50 with the family in a little while. Q: We hear a lot today about every- going to change. Frankly, the new I’m down from seven days a week one having to adjust to the “new normal is going to change the way to five, plus a chunk of Saturday. normal.” What does the new normal we staff a building. Worker shifts I do have the ability to breathe mean to you? are going to be longer, or they are a little bit now. And I use that time Schiffer: To me, the new normal going to overlap. to start thinking about the future. means social distancing and limited We’re going to save a lot on We’ve got to get back [to normal] ability for dining. I used to be able travel costs, but will that affect our as an industry, and as a business. I to have everybody come together ability to feel like we’re one com­ think that’s the job we have in front for a dining event. That’s going to pany? Are we going to be doing of us. be in three stages now. So, that’s more Zoom conferencing in terms of the way we run the business? So, those are the issues from the company side that I much very worry about. Thank goodness there was already video conferencing in the world. Compassionate employers in demand Q: A few years ago during the height of the development wave, you were quoted as saying there is a real issue of getting good people and having them stick around. What would you say today is the biggest challenge facing the industry? Comprehensive product offerings. Schiffer: First, I’d say that I was Industry leading expertise. pretty prophetic because it’s actually played out much that way. Right now, the biggest challenge concerns all the components that go with COVID. If you were to take out the Customized capital COVID issue — hopefully it is a short-lived experience that we’re solutions to make your all going through — I still think the biggest challenge is going to be the people side of this business. I would vision a reality. double down on what I said a few years ago. FHA, Fannie Mae & USDA Financing | Equity Funding What is happening now is that

* * the associates are getting to see the Sell-Side Advisory | Loan Syndications | Bond Financing various operators that are out there, Balance Sheet Lending and they are getting an opportunity to choose. They are getting to see whether the operators are caring for the associates as well as the Lancaster Pollard is a division of residents, or if they just care about ORIX Real Estate Capital, LLC. making their revenue numbers. *Securities, Investment Banking As operators we have to show and Advisory Services provided our softer side because people get to through OREC Securities, LLC. Member FINRA/SIPC. lancasterpollard.com choose for whom they work. Were we taking care of them through COVID? Were we making sure they stayed healthy as well?

26 2020 ASHA 50 Using Compensation as a Tool to Weather Industry Cycles

Q: Jon, you have been in the seniors housing market for some time and know real estate overall is cyclical, but we are facing very unique circumstances now. What actions are you seeing companies take to keep their leadership teams focused?

Jon Boba: This is a time when we all are becoming more human capital- oriented. Clients have multiple concerns, but from a business strategy standpoint, keeping the executive team intact and focused on the urgent issues of the moment without losing sight of the company’s long-range plans can be tough. The right mix of short- and long-term incentives can help in this regard, and also offers opportunities to build in executive retention.

Q: In this era of uncertainty, do organizations really need to be concerned about turnover?

Jon Boba: Absolutely and from a couple of perspectives. One, our seniors housing market is particularly intense during this crisis, which could cause some to look to other industries, many of which have been only neutrally or even positively affected by the pandemic. Second, this experience has helped highlight those who have exceptional leadership qualities and they are likely to be recruited.

Now more than ever, companies need to attend to talent management, leadership development, succession planning, and executive compensation—all of which work best when thoughtfully integrated. Pearl Meyer is uniquely positioned to help companies outline the approach that will work best for their circumstances and long-term business strategy.

Learn more about Pearl Meyer’s expertise working with boards and management in the real estate industry at www.pearlmeyer.com/real-estate. ©2020 2020 ASHA50 Executive with a listening ear have said. It’s import­ An associate at Crane’s ant to recognize that View Lodge in Clermont, Florida helps residents Q: In terms of your background, where just because you have a celebrate Cinco de Mayo. did you go to college and what did thought doesn’t mean you study? that it’s right. Eventu­ Schiffer: I went to Tulane Uni­ ally somebody’s got to versity in New Orleans. My degree make the decision, but what senior living was in sociology. My classes focused it’s best to first hear really is. To me the on the most difficult version of what others are think­ most surprising thing sociology — organizational theory ing. And then hopefully is how misunderstood and business organizations. It has you’re able to fit all senior living is. We live helped. I had always planned to go those pieces into your and breathe this stuff to business school, so I didn’t want final decision-making every day, and yet my undergraduate degree to be in process. people on Capitol Hill business as well. I figured sociology don’t really under­ would allow me to learn about peo­ Consumer stand the difference. ple, and hopefully that would prove education People who are our prospects don’t helpful once I was in business. It has is top priority really understand what goes on worked out that way, which is good. Q: You became chairman of ASHA behind the doors. I would say that’s during what can only be described as one of my biggest priorities. Q: What skill set did you bring when a perfect storm. What do you see as you joined the company in 2000? your top priorities in the near term? Q: ASHA has touted the social and Schiffer: It’s the ability to listen Schiffer: What ASHA and hope­ health benefits of senior living for and not react so quickly that you fully I can bring to the table is that years. Why does the perception haven’t heard what other people we’ve got to get the word out about persist that the senior population OUR SUCCESS IS NOT JUST ABOUT THE DEALS WE CLOSE, BUT THE RELATIONSHIPS WE BUILD

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28 2020 ASHA 50 We’re Proud to Be First in Experiences Discovery Senior Living will soon celebrate 30 years of excellence in designing, developing and operating engaging, resort-style communities. However, it’s the future that is most exciting to us! Consistent with the next-generation vision we call “Experiential Living,” we’re launching new, resident-focused, choice- driven programs, products and services that represent important firsts for our industry. Today’s seniors can live anywhere, but they can only experience and enjoy such unprecedented freedom and lifestyle customization here at our Discovery Senior Living Communities.

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©2020 Discovery Senior Living. All Rights Reserved. 2020 ASHA50 is homogenous and that the product to launch the Where You Live Matters who lives in seniors housing needs type is all the same? website, I was part of those com­ to live there. No, many of the folks Schiffer: I don’t get it. I’m at the mittees that helped start up the that live with us choose to live there. age now where my friends’ parents initiative. We’ve come a long way, It’s a very different concept. are starting to need assistance in but I am not sure that we started With regard to nursing homes, some way. Every time I’m with a at ground level. We first had to dig for the most part their residents group of my friends, they say, “Well, out of a lot of preconceived notions need to live there. Memory care is you know you work in nursing about what this part of the business a need-based product. The lan­ homes.” To that I say, “That’s not is all about. guage we use is “need-driven” or what I do.” I think there is an appro­ “need-influenced.” priate place for nursing homes. Q: What are the two or three biggest Yes, “need-driven” means you That’s just not my business. misperceptions that the general need some level of assistance every I do think the overall under­ public has about seniors housing? day, but that doesn’t mean you need standing of senior living is getting Schiffer: There is a false percep­ assistance with everything. You better because our existing resident tion that anybody who is going to might need assistance in dressing population came from that time live behind those doors is inconti­ only because you need support period when nursing homes were nent or is in need of assistance all hose, but that might be all that you all there was for seniors. There is the time. need. You need to live in an environ­ so much more focus today on the The general public may wonder, ment where somebody can provide active adult community. That pop­ “Why would anybody choose to you with assistance in the morning ulation will then move into inde­ live in a congregate environment?” and then off you go on your day. pendent living and assisted living Well, why would anybody choose to as they age. They’ll move through live in student housing? It’s because Uphill climb on Capitol Hill those different environments. they like being around other people. Q: Your top priorities are getting the Five years ago, when we decided Many people think that anybody word out about what senior living

30 2020 ASHA 50 You have a vision. We can help make it reality. Learn more about our solutions. You need a financial provider with the deep industry expertise that’s essential to understanding and meeting your unique needs. We provide financing solutions and advisory services to companies across the senior housing market. Let’s explore how we can help you power your goals forward.

Visit cit.com/healthcare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©2020 CIT Group Inc. All rights reserved. CIT and the CIT logo are registered trademarks of CIT Group Inc. CIT Group Inc. is a financial holding company and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). MM#8468 2020 ASHA50 truly is all about as well as changing Q: There is a constant churn among the misperceptions that exist. members of Congress. Some win Beyond that, are there any other re-election, some don’t, so in some action items in the near term? ways the education process is never- Schiffer: That’s it in a nutshell ending. Is that just a reality ASHA’s because that ties into the work that leadership has to accept, and does it our legislative team is doing on make the education outreach effort Capitol Hill with Congress and the that much harder? Senate. Schiffer: What you just described If everybody in Washington, D.C. is totally true and you probably have had more knowledge of the issues a better shot at making inroads with that the private-pay seniors hous­ senators than you do with House ing industry faces, we wouldn’t be members because the latter are on climbing up a hill so much. a two-year cycle. I’ll let Dave take a [The U.S. Department of Health swipe at answering that question. and Human Services (HHS) David Schless: There will be lots announced Sept. 1 that private-pay ‘Clearly, one opportunity for of things that we’ll all digest in the assisted living operators can now owners and operators is to aftermath of COVID-19. The real­ apply for funding under the Pro­ make a more concerted effort in ity is that federal advocacy is an vider Relief Fund Phase 2 General outreach and invite members ongoing process that we’re involved Distribution allocation. Eligible of the House of Representatives in 365 days a year in normal times private-pay assisted living provid­ and the Senate to come visit and in crisis. ASHA is working with ers will receive an amount equal to their communities.’ members of Congress and their staffs 2 percent of their annual revenue — David Schless throughout the year on a bipartisan from resident care.] President, ASHA basis. Building relationships and

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32 2020 ASHA 50 NOTIFY COMMUNICATIONS

WE KNOW EXCELLENCE WHEN WE SEE IT.

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Meaningful relationships bring positive results. 2020 ASHA50 providing perspectives about the I’d also say that if you are a mem­ We’ve utilized the Where You private pay senior living business. ber of Congress, you know nursing Live Matters platform during this Elections take place and the dynamic homes because 75 percent of the rev­ COVID-19 period. We’ve driven is constantly shifting on Capitol Hill. enue in that sector is coming from lots of consumers to Senior Living, What is unusual about this the federal or state government. You Today and Every Day on the Where crisis is that we are having to lobby know nursing homes because you You Live Matters website, and our Congress on enormous issues like are paying for them. Again, unless whole public relations effort has liability reform at the same time you’ve had that personal experience utilized that platform. we are having to influence agencies on the private-pay seniors hous­ We targeted a number of influ­ like the Department of Health and ing side as a legislator, you don’t ential media sites, including The Ari- Human Services that we ordinarily necessarily have any knowledge zona Republic, Atlanta Journal Consti- have little contact with. Likewise, of senior living because the federal tution, Boston Globe, Chicago Tribune, we have had to navigate the White government isn’t really involved in Dallas Morning News, Florida Times House, which also has a significant private-pay senior housing, which Tribune, Los Angeles Times, The New influence on many of these issues. obviously is our preference. York Times, Orlando Sentinel, Miami Clearly, one opportunity for On the education side, Where Herald, Seattle Times, Tampa Bay owners and operators is to make a You Live Matters was really the first Tribune, The Wall Street Journal, and more concerted effort in outreach and consumer outreach that the industry Washington Post. In the first phase invite members of the House of Rep­ undertook. We launched the web­ of our public relations campaign, resentatives and the Senate to come site about five years ago, and we’ve our ads have been viewed by over visit their communities. We know that enjoyed steady growth in the num­ 14 million people and our video it does happen, but there are more ber of seniors and family members watched by 2 million people. opportunities to do that. That will be who are looking for information. So, We are working on the second something that I’m sure we will focus that’s an opportunity that I think phase and expect that to launch in on as the opportunities arise. will be there for many years to come. September.

In times like these it’s good to have a partner that can help increase census and build retention! Are you partnering with Patriot Angels? Call Today 844-757-3047 [email protected] Suzette Graham Chief Executive Officer Helping Veterans and spouses pay for their Senior Care!

34 2020 ASHA 50 ENTERTAINMENT REVOLUTIONIZED

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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. ©2020 AT&T Intellectual Property. All rights reserved. AT&T, Globe logo, DIRECTV, and all other DIRECTV marks contained herein are trademarks of AT&T Intellectual Vibrant technology surrounding seniors with care. Property and/or AT&T affiliated companies. All other marks are the property of their respective owners. © 2020 Sentrics Holdings, LLC. All rights reserved. 2020 ASHA50 Consumers hungry Shining the Light on COVID. Col­ context of COVID-19 that the skilled for content lectively, the video examines life in nursing and senior living sectors are senior living communities during both serving folks who have — by Q: How much demand is there for the COVID-19 era from the perspec­ definition of age and underlying COVID-19 related information on the tives of residents, family members chronic illnesses — some similarities. Where You Live Matters website. and staff. The videos tell a story in Having said that, while we have Schless: There is a lot of interest a very authentic, honest fashion. had some instances of COVID-19 on the part of consumers. When we We thought that it really warranted in our buildings, we are actually first started talking about the Where inclusion in that section of the serving a different population. I You Live Matters program, there was website, and many consumers have think the data will bear this out. The always this question about whether viewed the videos in the months buildings are different, and there are we were going to see more interest since they were released. a whole bunch of underlying factors in the website from the adult chil­ that make us very different than dren or from the seniors. We have Misinformed media skilled nursing in terms of the out­ had more traffic from older adults poses challenge comes that we’ve seen. Everybody than from adult children since the Q: Have you been surprised by the in the industry understands that launch five years ago. This year, tendency of the media and the we are different than nursing homes through June, we have had around general public to lump skilled nurs- in fundamental ways. half a million consumers visit the ing in with senior living during this There was, and continues to be, a Where You Live Matters website. pandemic? frustration at the way in which the This past spring, we added Schless: What has been unfor­ COVID-19 story has been reported. some new content developed by tunate to some extent is that many I will say this: More and more of the Thrive Senior Living. It is a fasci­ states really have just lumped all of media have begun to not necessarily nating and unique documentary their data into one bucket. On one retell the story, but rather tell the comprised of three videos, titled hand, we certainly understand in the story with more accuracy.

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36 2020 ASHA 50 A REAL ESTATE INVESTMENT TRUST FOCUSED ON THE DIVERSE SPECTRUM OF HEALTH SERVICES

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Q: Amid this COVID-19 crisis, do Q: If either of you were speaking to hospital. (On Sept. 1, HHS granted you believe that it’s especially both chambers of Congress, the some relief to private-pay assisted important to educate reporters House and the Senate, about the living facilities.) about the industry? private-pay seniors housing industry, Schless: I think it is always part what would be the point that you’d Q: David, are there any other action of our job to try and help educate like to impress on them most? items for ASHA in the near term? reporters. Schless: We have sent billions of Schless: Because of the work that The early weeks of this crisis dollars to our hospitals in the U.S., ASHA has done over the past several were extremely challenging because and I’m not saying that’s inappropri­ years, we are uniquely positioned of the volume of stories being ate. The private-pay seniors housing to help the industry communicate written and because many reporters industry is taking care of nearly two with the general public. So, I clearly were using data that they received million seniors. We need some assis­ think that’s a top priority. ASHA has from the states that included all tance to cover the costs of PPE, san­ always had a very strong legislative types of senior care settings and itizers, supplies related to in-room program. Obviously, we’re focused made no distinction between skilled dining, increased staffing costs and at the federal level, and that will con­ nursing and assisted living. And, costs related to staff testing in order tinue to be a priority area for us. of course, we are not always asked to be able to keep close to two mil­ You’ll continue to see us put for comment when a story is being lion people out of U.S. hospitals. significant resources into research to written. There is a modest investment better understand the consumer. We March and April were incredibly we need the federal government just completed a major consumer difficult months, but we attempted to make to help our industry keep study with ProMatura Group that to respond to every story that we these seniors very safe. Ultimately, will help our members better under­ were aware of when we felt the it’s an investment that will save the stand the impact of the pandemic reporter did not report something government a lot of money by keep­ and what consumers want to see accurately. ing our residents safe and out of the to feel safe when moving into our

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2020-05-Seniors-Housing-7.75x10.75.indd 1 5/21/20 1:18 PM 2020 ASHA50 Tri-state region beckons After establishing hubs in the Southeast and Midwest, Allegro Senior Living picks up the tempo again by expanding into the Northeast By Matt Valley

“Follow the demographics” is the oft-repeated business Active adult comes full circle mantra at Allegro Senior Living, an owner-operator Allegro’s first three developments were exclu­ specializing in the development of luxury retirement sively independent living properties located in communities. When Laurence Schiffer launched the well-established retirement communities in the company in 1998 as Hallmark Senior Housing, clearly Sunshine State. The very first Allegro community the most favorable demographics were in Florida and was built in St. Augustine, Florida in 1999, followed Arizona, recalls his son Doug by properties in Tallahassee Schiffer, who now serves and Fleming Island, the latter as the president and chief located about 15 miles south­ operating officer of the St. west of Jacksonville. Louis-based company. “The people who lived in Hallmark, which was those areas enjoyed being renamed Allegro in 2010 in retirement, but they were to better reflect the lively starting to get to the point lifestyle that its communities where they did not want offer, was bullish on Florida to take care of their own from the get-go. single-family homes. We were “Some of the senior leaders giving them that next option, in the company at the time which does sound an awful lot had lived in the Jacksonville like active adult these days,” area. It was already known to says Doug Schiffer, with a them the places that would be note of humor in his voice. good spots to build senior liv­ When those communities ing. I don’t even think it was began to age, Allegro con­ called senior living back then,” verted a portion of them says the younger Schiffer. to assisted living. All told, Allegro Senior Living’s Allegro built about a dozen entrance into the develop­ properties in Florida, some ment arena was arguably a of which have been sold off, natural evolution. Allegro’s thereby freeing up capital to then sister company, Love build new hubs in the Mid­ Allegro-Dadeland is a luxury high-rise community Funding, formed by Lau­ west and Northeast. in Miami, Florida that offers independent living rence Schiffer and Andy Love and independent living-plus. Amenities include a “In addition to continued in 1984, had been financing billiards room and game room, movie theater, hair interest in Florida, our focus nursing homes and assisted and nail salon, plus a fitness center and yoga studio. includes the Tri-State Region living for several years by the — New York, New Jersey late 1990s. Today, Laurence Schiffer remains chair­ and Connecticut,” says Schiffer. “We’ve got two man and CEO of the company founded in 1998. communities under construction and another three The company’s rich history dates back to 1875 or four [sites] that we’re looking at closely” with the launch of St. Louis-based Edward K. Love Allegro’s website lists 22 communities in its Realty, a mortgage banking company whose letter­ portfolio, including 12 in Florida, three in Georgia, head touted that it was bringing East Coast money to two each in Illinois and Minnesota, and one each the Midwest. in Nebraska and Missouri. Rounding out the list is

44 2020 ASHA 50 2020 ASHA50

Allegro-Harrington Park, a 183-unit independent care communities primarily located in secondary living, assisted living and memory care currently markets in a lodge-like setting. The Lodges concept under construction in New Jersey that is set to open incorporates the culture and history of the local area in early 2021. into the lifestyle. Another project in the development pipe­ line is a 165-unit community in Stamford, Conn., The bigger the piece of dirt, the better that will offer the same senior living options as Allegro prefers to acquire sites that enable it to Allegro-Harrington Park. Taking into account the build a 150-unit community that combines “all the existing properties and the ones under development, flavors” — independent living, assisted living and the company’s portfolio now totals 3,062 units. memory care, explains Doug Schiffer. He acknowl­ Allegro employs about 1,700 people and man­ edges that’s not always possible. “Maybe it’s a prop­ ages five brands. The company’s core brand, Alle­ erty that should just be assisted living and memory gro, offers independent living, assisted living and care. Maybe it’s a location that would be better suited memory care in an upscale setting. The Avidor brand for active adult. You change your design based on focuses exclusively on the active adult segment what the market needs.” where the focus is on lifestyle for seniors in their The ideal site to match Allegro’s preferred proto­ early 70s. type spans between eight and 11 acres, but several Arietta is Allegro’s independent-light brand, a variables can ultimately affect the size and scope of hybrid between active adult and independent living a project, explains Schiffer. For example, the munic­ in more of an apartment setting. Alto focuses on ipality in which the property is located may require smaller-size assisted living and memory care proper­ the developer to retain the stormwater onsite rather ties under 99 units. than offsite through the flexibility of a planned unit Lastly, the Lodges are assisted living and memory development. Such a restriction can curtail the size

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of the development. needs of the prospective resident. There are economic and demographic factors to Typically, rental senior living communities offer a consider as well, according to Schiffer, who describes monthly base rent that includes dining, housekeep­ the entire process as partly art but mostly science. ing, transportation, maintenance, social events, and “We’re very data-driven. We’ve got statistical analysis utilities. In addition to the monthly rent, there may that goes into the decision-making process of where be care services added if the resident needs assisted and what to build. We want to know the age cohorts living or memory care services. and the income levels.” While Allegro has amassed its portfolio partly Pent-up demand evident through acquisitions, the lion’s share of growth has Most senior living communities halted move-ins for come from new development. “That’s how we get several months beginning in March and April in order the real prototype that we like. Obviously, these are to prevent the spread of the COVID-19 virus among high-end communities.” residents and staff. Allegro’s waiting list of prospec­ tive residents grew lengthier during that period. Transparent approach to pricing Many families who are taking care of aging loved Allegro does include starting prices for its ones in need of assistance with activities of daily liv­ communities on the company’s website, but the ing know they can’t care for them in a manner that is prices do not include care. Pricing for senior living most appropriate for their well-being in the long run, “can be complex and wide-ranging,” the company Schiffer pointed out during an interview in June. points out. Because there are a wide range of options “Once we can let seniors start moving in again, among care types, services, dining and floor plans, these families are going to say, ‘Yes, this is a great it’s difficult to provide exact pricing to a senior or alternative to them living with me or on their own.’” family care member without first understanding the Allegro resumed move-ins in July. n

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Douglas S. Jerry Kathryn A. Lynn Richard J. David Schless Schiffer Frumm Sweeney Katzmann, Ph.D. Hutchinson President Chairman Vice Chairman Treasurer Secretary Seniors Housing American Allegro Senior Lifestyle Blue Moon Capital Juniper PAC Chair Seniors Housing Senior Living Partners LP Communities Discovery Association Senior Living

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William H. Elliott William F. Angeles Housing Thomas Concepts Senior Star YOUR TIME (1991–1993) (2006–2007) Jeffrey L. Beck Patricia G. Will Capital Realty Belmont Village Corporation Senior Living IS NOW! (1994–1995) (2008–2009) Christopher J. Edward R. Kenny Coates LCS American (2010–2011) Retirement William D. Corporation Pettit, Jr. MASTERS & CERTIFICATES (1996–1997) Merrill Gardens Business of Aging Philip Downey (2012–2013) Marriott Senior John P. Rijos Living Services Chicago Pacific Apply today: (1998–1999) erickson.umbc.edu/graudate/ Founders Mark J. Schulte (2014–2015) Brookdale Larry Cohen Senior Living Capital (2000–2001) Senior Living William B. Kaplan Corporation Senior Lifestyle (2016–2017) (2002–2003) Michael Grust Noah R. Levy Senior Resource Erickson School of Aging Studies PGIM Real Estate Group LLC [email protected] | erickson.umbc.edu (2004–2005) (2018–2019)

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David A. Reeve Kris Engskov Anthony C. Crooks Charles E. Trefzger, Jr. Marco Vakili Scott Rossbach Advent Group Aegis Living AEW Capital ALG Senior Alliance Ally Bank Bellevue, WA Bellevue, WA Management LP Hickory, NC Residential Bethesda, MD Boston, MA 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

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2020 ASHA 50 49 2020 ASHA50 ASHA Executive Board

Ben Burke Kenneth R. Assiran Mark Bultman James Seymour Kimberly S. Lody Scott Stewart CA Senior Living Capital Health Capital One Capital One Capital Senior Living Capitol Denver, CO Group LLC Chicago, IL Healthcare Corporation Seniors Housing Baltimore, MD Chicago, IL Dallas, TX Washington, DC

Aron Will Michael J. Damone Joshua Stevens John P. Rijos Danielle Morgan Sarah Nixon CBRE Cedarbrook Cedarhurst Chicago Pacific Clearwater Living CNL Capital Markets Senior Living Senior Living Founders Newport Beach, CA Orlando, FL Houston, TX Troy, MI Saint Louis, MO Chicago, IL

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Charles Patenaude Ron Jeanneault Ronald Wilheim John Reinsma Guy Geller Peter E. Pickette Colliers Colony Capital Inc. CommuniCare Confluent CPF Living / Grace CS Capital Mortgage LLC Bethesda, MD Health Services Senior Living Management Inc. Advisors LLC Moultonborough, NH Cincinnati, OH Denver, CO Chicago, IL New York, NY

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

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Curtis Brody Scott M. Brinker Alan C. Plush R. Jeffrey Sands Matthew Ryan David S. Passero Hawthorn Healthpeak Properties HealthTrust HJ Sims Houlihan Lokey HTG Consultants LLC Senior Living LLC Irvine, CA Sarasota, FL Fairfield, CT Chicago, IL Newark, DE Vancouver, WA

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Andrew S. Kohlberg Aaron Becker Michael A. Stoller Joel Nelson Will Purvis Jesse Jantzen Kisco Senior Lancaster Pollard LCB Senior Living LLC LCS Liberty Senior Living Lifespace Communities Living LLC Radnor, PA Norwood, MA Des Moines, IA Wilmington, NC West Des Moines, IA Carlsbad, CA

Eric Smith Thilo D. Best Wendy Simpson Matthew Pipitone Sean Huntsman Mary G. Leary Locust Point Capital Longview LTC Properties Inc. M&T Realty Capital M&T Realty Capital Mather Red Bank, NJ Senior Housing Westlake Village, CA Corporation Corporation Evanston, IL Advisors LLC Baltimore, MD Newport Beach, CA Tampa, FL IT JUST MAKES Jeff Fischer Kevin McMeen MBK Senior Living MidCap Financial Irvine, CA Services LLC Chicago, IL GOOD CENSUS

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We’re invested in the well-being of your community. Contact us to get free programming for your fi rst two months. O‡ er ends 12/31/20. Commitment required and other restrictions apply. Visit dish.com/seniorliving 2020 ASHA50 ASHA Executive Board

William F. Thomas Loren B. Shook Christopher Porter Jeffrey D. Kraus Chad Gorsuch Sharon Grambow Senior Star Silverado Silverstone Spectrum Retirement Stifel, Nicolaus & Sun Health Tulsa, OK Irvine, CA Senior Living Communities LLC Company Inc. Communities Dallas, TX Denver, CO Saint Louis, MO Surprise, AZ

Chris Winkle Sarah S. Duggan Randall J. Bufford Marcus Lussier John D. Cobb John L. Sweeny, Jr. Sunrise Synovus Trilogy Health Valuation & Ventas Inc. Virtus Real Senior Living Inc. Birmingham, AL Services LLC Information Group Chicago, IL Estate Capital McLean, VA Louisville, KY Culver City, CA Austin, TX

www.ziegler.com ZIEGLER $3+ billion in total transaction volume closed through nearly 300 SENIOR HOUSING & facility divestitures and other M&A engagements1 CARE FINANCE $1+ billion in additional transaction volume closed since 2010 through DRIVING VALUE FOR THE LONGEVITY ECONOMY financings and debt placements1 Ziegler’s Senior Housing & Care Finance practice brings #1 underwriter of tax-exempt bonds its experience and expertise to senior housing and for senior living providers and post-acute care clients. By offering a comprehensive suite 2 organizations of products for debt, equity and M&A services, our professionals provide creative solutions that meet your organization’s capital goals.

12010–2020 2Based on full credit given to senior manager of lead-managed underwriting transactions for healthcare/senior living transactions completed nationally. Rankings and amounts through Refinitiv Data as of 12/31/19. DON HUSI DAN REVIE Ranking totals include senior living not-for-profit tax-exempt bond financings, and 142(d)/145(d) rental (not-for-profit and Managing Director Managing Director for-profit tax-exempt) bond financings. [email protected] [email protected] ©2020 B.C. Ziegler and Company | Member SIPC & FINRA 615 982 7562 414 978 6556

58 2020 ASHA 50 2020 ASHA50 ASHA Executive Board

Jeff Ringwald Brett Gardner David Barnes Tami A. Kozikowski Larry Graeve Walker & Dunlop Walker & Dunlop Watermark Retirement The Waters The Weitz Company Dallas, TX Milwaukee, WI Communities Senior Living Des Moines, IA Tucson, AZ Minnetonka, MN

Ryan Haller Catherine Voreyer Joseph Danette Opaczewski Donald L. Husi WELL Companies Wells Fargo Weisenburger The Wolff Company Ziegler Investment Eagle, ID Multifamily Capital Welltower, Inc Scottsdale, AZ Banking Irvine, CA Toledo, OH Nashville, TN We are senior living.

With over 30 years of service focused on ownership and operation of Independent Living, Assisted Living and Memory Care communities, MBK has utilized its unmatched experience to develop innovative programming that focuses on high-quality service, enrichment and a culture of genuine care. Our commitment to Yoi Shigoto, or “the good work,” ensures that we are dedicated to doing what’s right in every sense of the word. It also reflects our commitment to positively impact our local community and the world through selfless endeavors, striving to make a difference, and working together as a company and community. mbkseniorliving.com

2020 ASHA 50 59 2020 ASHA50 ASHA Advisory Committee

12 Oaks BBVA Compass Columbia English Meadows Guest Services JCH Consulting Senior Living Peter Delmage Pacific Advisors Senior Living Senior Living Group Inc. Richard K. Blaylock Vancouver, WA Jamie Cobb Mike Williams Chase Leonard James E. Hazzard Dallas, TX Bellwether Seattle, WA Christiansburg, VA Fairfax, VA Anaheim, CA Accushield Enterprise Columbia Enquire Hamilton JEA Senior Living Lever Stewart John Powell Pacific Advisors Erin Hayes Insurance Agency John McNeil Atlanta, GA Chicago, IL Todd Seneker Greenwood Jason Zuccari Vancouver, WA AIG Global BlueTeam Seattle, WA Village, CO Fairfax, VA JLL Valuation & Real Estate Ralph Principe Contemporary Era Living Hana2.0 Advisory Services Derrick McSwain Boca Raton, FL Healthcare Eli J. Almo Property Group Brian L. Chandler Atlanta, GA BOK Financial Capital LLC Seattle, WA Joshua Kochek Richardson, TX Alliant Insurance Steve LeBlanc Kayla Jones Fifth Third Bank Chicago, IL Kaufman Jacobs Services Dallas, TX Chattanooga, TN Ryan Stoll Harbert Jay Patel Lorraine Lewis Bourne Financial Contract Denver, CO Management Chicago, IL Houston, TX Group LLC Interiors LLC First Midwest Bank Corporation Kithward Arena Robert A. Bourne Michael Weidmann Mike Taylor Brian Landrum Amber Ju Laura Armstrong Winter Park, FL Salem, OR Chicago, IL Dallas, TX New York, NY Baltimore, MD Brandywine Living Cordia Foley & Healthcare KKR Arent Fox LLP Kenneth Segarnick Senior Living Lardner LLP Trust Inc. Willard Butcher Kenneth S. Jacob Mount Laurel, NJ Karen M. Anderson Michael A. Okaty John Rimbach New York, NY Charlestown, MA Carlsbad, CA Washington, DC Cadence Orlando, FL Koelsch Arnall Golden Senior Living Cornell Fremont Hines Communities Gregory LLP Eric Gruber Communications Realty Capital Ryan Pritchard Aaron Koelsch Hedy S. Rubinger Scottsdale, AZ Jerel (JJ) Johnson Ashminder Singh Houston, TX Olympia, WA Milwaukee, WI Atlanta, GA Cambridge Realty San Francisco, CA Holiday Retirement Kwalu Asbury Capital Companies Cottage G5 Lilly Donohue Michael Zusman Communities Jeffrey A. Davis Senior Living Rob Day Winter Park, FL Atlanta, GA Sandra Lawson Chicago, IL W. Clifford White, III Bend, OR HumanGood Huntsville, AL LifeLoop Frederick, MD Caremerge Ganzhorn Suites John H. Amy Johnson Ascent Living Alyssa Butuso Covenant Living Philip A. Hoffman Cochrane, III Omaha, NE Communities & Glendale, CA Communities Chicago, IL Powell, OH Live Oak Bank Susan (Reimer) Services Huntington CARF Terri Cunliffe GlynnDevins Senior Adam B. Sherman Finley Jed Johnson Living Marketing National Bank Wilmington, NC Centennial, CO Skokie, IL Dan Storer Washington, DC Solutions Lockton ASSA ABLOY CREATIVCAP Janel Wait Cleveland, OH The Carlyle Group Scott A. Kavel Companies Hospitality Zachary Crowe Kansas City, MO IDB Bank Michael Welz Riise Walker Peachtree Michael Paul Washington, DC Corners, GA Goldman Sachs Blue Bell, PA Richardson, TX Nikhil Reddy New York, NY Cascadia Senior CV Mask LLC Love Funding Balfour Living / Fieldstone New York, NY Inspired Healthcare Corporation Senior Living LLC Michael Alexander Capital Communities Beaverton, OR Graham Company Leonard Lucas Michael K. Douglas Ellison Erin O’Leary Luke Lee Teton Village, WY Schonbrun Yakima, WA davisREED Philadelphia, PA Scottsdale, AZ Louisville, CO Construction Inc. Maplewood Chancey Design GreatCall Integrated Senior Living Bank of the West Derek Davis Health Systems Partnership San Diego, CA Sarah Jones Gregory D. Smith Christopher Walton Chancey San Diego, CA Brian Enright Westport, CT Wardenburg Tampa, FL Delta Controls Inc. Overland Park, KS Denver, CO Kelly Jenkins Greenleaf Marcus & Millichap Chicago Title Energy Solutions Invesque Todd Lindblom Banko Design Surry, BC Bryan Hickman Chris Miller Canada Kevin Siebrecht Brookfield, WI Steph Hyatt Newport Beach, CA Oxford, CT Carmel, IN Marietta, GA Direct Supply Inc. Marcus & Millichap CIT Greystone INVU Care Knapp Group Barrington Corey Denman Benjamin Tilson Michael Coiley Milwaukee, WI Communities Justin Knapp Venture Holding Livingston, NJ Michael B. Lanahan Scottsdale, AZ Howell, MI Company LLC Edge Principal Irving, TX Isakson Living Thomas S. Herb Civitas Advisors LLC Masterpiece Senior Living Griffin-American E. Andrew Isakson Living LLC Barrington, IL Bo Hu Roswell, GA Wayne Powell New York, NY Healthcare REIT IV Lawrence L. Landry Baxter Fort Worth, TX Chris Belford It’s Never 2 Late West Palm Construction eGym Clark Nuber PS Irvine, CA Lisa Taylor Beach, FL Company Frank Arant Englewood, CO Greg Schulte Amber Busch Boulder, CO Fort Madison, IA Bellevue, WA

60 2020 ASHA 50 2020 ASHA50 ASHA Advisory Committee MatrixCare Morgan Stanley The Northbridge Palatine Polsinelli RealPage Mike Orzechowski Matthew Johnson Companies Capital Partners Bobby Guy Senior Living Bloomington, MN New York, NY Wendy A. Jason Betesh Nashville, TN Heather Gullickson Medication MorningStar Nowokunski New York, NY Popular Bank Richardson, TX Management Senior Living Burlington, MA Pearl Meyer Andrew Boland REES Associates Inc. Partners Ken Jaeger NorthMarq Capital Jonathan A. Boba New York, NY Christopher Muder Brenda Brinka Denver, CO Stuart Oswald Chicago, IL Propel Insurance Dallas, TX Crestwood, IL National Church Bellevue, WA Pegasus Michael Ferreira Regions Bank Meridian Capital Residences NRC Health Senior Living Tacoma, WA Christopher E. Honn Group LLC Tanya K. Hahn Rich Kortum Chris Hollister Provision Chicago, IL Ari Adlerstein Columbus, OH Lincoln, NE Dallas, TX Living LLC ReNew REIT New York, NY National Old Second People’s Todd Spittal John Getchey The Moments Investment National Bank United Bank Saint Louis, MO Toledo, OH Elizabeth Wright Center for Seniors Donald Clark Matthew Huber PS Lifestyle LLC The Roche Lakeville, MN Housing & Care Chicago, IL Manlius, NY John Polatz Associates Inc. Monticello Asset Brian R. Jurutka Omega Perkins Eastman Cleveland, OH Joseph L. Roche Annapolis, MD Management LLC Senior Living Architects Radiant Wilbraham, MA F. Donald Kelly, III Newmark Craig Hanson Lori Miller Senior Living Inc. Rockwood New York, NY Knight Frank Wichita, KS Pittsburgh, PA James T. Guffee Pacific Inc. Moore Diversified Heidi Brunet OnShift Inc. Pi Architects Portland, OR Francesco Southport, NC Services Inc. Mark Woodka Greg Hunteman Ray Stone Inc. Rockwood James A. Moore Nixon Peabody LLP Cleveland, OH Austin, TX J. Todd Stone Orinda, CA Fort Worth, TX Sarah Swank ORIX USA PointClickCare Sacramento, CA Washington, DC Robert Wetzler Alexis Evanich Dallas, TX Austin, TX

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More than 60 communities in five states.

American House Senior Living Communities has been helping our residents add to their life stories since 1979. Through strategic acquisitions and development, we have grown to serve thousands of seniors, and their families, in the Midwest, Florida and New England. Visit AmericanHouse.com or call (248) 430-0311 to learn more.

20-AHMK-5512 AMERICAN HOUSE | ST. PETERSBURG | FLORIDA

2020 ASHA 50 61 2020 ASHA50 ASHA Advisory Committee Senior Care Sienna South Bay Touchtown The Vinca Wohlsen Development LLC Senior Living Partners Ltd. Christian Kratsas Group LLC Construction David Reis Nitin Jain Joel Sherman Oakmont, PA Alice Katz Company Harrison, NY Markham, ON Dallas, TX Triloma Owings Mills, MD Kenneth Noreen Senior Housing Canada Spring Hills Senior Senior Housing Visa Inc. Hamden, CT News SilverCrest Communities James Hendrix April Niemiec Yardi Systems Inc. John Yedinak Properties LLC Alexander C. Winter Park, FL Highland Village, TX Richard Nix Chicago, IL Michael F. Gould Markowits Twin Light Watercrest Senior Staten Island, NY Sentrics St. Louis Park, MN Edison, NJ Capital LLC Living Group ZOM Rick Taylor Singerman The Springs Living Chad Buchanan Marc Vorkapich Greg West Daytona Beach, FL Real Estate F. Fee Holmdel, NJ Vero Beach, FL Fort Lauderdale, FL ServiceTrac Seth Singerman Stubblefield, Jr. Unidine Webster Bank Michael Johnson Chicago, IL McMinnville, OR Chad Bellville Elizabeth Shelley Scottsdale, AZ SmartStop Asset Steadfast Denver, CO Hartford, CT Sherpa CRM Management Companies United Welch Jennifer Dixon John Strockis James D. Yoder Community Bank Senior Living Saint Louis, MO Ladera Ranch, CA Irvine, CA Dennis Rowlen Paul T. Casale Sherry Meyerhoff Sodexo Seniors Stroud Birmingham, AL Norwell, MA Hanson & Denise Miller Properties Inc. United Properties Willis Towers Crance LLP Gaithersburg, MD James A. Stroud Raymond Oborn Watson James Callister Solutions Dallas, TX Denver, CO John M. Atkinson Newport Beach, CA Advisors Group Touchmark VCPI Chicago, IL Kristin Kutac Ward Marcus P. Breuer Emma Caird Saint Petersburg, FL Beaverton, OR Milwaukee, WI

A conversion based approach for a digital world.

62 2020 ASHA 50 Critical Staffing Solutions During Challenging Times

WE PROVIDE: • COVID Support Sta & Consulting • Interim RNs, LPNs, CNAs • Interim Administrators, DONs, Unit Managers • Infection Preventionists

LeaderStat’s help during this pandemic was monumental. ey were true partners. e nurses and caregivers they placed were helpful, professional, and allowed us to conduct business and care for our residents during this challenging time. Would highly recommend as true professionals, easy to work with, responsive, pleasant, and available 24/7.

—Andrea Ellen, Managing Director, Watermark

www.leaderstat.com (877) 699-STAT 2020 ASHA50 ASHA Associate Members

Activated Insights, Atlantic Shores Cambridge Chesapeake The Douglas Great Lakes A Great Place Cooperative Healthcare Contracting Group Company Management to Work Company Association Management LLC Daniel Hannon Bob Ritter Company Jacquelyn Kung Eden B. Jones Graham Adelman Annapolis, MD Holland, OH Michael Pagh Oakland, CA Virginia Beach, VA Richmond, VA Clancy & Theys The Ehlers Group Golden Valley, MN Active Senior Atria Senior Living Capital Construction Janis R. Ehlers Green Street Concepts Brad Frasher Solutions Inc. Company Fort Lauderdale, FL Advisors Paul Aase Louisville, KY Jason Morganroth Jeff Mock Envisage Living Lukas Hartwich Suwanee, GA Auctus Blue Bell, PA Winter Garden, FL Communities Newport Beach, CA ACTS Capital Partners Cappella CoastalStates Bank Patrick Beach Harborview Retirement-Life Chris Rosenstock Living Solutions Brittany Foster Santa Barbara, CA Capital Partners Communities Inc. Bozeman, MT Camille Burke Birmingham, AL Ernst & Young LLP Jonathan Kutner Gerald Grant Avanti Englewood, CO CoastWood Seniors Kevin Christenson Lawrence, NY West Point, PA Senior Living Capri Senior Housing Partners Chicago, IL Heal Agemark Timothy Hekker Communities Daniel A. Decker The Evangelical Jill Suranie Senior Living The Woodlands, TX Cindy Robinson Dallas, TX Lutheran Good Cumming, GA Communities Avista Senior Living Waukesha, WI Cogir Real Estate Samaritan Society Health Michael Pittore Kris Woolley Carefield Mathieu Duguay Corey Thompson Dimensions Group Orinda, CA Mesa, AZ Senior Living Brossard, QC Sioux Falls, SD Erin Shvetzoff Alcore Senior LLC BCT Architects Steve Barklis Canada Focus Healthcare Hennessey Benjamin J. Byers Janet Meyer Solana Beach, CA Colonial Oaks Partners LLC Minneapolis, MN Dublin, OH Baltimore, MD Carefree Holdings Senior Living Curt P. Schaller HHHunt Properties Alden Realty Beztak Ken L. Templeton Carl Mittendorff Chicago, IL Richard Williams Services Inc. Adam Snyder Las Vegas, NV Houston, TX FourteenPlus LLC Raleigh, NC Randi Farmington, MI Caring Commonwealth Douglas A. Fullaway Highgate Schlossberg-Schullo Communities Senior Living West Linn, OR Senior Living Chicago, IL Blueprint Healthcare Real Shared Services Ltd. Richard Brewer FPL Marjorie Todd Ambrose Urban Estate Advisors G. James Caldwell Charlottesville, VA Advisory Group Issaquah, WA Capital Group Inc. Amy Sitzman Libertyville, IL Compass William J. Ferguson The Hill Christopher J. Los Angeles, CA Carlton Senior Living Chicago, IL at Whitemarsh Urban Senior Living LLC Dennis Garboden Judith McGruther San Diego, CA Brecht Freedom Senior Associates Inc. David Coluzzi Eugene, OR Management Lafayette Hill, PA American Susan B. Brecht Concord, CA Congressional Steven Roskamp Hord Coplan Macht Eagle Lifecare Pine Beach, NJ Cascade Bank Sarasota, FL Duncan Walker Corporation Bridge the Gap Living Group Inc. Amy Heller Frontline Baltimore, MD Scott Kellman Thomas E. Stanley Rockville, MD Ann Arbor, MI Joshua Crisp Management Housing & Knoxville, TN Bothell, WA Covia Group Steven Veluscek Healthcare American Senior Cedarwood Kevin J. Gerber Lafayette, CO Finance Communities Brinkmann Constructors Development Inc. Walnut Creek, CA Gardant Charles Dabich David Stordy Laura J. Hester Rockville, MD Indianapolis, IN Rebecca Randolph D2 Architecture LLC Management Chesterfield, MO Shelby Township, MI David Dillard Solutions Howard & Americare Cerberus Capital Dallas, TX Rod Burkett Associates Senior Living C.C. Hodgson Architectural Management Danbury Bourbonnais, IL Evelyn R. Howard Clay Crosson Rose Xu Washington, DC Sikeston, MO Group Senior Living GenCare Lifestyle Cornelia C. New York, NY Brian Spring Leon Grundstein Immanuel Angelo, Hodgson Cerulean Canton, OH Seattle, WA Eric N. Gurley Gordon & Co. Beachwood, OH Partners LLC Dial Generations LLC Omaha, NE Frank Virga Rick Shamberg New York, NY Caddis Communities Inc. Chip Gabriel Integral Tami Cumings Saint Paul, MN Joel M. Katleman Clackamas, OR Senior Living LLC The Arbor Dallas, TX CF Evans San Antonio, TX Collette Gray Company GlenAire Calamar Construction Dixon Hughes HealthCare LLC Carlsbad, CA Judd Harper Rusty Porter Atlanta, GA Anton Karoglan Goodman LLP James P. Bowe Integral Wheatfield, NY Orangeburg, SC Keith Seeloff, CPA Sturgis, MI Senior Living LLC Arch Charles Herman Atlanta, GA Jennifer Ferrer Consultants Ltd. California GMF Capital Ruby Bayrock LLC Consulting Domus Daniel O’Keefe Carlsbad, CA Frank Muraca Charles J. Lincolnshire, IL Lee-Ling Lin Development LLC New York, NY Irving Levin Oakland, CA Herman, Jr. Michelle Clark Associates Inc. ARCO Living Group Saint Simons Dallas, TX Stephen M. Monroe Drew Blaylock Island, GA Norwalk, CT Saint Louis, MO

64 2020 ASHA 50 2020 ASHA50 ASHA Associate Members Irwin Partners Lantz-Boggio MCAP Advisers LLC NexCore Group Pacific Retirement Peninsula Architects Architects PC Brendan Phalen James Parker Services Inc. Alternative Gregory R. Irwin Dennis R. Boggio New York, NY Denver, CO Brian McLemore Real Estate Costa Mesa, CA Englewood, CO Methodist North American Medford, OR Juan Fernando JMC Planning Le Groupe Maurice ElderCare Services Senior Living Pacifica Companies Valdivieso Engineering Luc Maurice Bob Wehner Thomas Becker Adam M. Bandel Miami, FL Landscape Saint-Laurent, QC Columbus, OH Medford, OR San Diego, CA Permanence Architecture & Land Canada Meyer Senior OneDay Palo Alto Commons Partners Surveying PLLC Littler Living Studio Cameron Barajas Sue Jordan Jonathan Schatz Anthony Nester Mendelson PC Matt Wittemann Dallas, TX Palo Alto, CA San Francisco, CA Armonk, NY Jeffrey Harrison Ardmore, PA Oppidan Paradigm PinPoint Kaplan Detroit, MI Milestone Investment Senior Living Senior Living Development LivGenerations Retirement Company Lee E. Cory J. Carter Perrin Group Eric Johnston Communities LLC Shannon Rusk Portland, OR Houston, TX Raymond Tempe, AZ Paul W. Dendy Excelsior, MN Parkway C&A Piper Sandler & Co. DioGuardi Vancouver, WA Richard Lohr Jericho, NY Lloyd Jones Orcutt Winslow Justin Ballard Tod Petty Mosaic Neil Terry Lewisville, TX Spring, TX Kare Marietta, GA Design Studio Phoenix, AZ Passco Companies Plante Moran Charles Turner Lisa Cini Living Forward Houston, TX Los Angeles Oxford Capital Carey Levy Jewish Home Columbus, OH Group LLC Irvine, CA Dana Wollschlager KIRCO Chicago, IL Molly Forrest New Perspective Lawrence B. Patriot Angels Dean Kiriluk Reseda, CA Senior Living Cummings PMD Advisory Troy, MI Suzette Graham M&T Bank Todd Novaczyk Chicago, IL Hendersonville, TN Services LLC Kleger Associates Sharon O’Brien Minnetonka, MN Michael Starke Barbara Kleger Washington, DC Hebron, KY Philadelphia, PA

50+ YEARS IN SENIOR LIVING 31,000+ UNITS 350 PROJECTS DELIVERED 4M+ SQUARE FEET

TALK WITH OUR SENIOR LIVING EXPERTS CHRIS HARRISON 515.240.1370 LARRY GRAEVE 515.991.7925 MIKE THOMAS 561.262.8275 SHAWN DONAHOE 720.255.4698 WEITZ.COM

2020 ASHA 50 65 2020 ASHA50 ASHA Associate Members Powell Homes Prime Care RBC Capital Retirement Seasons Shelbourne Jan Wieder Properties LLC Markets Housing Management LLC Healthcare Des Moines, WA Jay L. Hicks Corporation Foundation Eric Jacobsen Development PRDG Architects Indianapolis, IN Frank Morgan Dr. Laverne R. Lake Oswego, OR Group Paul E. Donaldson Primrose Nashville, TN Joseph Senior Living James W. Kane, III Dallas, TX Retirement REDMARK Long Beach, CA Valuation Radnor, PA Prelude Services Communities Economics Retirement Services Inc. Silvervine Rachael Frazier Brian Morgan for Real Estate Unlimited Inc. Michael G. Boehm Senior Living Mechanicsburg, PA Aberdeen, SD Development and Doris-Ellie Sullivan San Francisco, CA Mark Cytrynbaum Market Research Roanoke, VA Denver, CO Premier Priority Life Care Senior Services Severine Petras Harvey Singer Right at Home of America LLC Singh Senior Living LLC Williamsburg, VA Wayne Kaplan Tequesta, FL Carrie Coumbs D. Lee Field Senior Living New York, NY PRN Capital LLC Renasant Bank Sumner, WA Tacoma, WA Steven Tyshka Lawrence Katz Malana Bryant SAK Management Seniors Housing West Bloomfield, MI Presbyterian Birmingham, AL Senior Living Birmingham, AL Services LLC Business / SL Residential Inc. James Bernardo Providence Resort Lifestyle Suzanne Koenig France Media Greg Sadick Dillsburg, PA Life Services Communities Riverwoods, IL Richard Kelley Irvine, CA Breck Harrison, NY Prestige Richard Schutt Samaritan Village Solera Tinley Park, IL Collingsworth Daniel Aguilar SeniorVu Senior Living Senior Living Lincoln, NE Jason Delamarter PTX Therapy Hughson, CA Tom Goldman Adam J. Kaplan Vancouver, WA Jeffrey Pollock Retirement Sculptor Kansas City, MO Denver, CO Dallas, TX Companies Real Estate Sentio Investments Sonata Prevarian of America LLC Senior Living Nicole Sermier John Mark Ramsey Senior Living Charles S. Trammell New York, NY Orlando, FL Stuart Beebe Dodd Crutcher Memphis, TN Dallas, TX Orlando, FL

66 2020 ASHA 50 A SINGLE DIGITS COMPANY

ASHA_SrLiving2020_fullPage.indd 1 8/19/20 10:29 AM 2020 ASHA50 ASHA Associate Members Sound Summit Vista Titan SenQuest United Methodist Waypoint White Construction Health Hawaii Mark Erickson Kevin Kaseff Communities Residential Company Rick Skelton Taylorsville, UT El Segundo, CA Lawrence Carlson Janet Pirrello William G. Farnum Honolulu, HI Symphony Tradition Neptune, NJ Stoneham, MA Austin, TX Springpoint Senior Living Inc. Senior Living LP UPMC Senior Wedgewood White Oak Senior Living Lisa M. Brush Jonathan Perlman Communities Investment Group Healthcare REIT Anthony Kanata, ON, Canada Dallas, TX Deborah S. Brodine Rudolph Trebels Jeff Erhardt Argondizza Thies Group Trammell Crow Pittsburgh, PA Northfield, IL McLean, VA Wall Township, NJ Daniel Thies Company URBEK Wegman The Whiting-Turner St. Barnabas Chesterfield, MO Cheri Clarke Doyle Gilbert Till Companies Inc. Contracting Health System Thoma-Holec Conshohocken, PA Seattle, WA Jay Wegman Company James D. Turco Design LLC TriCal Construction USA Properties Rochester, NY Brendan Baloh Gibsonia, PA LuAnn Thoma-Holec Lynne Weaver Fund Inc. Weis Builders Inc. Towson, MD studioSIX5 Mesa, AZ Marina Del Rey, CA Geoffrey C. Brown Erik Weis Wiencek+ Dean Maddalena three: living UMBC Aging / The Roseville, CA Minneapolis, MN Associates Austin, TX architecture Erickson School Validus Westminster David Banta Summit Healthcare Rockland A. Berg Dana Bradley, Ph.D. Senior Living Communities Washington, DC REIT Inc. Dallas, TX Baltimore, MD Stephen Benjamin of Florida Wilshire Finance Kent Eikanas Thrive Unified Tampa, FL Roger A. Stevens Partners Lake Forest, CA Senior Living Property Group Venue Capital LLC Orlando, FL Don Pelgrim Summit Alan Moise Steve Falcone, CPM Michael S. Goldberg Westmont Newport Beach, CA Senior Living LLC Atlanta, GA Brighton, MI New York, NY Living Inc. Wipfli LLP Frank J. Nigro, III THW Design United Adult Wakefield Capital Andrew S. Plant Michael Edwin Albany, NY Eric Krull Ministries Management Inc. La Jolla, CA Westchester, IL Atlanta, GA Douglas Kurtz Edward P. Nordberg, Jr. Flushing, NY Chevy Chase, MD

America is Facing an Affordable Housing Crisis Our Mission is Providing America’s Seniors, Families and Persons with Disabilities 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 22,500 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]

68 2020 ASHA 50 2020 ASHA 50 69 2020 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 30 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” tee, the Cornell Institute for Healthy the National Multifamily Housing Bertoni, Manager, Futures, the Granger Cobb Institute Council (NMHC) and she spent the Member Services, for Senior Living at Washington State early part of her career representing joined ASHA in 2016. University and serves on the editorial the National Association of REAL­ Her responsibilities board of the Seniors Housing & Care TORS on a range of real estate policy include meeting reg­ Journal. David has been honored as issues. She earned her B.A. from the istrations and on-site a Distinguished Alumnus by both Catholic University of America in event facilitation, assisting­ with the University of Connecticut and Washington, D.C. ASHA’s newsletters, coordinating the “Where You Live Matters” campaign, and supporting ASHA President, David Schless on the Rising Leaders Program and various other projects. PORTFOLIO ??????? She is also responsible for maintain­ ing the Association’s website. Addi­ tionally, Meghan oversees ASHA’s VIABILITY annual research project, the Seniors Housing State Regulatory Handbook, the ASHA 50 supplement and assists PROTECTION with the State of Seniors Housing publication. She received her B.A. in Communications from the University It’s not an insurance policy... of Maryland. but a strategy to keep your communities marketable in Sheffield “Sheff” the Covid world we live in today. Richey, Manager, Government Affairs, is responsible for helping Licensed in all 50 states, LK Architecture/Engineering is ready to help. to coordinate ASHA’s public policy efforts Learn on Capitol Hill and LK Architecture & Engineering, PC more administer Seniors Housing PAC (SH PAC). Prior to joining ASHA, Architecture . Engineering . Landscape . Interiors + FFE Services here Sheff worked as a political fund­ Dan Dokken, AIA, LEED AP raiser and advisor for 16 Members Senior VP, Healthcare of Congress. He received his B.A. [email protected] in Politics from Washington & Lee University in Lexington, VA.

70 2020 ASHA 50 Healthier Openings for Senior Living

ED900 Low energy swing door operators

910TC Touchless switches

RT Plus RFID electronic locks

Healthier access with touchless and smart senior living solutions. Dan Doyle • Minimize high touchpoints on door hardware Senior Vertical Manager • Provide hand-free, ease of movement throughout your facility [email protected] • Eliminate manual keys and key management (904) 716-6246 • Provide credentials on smart mobile device, key fob, or wristband

Safe, Healthy and Convenient Access Solutions dormakaba.us/ASHA50-Touchless 2020 ASHA50 Walk To End Alzheimer’s

The American Seniors over 1,800 teams, and Housing Association raised over $5 million (ASHA) is a proud part­ for the Alzheimer’s ner of the Alzheimer’s Association Association in the fight to The Alzheimer’s end Alzheimer’s disease. Association Walk to End Alzheimer’s disease is Alzheimer’s is moving the sixth leading cause of forward in 2020, while death in the United States ensuring the safety of today, with an estimated participants, volunteers 5.8 million Americans of and staff. all ages living with the On your local Walk day disease. These numbers in 2020, participants will CIT’s 2019 Walk to End Alzheimer’s Team. are expected to escalate walk as individuals, fam­ rapidly in the coming ilies and teams, knowing backyard and stretches team, or to find a Walk years, as the baby boom that others fighting to end across the country, will near you, visit: generation has begun to Alzheimer’s are doing the have more opportuni­ https://act.alz.org. reach age 65 and beyond, same. ties than ever this year To support Team the age range of greatest Walk to End Alzhei­ to engage, find and give ASHA, please contact risk of Alzheimer’s. mer’s is a community that support. Doris Maultsby In 2019, ASHA mem­ cares — and that commu­ For more information at dmaultsby@ ber companies formed nity, which starts in your on creating or joining a seniorshousing.org. Has the pandemic reduced or f lattened your occupancy and revenue? Let The Roche Associates help you generate new leads and rebuild sales and occupancy momentum. ■ In-person and virtual lead generation Above, Brookdale’s strategies during COVID-19 that have 2019 Team struck produced hundreds of sales-quali ed leads a pose at the and scores of deposits and move-ins. Nashville Walk. ■ Marketing and sales assistance that has helped Left, Bob Thomas clients improve their sales process and better and the Senior Star position themselves during the pandemic. Team during the ■ Substantial revenue growth in the current climate. 2019 ALZ Walk. Take the rst step toward occupancy Amount raised by ASHA members and revenue recovery. from 2012–2019 for Walk to End Alzheimer’s Schedule a FREE consultation with Joe Roche and The Roche Associates TODAY! (in millions $) 5.7 5.4 5.1 5.1 5

3.4 3 The Roche Associates, Inc. National Leaders in Lead Generation 2 800.596.8183 ■ rocheassociates.com 2012 2013 2014 2015 2016 2017 2018 2019

72 2020 ASHA 50 Keep residents connected with faster WiFi Provide your residents with easy access to their friends and family. Give them secure, consistent, best-in-class WiFi connectivity and reliable Voice services. Plus, they’ll love the endless TV and entertainment options, and feel more confi dent with trusted 24/7 support.

To increase the value of your property, visit SpectrumCommunitySolutions.com/senior 2020 ASHA50 The ASHA mission ASHA is the industry thought leader ASHA core principles exclusively on supporting federal promoting quality and innovation, candidates who understand and advancing research, exchanging n Promote a favorable business are favorable toward the interests of climate that supports quality, strategic business information and competition, innovation and our industry. influencing legislative and regula­ long-term­ investment in seniors For more than 26 years, ASHA’s tory matters. housing legislative team has worked to educate policymakers about the n Advance information and Why become a member research that frame and influence industry and protect the interests The American Seniors Hous­ key industry initiatives of seniors housing owners and ing Association (ASHA) is at the operators, as well as advocating for forefront of advancing the interests n Promote the identification and policies that benefit our residents advancement of emerging industry of executives engaged in the devel­ leaders who reflect the increasing and their families. opment, ownership, operations and diversity of the business Our federal legislative team has financing of seniors housing. extensive experience on Capitol Hill, We are the premier source for n Support research and national and works year-round with members initiatives that enable senior research, conferences and advocacy, customers to receive high-quality of Congress to ensure the industry and our commitment to excellence services and age with dignity in has a strong voice in policy matters. makes us an outstanding investment the setting of their choice for busy executives. Consumer education ASHA’s all-inclusive annual meetings, you can: “Where You membership fee is a tremendous n Hear from nationally-renowned Live Mat­ value. As a member, you access the leaders in business and academia. ters” is the thought leadership, innovation, n Participate in candid learn first-of-its-kind research and strategic relationships and grow sessions on topical and national con­ that have made ASHA a trusted emerging issues. sumer educa­ industry leader for more than 25 n Network, learn and grow tion initiative years. through dialogue that shapes designed to help the industry. seniors, fami­ Research lies and other Original research and jointly Advocacy influencers understand their senior sponsored reports provide guidance ASHA is proud to have estab­ living options and make empowered on the opportunities and chal­ lished one of the first and largest decisions. lenges facing the seniors housing seniors housing PACs focused Combining a comprehensive business. Relevant, substantive website rich with content and and actionable, ASHA’s research powerful PR and social media initiatives cover dozens of topics campaigns, “Where You Live such as construction trends, the Matters” is educating thou­ senior consumer and operational sands of people across the performance. country and shaping their per­ As a member, you receive ceptions of the senior living special issue briefs, detailed experience in a positive way. reports and exclusive 24-hour ASHA members actively access to our robust online participate in this initiative research archive. by sharing its free content in their marketing, sales and PR Peer-to-peer insight Bret Stephens, an Laura Huang, a Harvard efforts. ASHA membership meetings op-ed columnist and Business School Professor, ASHA members are offered bring leaders from all sectors of associate editor for gave a presentation exclusive, complimentary list­ the industry together to find The New York Times, during ASHA’s Mid-Year ings on the Where You Live ways of moving senior living spoke at the 2020 and Rising Leaders Matters Community Locator ASHA Annual Meeting. Meeting webinar series. forward. At national and regional Tool. n

74 2020 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 2020 ASHA50 ASHA bookstore For in-depth operational analyses, construction 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 SIB: Considerations Housing 2020 for Balancing Seniors Fall 2020 Housing Residents’ The premier research Safety As Communities report on seniors hous­ Reopen: A Strategic ing operational perfor­ Approach to the mance with robust data COVID-19 Pandemic from independent living (2020) communities, assisted Summer 2020 living residences, and In a new Special Issue continuing care retirement Brief report from the communities/life plan American Seniors Hous­ communities. ing Association, research The report contains all n staffing ratios and and advisory services firm resident engagement, pertinent financial and labor costs, and ATI Advisory and its CEO allowing non-essential performance measures n key financial perfor­ Anne Tumlinson present visitors, and enabling new including: mance indicators. the results of case studies move-ins while taking n resident turnover and This is a must-have and interviews across the a strategic public health length of stay, resource for owners, opera­ industry that reveal how approach to balance mul­ n annual financial results tors, lenders, and investors. seniors housing operators tiple competing priorities per occupied unit, are gradually restoring and risks.

Coming Soon ASHA Member Exclusive

Seniors Housing Seniors Housing State Regulatory Construction Monitor Handbook 2020 Summer 2020 Fall 2020 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 Living and CCRCs/LPC n metro market rankings, seniors housing supply revised report. is also provided in this n activity segment type, in the 100 largest n Contact information publication. n and an estimate of MSAs. by state for Assisted

76 2020 ASHA 50 2020 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’s 2020 campaign.

Aegis Living Greystar Lynne Katzmann, left, and Jerry Frumm, Allegro Senior Living Hamilton right, meet with Sen. Insurance Agency Susan Collins (ME). Ambrose Urban Capital Group Inc. Hanson Bridgett

Arena Hawthorn Senior Living Below, Bob Thomas, right, hosting an Benchmark Senior Living HealthTrust event for Sen. Roy Bridgewood HJ Sims Blunt (MO), left, and Property Company Rep. Tom Cole (OK). Houlihan Lokey Bridge Seniors JLL Brightview Senior Living Kandu Capital, LLC | Brinkmann Constructors Bloom Senior Living Capital Health Group Kisco Senior Living Capital One Healthcare Koelsch Communities Capitol Seniors Housing Liberty Senior Living CBRE Capital Markets Longview Senior Housing Advisors PointClickCare Senior Resource Group Cedarbrook Senior Living LTC Properties Inc ProMatura Group Senior Star Charles Herman Consulting M&T Realty Capital Ray Stone Inc. Silverado Corporation Chicago Pacific Founders RSF Partners Trilogy Morgan Stanley Health Services LLC Direct Supply Ridge Care National Health Validus Senior Living Discovery Senior Living Sagora Senior Living Inc. Investors Inc. The Vinca Group Evergreen Senior Living Salem Equity Northbridge Companies Watermark Retirement Properties LLC Senior Housing News One Eighty | Leisure Care Communities Frontier Management LLC Senior Lifestyle Oppidan Welltower Generations LLC Senior Living Pathway to Living White Oak GlenAire HealthCare LLC Communities LLC Healthcare REIT Pegasus Senior Living Greenleaf Energy Senior Living Willis Towers Watson Solutions PGIM Real Estate Investment Brokerage List updated August 28, 2020

2020 ASHA 50 77 2020 ASHA50 Senior Living Hall of Fame

The Senior Living Hall of Fame Class of 2020 was launched by the American Seniors Housing Association in 2018 in order to recognize those whose significant contri- butions have helped shape the senior living profession. The class of 2020 included Lynne Katzmann, Alice & Emmett Koelsch and Margaret Wylde. The class of 2021 will be announced at the ASHA Annual Meeting next January. The inaugural class of inductees included Granger Cobb, Bill Colson, Bill Kaplan, Lynne Katzmann Jim Moore, Bill Sheriff, and Juniper Communities Stan Thurston. Bloomfield, NJ The class of 2019 included Debra Cafaro, Paul Klaassen and Tony Mullen. The Senior Living Hall of Fame Selection Committee will be chaired by Larry Cohen, a veteran in the industry and former ASHA Chairman Alice & Emmett Koelsch (2016–2017). Koelsch Communities Committee members are Olympia, WA Lois Bowers of McKnight’s Senior Living, Steve Monroe of The SeniorCare Investor, Matt Valley of Seniors Housing Business, and John Yedinak of Senior Housing News.

Margaret Wylde ProMatura Group Oxford, MS

78 2020 ASHA 50 2020 ASHA50 Senior Living Hall of Fame

Class of 2019 Background graphic design by Annette Moinette

Debra Cafaro

Ventas Inc. Paul Klaassen Tony Mullen

Chicago, IL Sunrise Senior Living NIC McLean, VA Annapolis, MD Class of 2018

Granger Cobb Bill Colson Emeritus Senior Living Bill Kaplan Holiday Retirement Corp. Senior Lifestyle Seattle, WA Salem, OR Chicago, IL

Jim Moore Bill Sheriff Stan Thurston Moore Diversified Services Brookdale Senior Living Life Care Services Fort Worth, TX Brentwood, TN Des Moines, IA

2020 ASHA 50 79 2020 ASHA50 Washington Update Photo of washington.org courtesy Persistence pays off ASHA’s lobbying efforts including Medicaid providers, den­ prompt federal government tists and children’s hospitals — have received. Assisted living operators to expand Provider Relief that serve Medicaid beneficiaries Fund to include private-pay were already able to apply for assisted living facilities. the funds. Meanwhile, the push Based on this formula, the for greater liability industry stands to receive between $2.5 billion and $3 billion in relief, protection continues. says Richard Hutchinson, CEO of Discovery Senior Living and chair By Matt Valley of ASHA’s Seniors Housing Polit­ ical Action Committee (PAC). Months of intense lobbying on Cap­ “Obviously it is very good news,” stated, explains Hutchinson. “The itol Hill by the American Seniors he says. “I am not sure anyone fact most operators are experiencing Housing Association (ASHA), realizes how much education and a significant decline in net operating Argentum and other industry effort had to be completed to get our income as result of COVID-related groups to secure financial relief for industry on the radar screen of Con­ expenses suggests that this round of providers serving on the front lines gress at a time when every industry reimbursement (2 percent of annual in the war against COVID-19 has is asking for relief.” revenues) would only begin to cover begun to bear fruit. Jeanne McGlynn Delgado, ASHA’s the direct COVID-related expenses The U.S. Department of Health vice president of government affairs, being absorbed by the industry. It and Human Services (HHS) echoes those sentiments. “To learn would not cover any of the revenue announced Sept. 1 that private-pay that our efforts are paying off is losses stemming from the declines assisted living operators can now welcome news and certainly a start. in occupancies.” apply for funding under the Pro­ Hopefully, this sets a precedent for Most seniors housing providers vider Relief Fund Phase 2 General future allocations.” have reported occupancy losses Distribution allocation. The financial commitment from ranging from 400 basis points to as “By expanding the Provider Relief HHS is a fraction of the original high as 1,000 basis points as a result Fund to assisted living facilities, request by ASHA and Argentum for of the pandemic, says Hutchinson. we are supporting more frontline $20 billion, a figure which McGlynn providers and helping to protect the Delgado says represents a more Liability protection in limbo nearly 1 million vulnerable older meaningful level of support to help ASHA also is seeking limited Americans in their care,” said HHS reimburse the senior living industry liability protection for the senior liv­ Secretary Alex Azar in a press release. for significant outlays for personal ing industry, an issue of the utmost The funding is made possible protective equipment (PPE), testing, importance, says McGlynn Delgado. through the bipartisan Coronavirus enhanced infection control and pre­ A bill introduced by U.S. Senator Aid, Relief, and Economic Security vention protocols, additional dining John Cornyn (R-Texas) and sup­ (CARES) Act, the Paycheck Pro­ costs, and increased staffing in the ported by Senate Majority Leader tection Program and Health Care fight against COVID-19. Mitch McConnell (R-Kentucky) Enhancement Act. The application In July, the two organizations would grant broad but temporary deadline was Sept. 13. jointly reduced their allocation liability protections to all businesses Eligible private-pay assisted liv­ request to $7 billion for the senior and healthcare providers, including ing providers will receive an amount living industry to reflect an amount senior living. equal to 2 percent of their annual and methodology used to distribute However, negotiations with revenue from resident care. That’s relief funding to nursing homes. Democrats in the House of Repre­ in line with what other providers The financial stress that operators sentatives and the Senate on another applying for phase 2 funding — are currently under can’t be over­ COVID-19 relief bill stalled prior to

80 2020 ASHA 50 2020 ASHA50 the August recess. The next likely coronavirus stimulus legislation. Chicago to know what’s going on in opportunity to restart negotiations The need to advocate on import­ D.C., and how that money they sent will coincide with the need to fund ant issues such as COVID-19 in has worked for them.” the government by Sept 30. financial relief, access to PPE and But 2020 has been anything “Our members are working hard testing, and liability protection has but ordinary, and the far-reaching to do all of the right things in this galvanized ASHA’s members into impact of the COVID-19 crisis as battle against COVID-19 to keep their action and opened their eyes to well as the need for financial relief residents and staff safe,” points out the importance of the PAC, says have prompted ASHA’s leadership McGlynn Delgado. “However, when McGlynn Delgado. team to fully engage members. you can’t get test results in less than The PAC backs candidates for the “When you connect them on a call five to seven days, and a positive yet U.S. House of Representatives and with a congressman or senator and symptom-free employee infects a res­ Senate who understand and support talk about a critical issue of impor­ ident, you shouldn’t have to face the policy initiatives of the seniors hous­ tance, it starts to make sense to them threat of litigation for not stopping ing industry or show an interest in as to why these relationships are the transmission of the virus. These the industry and its priorities. critical to our success, not to men­ are unprecedented times, and calling “There are 535 members of tion they enjoy the call,” she says. for a temporary and limited liability Congress, and we try to support as McGlynn Delgado has con­ protection is the reasonable thing many as we can with an emphasis ducted several Zoom meetings to do. We are not seeking blanket on leadership, chairs of key commit­ with individual members of Con­ immunity and will not support pro­ tees and key committee members gress regarding financial relief for tection for gross negligence.” and ASHA member relationships,” COVID-19 expenses. ASHA’s pre­ Some law firms are marketing says McGlynn Delgado. ferred approach is to include both a this crisis to families of seniors Through August of this year, the local operator and a member of the residing in nursing homes and PAC received $335,000 in member association’s leadership team on the assisted living communities, says contributions, on par with past years, call. The operator typically pro­ McGlynn Delgado, who adds the but only about one-third of what vides granular details such as how lawyers’ pitch to prospective clients the level of support should be, says occupancies have been affected by goes something like this: “If you Hutchinson. “It should be $1 million the pandemic, the extent of margin have lost somebody in an assisted or more. I attribute that to people just compression or total revenue losses. living community to COVID-19, not really understanding the value of The ASHA leadership team provides come talk to us. We’ll take your case having an active advocacy program. a macro overview of the seniors and it won’t cost you a dime.” I am confident this will change.” housing landscape. In terms of importance, the lim­ The PAC needs the support of “With regard to congressional ited liability protection issue is on both small and large firms, says folks, we get a lot of questions par with the push for financial relief, Hutchinson “My takeaway from regarding specifics on costs,” says Hutchinson believes. “We have to this entire pandemic is that we can Hutchinson. “They are trying to get continue the fight because more than let others who have influence over a sense of just how big this issue is most other industries we are predis­ our industry guide where we go. for our industry.” posed to being sued. We have frivo­ We can abdicate our responsibility Serving as PAC chairman has lous lawsuits filed against us despite to shaping our future, or we can led Hutchinson to develop a deeper our best efforts and intentions.” come together and have everybody level of appreciation for the “good do their part and have everybody work” McGlynn Delgado and her A PAC with punch contribute to the PAC so that we government affairs team do for the While it is clear COVID-19 has can execute the policies that as an industry. “The amount of relation­ disrupted most sectors of the econ­ industry allow us to do exactly what ships Jeanne has and the ability for omy, the impact to senior living has our mission is, which is to create the her to pick up the phone and have been multi-faceted. The financial hit absolute best working environment someone on the other end answer is has been significant, the demand for for our members.” far beyond what I ever thought. She PPE and testing continues to be a ASHA members who write knows everybody that I’ve spoken challenge and a renewed attention checks to the PAC typically don’t to, and she knows them well. And to oversight of the industry has sur­ get to see how the money is put to they know her.” faced. Congress has had to redirect work “unless there is a huge issue Ultimately, Hutchinson con­ its agenda from whatever it was at the forefront,” says McGlynn cludes, the legislative process “is a doing to a new priority: enacting Delgado. “It’s hard for people in marathon, not a sprint.” n

2020 ASHA 50 81 2020 ASHA50 REIT executive up to the challenge Justin Hutchens of Ventas leverages his operational skills to boost the performance of the company’s North American seniors housing business.

By Matt Valley Hutchens interfaces record of success — to regularly with the improve the group’s Justin Hutchens was built for this broader executive performance. moment. Armed with over 25 years team to contribute to “In this role, Justin of experience in senior living oper­ the strategic direction will be 100 percent ations and healthcare real estate, not only of Ventas’ dedicated to Ventas’ he joined Ventas (NYSE: VTR) as seniors housing plat­ senior housing busi­ executive vice president of its North form in North America, ness and expand our American seniors housing business but also for the com­ existing capabilities as in early March. His new job began pany as a whole. we improve perfor­ just days before the World Health “Obviously, our mance heading into a Organization declared COVID-19 a immediate focus is on strong demographic pandemic on March 11 due to the working closely with demand wave,” said alarming levels of spread and the our operators to navi­ Ventas CEO Debra severity of the outbreak. gate through the many Cafaro in a Feb. 20 Prior to joining the Chicago-based challenges created by press release announc­ healthcare REIT, Hutchens served the pandemic and build ing the hiring of for three years as CEO of HC-One, on improving trends,” Hutchens. “Justin ‘ entas believes in a Britain’s largest residential and says the 46-year-old V is a proven senior diversified business nursing care home operator with Hutchens. “Ultimately, housing leader with even within seniors over 300 communities in England, our success will be operating experience housing. We have a mix of Scotland and Wales. On his watch, defined by value and deep industry approximately 60 percent HC-One doubled in size, signifi­ creation within this relationships that are assisted living/memory cantly reduced employee turnover platform over time.” complementary and care and 40 percent and improved quality and regula­ additive to our capa­ independent living units tory compliance while advancing Changing vital signs ble Ventas team.” providing homes for the “culture of kindness” on which spur action Seniors housing approximately 60,000 the company was founded. The net operating accounts for about seniors.’ “On the personal side, my family income (NOI) gener­ half of all the NOI enjoyed the sights and sounds of the ated by Ventas’ seniors — Justin Hutchens generated by Ventas, Executive Vice President UK and across Europe while being housing portfolio the nation’s second Ventas immersed in a different culture,” (SHOP) fell 4.4 percent largest healthcare says Hutchens. “We had easy access in 2019 due in part to a construction REIT with a market cap of $16.4 to London, which is our favorite city.” boom industrywide that led to a sup­ billion as of Sept. 8. In this newly created role by ply overhang, a drop in occupancy “Ventas believes in a diversified Ventas, Hutchens oversees the rates and some softening in pricing. business even within seniors hous­ senior living asset management Across the Ventas SHOP portfo­ ing,” explains Hutchens. “We have team on a daily basis and interacts lio, the occupancy rate in the fourth a mix of approximately 60 percent with the operators of the more than quarter of 2019 was 86.3 percent, assisted living/memory care and 700 seniors housing communities in down 160 basis points from 87.9 in 40 percent independent living units its North American portfolio. the fourth quarter of 2018. Ventas providing homes for approximately As a member of the compa­ realized it wanted to bring in new 60,000 seniors. We also have a signif­ ny’s executive leadership team, blood — someone with a proven icant presence in Canada.”

82 2020 ASHA 50 2020 ASHA50

Ventas is the second largest into long-term contracts to lease the owner of seniors housing proper­ space from Ventas and the agree­ At a glance ties in the United States. According ments feature built-in rent increases. Company Name: Ventas (NYSE: VTR) to the American Seniors Housing Ventas has nine operators in its Founded: 1998 Association (ASHA), Ventas owned SHOP portfolio, the largest of which Market Cap: $16.4 billion as of Sept. 8 665 seniors housing properties are Atria Senior Living, Canadian Headquarters: Chicago totaling 58,425 units nationally as firm Le Groupe Maurice (LGM), and U.S. Portfolio: 665 owned senior living of June 1. Only Welltower ranked Sunrise Senior Living. Together they properties, 58,425 units higher with 701 owned properties account for 80 percent of the portfolio. Number of Employees: About 500 totaling 68,689 units. As part of its portfolio optimi­

Preventive measures taken Ventas favors diversified real estate portfolio* The company has taken decisive actions to ensure Ventas is in a strong Seniors housing accounted for 48 percent of the total net operating income (NOI) and stable financial position to generated by Ventas on an annualized basis in the second quarter, followed by medical office at 22 percent. Skilled nursing represented 1 percent of total NOI. weather the impact of the pandemic, says Hutchens. More specifically, the Skilled nursing 1% International hospitals 1% company has adjusted its cost struc­ Loans 4% ture and enhanced its liquidity. In March, Ventas announced that it was withdrawing all financial guid­ Health systems 7% Seniors housing 48% ance for 2020 due to the coronavirus Research & pandemic and that it had drawn innovation 8% $2.75 billion under its $3 billion revolving credit facility to increase Inpatient rehabilitation liquidity as a precautionary measure. facilities (IRFs) & In mid-June, Ventas eliminated Long-term acute over 25 percent of its corporate staff, care facilities (LTACs) 8% excluding onsite field personnel. In addition, the base salaries of the company’s CEO and other executive Medical office 22% officers were reduced by 20 percent *Figures do not add up to 100 percent due to rounding and exclude sold assets, assets held and 10 percent, respectively, for the for sale, loan repayments, development properties not yet operational and land parcels. second half of the year in response Source: Ventas to the severe economic impact of COVID-19. zation strategy, Ventas has already independent living communities As a result of these actions and restructured leases this year with to a SHOP operating model from a other reductions in compensation Capital Senior Living Corp., Brook­ triple-net lease and received $100 and non-compensation expenses, dale Senior Living and Holiday million in consideration. This deal the company projects that selling, Retirement Services in ways that are enables Ventas to benefit from any general and administrative expenses designed to benefit the owner and upside in the performance of those (SG&A) for the third quarter will operator. The company believes the communities over time. be $25 million to $30 million lower lease restructurings are critically “In the case of Holiday, the com­ than during the same period in 2019. important today because many pany made an upfront payment to us operators face a cash-flow squeeze. and then we converted its lease into Restructuring leases: It’s not a one-size-fits-all a management agreement. In that A win-win scenario approach when reworking leases, case, it was a very stable operating Ventas’ seniors housing portfolio emphasizes Hutchens. The lease portfolio of independent living is divided into two parts: the SHOP restructurings undertaken by communities. We were comfortable portfolio, which enables Ventas to Ventas this year, for example, have going to a management agreement participate in the performance of involved different credit profiles with Holiday, and that’s been work­ its operators in both good times and asset classes. ing out well.” More specifically, the and bad; and the triple-net lease In May, Ventas announced that it Holiday-operated independent liv­ portfolio in which tenants enter had converted 26 Holiday-operated ing communities have been “outper­

2020 ASHA 50 83 2020 ASHA50 forming” in terms of NOI during this investing in and developing private says Hutchens. COVID-19 period, says Hutchens. companies for over 40 years. “I’d say he gave me a lot of respon­ By terminating the existing lease Hutchens worked closely with sibility at a young age, and I learned and entering into a new man­ Cobb in various roles from 2001 to quickly through his experience and agement agreement with Holi­ 2009, including senior vice president my own experiences,” continues day, Ventas received $100 million, and COO of Summerville Senior Hutchens. “We were growing a com­ including $34 million in cash and Living from 2003 to 2007, and then pany at the fastest pace in the whole $66 million in secured notes that as executive vice president and industry, so I had the opportunity to will mature in five years. Under the COO of Emeritus Senior Living learn quickly on the job.” new agreement, the REIT will pay from 2007 to 2009. Indeed, Summerville Senior Liv­ Holiday a management fee equal to Cobb served as president and ing was the fastest growing assisted 5 percent of gross revenues and can CEO of Summerville Senior Living living company in 2005 (80 percent end the agreement without penalty from 2000 to 2007, at which point growth) and second fastest in 2006 if it gives a 30-day notice. Emeritus acquired Summerville. (40 percent growth). As a result of Cobb was named president and its merger with Summerville in 2007, Outstanding mentors co-CEO of the company along with Emeritus operated 284 communities Two high-impact players in Baty. In 2011, Cobb became the sole in 36 states comprising 24,448 units seniors housing had a major impact CEO of Emeritus. with a capacity for over 28,000 on Hutchens’ career development: “Granger modeled a style of lead­ residents. the late Granger Cobb, who served ership that was very humbling. He By the time Hutchens left as president and CEO of Emeri­ really believed in the contributions Emeri­­tus in 2009, the company tus Corp. from 2011-2014 prior to of others, and he helped people to had amassed a portfolio of 325 its merger with Brookdale Senior get the most out of themselves. That com­munities and was the largest Living; and Dan Baty, who founded was very motivating, not just for me, operator of assisted living Emeritus in 1993 and has been but for all who worked for Granger,” communities nationally.

84 2020 ASHA 50 2020 ASHA50

Other companies such as Sunrise have done a tremendous job pro­ during the pandemic.” and Brookdale were large at the tecting residents under extremely Hutchens says the industry’s time, but each of their portfolios difficult circumstances, this track biggest priority has been to obtain included skilled nursing and inde­ record of success comes with a financial assistance through the pendent living communities, points significant price tag,” explains CARES Act Provider Relief Fund. out Hutchens. “You might describe Hutchens. “That price tag includes The Department of Health and Emeritus as having been the largest personal protective equipment (PPE), Human Services (HHS) is distrib­ pure play assisted living operator.” testing, additional labor costs and uting $175 billion to hospitals and Hutchens also has high praise ongoing business interruption as healthcare providers on the front for Baty, co-founder of Seattle-based communities have either been closed lines of the coronavirus response. Columbia Pacific Advisors, an or partially closed to new move-ins On Sept. 1, HHS announced that investment management firm, and Columbia Pacific Management Inc., a healthcare provider. Prior to founding Emeritus, Baty served as chairman of Holiday Retirement Corp., the largest oper­ ator of retirement centers in the U.S. and Canada from 1987 until its sale Our Senior Housing and Care Brokerage in 2007 to Fortress Investment Group for about $6.9 billion. Firm Quietly and Discreetly Closes “One of Dan’s biggest strengths is his ability to make investments Senior Housing and Care Transactions and business decisions based on the long-term fundamentals of the busi­ ness. He’s always had a long view. • Decades of Experience That’s a real strength in a world where companies are measured and • Nationwide Contacts rewarded on a quarterly basis,” says Hutchens. • Valuable Expertise Baty is a consummate consensus builder, according to Hutchens. “He • Super Negotiation Skills can take multiple parties and stake­ • Outstanding Results holders and bring them all together and move them in a direction like nobody I’ve ever seen before.”

A plea for financial assistance The senior living industry plays a vital role in the healthcare contin­ uum, providing housing and care for nearly two million seniors nationally and employing nearly one million workers, points out Hutchens. Operators are faced with the critical responsibility of protecting the health and safety of residents. However, rising operating costs DISCREET. resulting from the fight against the PROFESSIONAL. pandemic and lower occupancy HIGHLY SUCCESSFUL. levels due to restricted access to communities have combined to put tremendous stress on the sector. seniorhousingservices.com “While senior living operators

2020 ASHA 50 85 2020 ASHA50 private-pay assisted living facilities deal-making perspective. During “I’ve referenced the ASHA opera­ may now apply for funding under the pandemic, ASHA has also tional benchmarking reports many the Provider Relief Fund Phase 2. played a key role on Capitol Hill as times over the years,” says Hutchens. Eligible providers will receive an a “respected voice” advocating for amount equal to 2 percent of their the senior living industry, he says. High praise for Ventas team annual revenue from resident care. He finds the benchmarking data After six months on the job, what That calculation is consistent with included in The State of Seniors has Hutchens learned about Ventas HHS’ most recent allocation meth­ Housing, an annual research report that he didn’t know previously? odology to other providers applying published by ASHA, to be partic­ “I knew I was joining a tremen­ for Phase II funding, including ularly useful. (ASHA collaborates dously talented team, and I am very Medicaid providers and children’s with Argentum, LeadingAge, the pleased that I am meshing well hospitals. National Center of Assisted Living with the group. The reputation of Beyond this allocation of 2 per­ and the National Investment Center the team was a strong part of my cent of annual revenue from resident for Seniors Housing & Care on the attraction to the company,” says care, HHS has indicated that the research project.) Hutchens. private pay senior living industry The report drills down on the “I’ve known [CEO] Debbie Cafaro will have an opportunity to apply operational performance of inde­ for many years, and I’ve always had for additional relief in another round pendent living, assisted living a great deal of respect for her. I now of funding. and continuing care retirement see firsthand what a powerhouse communities. Specifically, the executive she is. Her leadership, Strong advocate for ASHA publication contains timely data supported by an outstanding and Hutchens, a longtime member of on resident turnover and length experienced leadership team, has ASHA, says the organization is tre­ of stay, annual financial results stood out immensely. It is also just a mendously beneficial and important per occupied unit, staffing ratios, fun, congenial group of people to be from a networking, operational and labor costs, and more. around.” n

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86 2020 ASHA 50 RELATIONSHIPS

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Kayne Anderson Real Estate (KA Real Estate) is a leading real estate private equity investor in senior housing, medical office, off-campus student housing, and self storage. As of May 31, 2020, KA Real Estate has $10.5 billion in assets under management across its opportunistic equity, core equity and real estate debt investments. KA Real Estate is part of Kayne Anderson Capital Advisors, an investment firm that manages $30.5 billion in assets under management, and has more than 30 years’ experience focused on niche investing in the KAYNECAPITAL.COM real estate, infrastructure, credit, and private equity sectors. Lori S. Chief Operations and Nursing Officer Lutheran Life Communities and MatrixCare customer

C are runs deep. Lori has always been drawn to service. At nineteen, she joined the US Army Reserve, serving as a field medic and earning her LPN. “Providing healthcare that advances the wellness of others really intrigued me—I quickly realized I could make a tangible difference in the communities I served.” Later, while completing her RN degree, she took a position in residential healthcare for seniors and found caring for older adults especially meaningful. “I have learned so much from the generations ahead of me. Senior living settings provide a unique opportunity to serve those who have been the consistent models of faithful service within the communities we love.”

Today she leads a successful healthcare operations team and encourages associates to use their gifts and talents to grow into new opportunities—just as her twenty-five-year career took her from the bedside to her current leadership role. Lori says it’s rewarding to see her associates empowered and inspired to help others. And we’re inspired by Lori. We honor her, and all who do the work of care. MatrixCare.com/Carerunsdeep.

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